The ING Life Companies (NYSE:ING) have lowered rates and made several other changes to term life policies sold in the United States.
The contracts include ING TermSmart, issued by ReliaStar Life Insurance Company, Minneapolis, and ING TermSmart NY, issued in New York by ReliaStar Life Insurance Company of New York, Woodbury, N.Y. Both insurers are members of ING Life Companies, the U.S. business unit of ING Groep N.V., Amsterdam.
The rate changes affect much of the pricing on term life policies offered by both ReliaStar carriers, ING says.
The rate decreases range from 2% to 3% in a majority of cases to a 13% reduction in others, says a spokesman for ING.
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In a few instances, rates were increased by a few percentage points, he adds.
Other changes in the ING term insurance line-up include: