Protection provider Bright Grey has made changes to its life cover rates.
The firm hopes the changes will help it move up the comparison tables in certain areas of the mortgage protection market, with changes being most effective for non-smokers aged 30 to 40 with terms of more than 25 years.
There is average fall in premiums for this target market of about 4 per cent. For example, a 30-year-old female non-smoker with a 25-year term could expect a rate decrease of 12 per cent. But some rates will rise.
Bright Grey has been trying to establish itself in this competitive field since its entry into the protection market in March last year. The firm follows Norwich Union and Legal & General which have both altered their life rates in the past two months.
Bright Grey communications manager Mark Locke says: “In general, rates in our target markets will decrease but some rates will remain the same and others will increase. We constantly monitor rates and will change them to remain competitively priced and to ensure that our customers continue to get good value.”