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Bright Grey cuts rates on life and CI cover

Bright Grey has reduced its life and critical illness cover rates despite reports that general insurance regulation may be having an adverse affect on protection rates.

The company’s overall rates will be reduced, with the most significant red-uctions being for decreasing cover and level cover for males. A male non-smoker aged 40 on a 20-year term with level guaranteed critical-illness cover of £100,000 sum assured will pay £64.19, a saving of £1.66 a month.

Other providers have also been lowering protection rates since theNew Year, including Norwich Union which reduced life premiums by an average of 3 per cent.

Bright Grey communications manager Mark Locke says: “For decreasing cover, we will be ext-remely competitive and we expect to be first in the majority of cases.”

Plan Invest Group life and pensions adviser Simon Firmin says: “Clearly, the extra costs of general insurance have to be borne by somebody and the cynical view is that the IFA will bear the brunt. But we would expect the prov-iders to remain competitive and Bright Grey is certainly keen to corner the market.”

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