Dutch insurer ING Group, with operations in Windsor, says it has upgraded its term life insurance products and cut prices to preserve market share – a move that could trigger a price war with other issuers.
ING Life Cos. said Monday it lowered pricing an unspecified amount on term life products sold through its ReliaStar Life Insurance Co. and ReliaStar Life of New York units.
ING says it is the second-largest issuer of term life policies in the U.S.
In addition, ING introduced a 25-year level term option to its existing 10-, 15-, 20- and 30-year options; added a new rate band that discounts premiums at $500,000-$999,999 face amounts; and expanded the issue age for most term lengths by five years.
