Adjustments for two major insurers in bids to stay competitive
Bright Grey and Legal & General have made rate changes over the past few weeks, it has emerged.
Bright Grey's adjustments at the start of the month were to its critical illness (CI) and life and CI covers.
A Bright Grey actuary confirmed that there had been a mixture of decreases and increases. The changes were dependent on individual circumstances such as whether the person is a smoker, non-smoker, their age, term, sex, guaranteed, reviewable, buy-back and family income. The change depends on all the different combinations of these variables.
In addition, Bright Grey made an adjustment, albeit on a small scale, to the rates for reviewable life and CI, but only for those with more than 25-year terms, and only where people choose a buy-back option.
In a summary sent out to brokers, Legal & General said it had re-priced some of its electronic premiums for its term assurance products.
It added that the move was in a bid to remain competitive. "This reprice affects premiums for level term assurance and level and decreasing term assurance with critical illness cover both with guaranteed and reviewable premiums," the summary concluded.
