Genworth Life Insurance Company has announced a rate change on some of its Sure Term Series term life insurance products, effective July 10, 2006. Rates have been modified on the Sure Term 15, 20 and 30 products. No changes were made to the Sure Term 5 or 10 products.
Genworth Life is touting this as a "competitive rate change." In general, non-nicotine class rates have increased slightly at lower face amounts (i.e. $50,000 to $250,000) and have decreased at mid-level face amounts (i.e. $250,000 to $1,000,000). Rates remain relatively unchanged for face amounts of $1,000,000+ and for all nicotine classes.
We continue to see competitive posturing among the major term life insurance companies in the marketplace. Over the past few months, we've seen product, underwriting and rate changes from five companies as each battle to gain market share.
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