NEW YORK, Oct. 7, 2020 /PRNewswire/ — Policygenius, the nation’s leading online insurance marketplace, announced today the October data release of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. New data from this free index is published on a monthly basis to illuminate pricing trends for consumers.
The October index shows that life insurance prices for healthy applicants decreased slightly from September to October 2020. However, life insurance prices continued to climb for older, less healthy applicants, with male smokers aged 55 and older seeing the biggest increase in price, likely due to their higher risk during the COVID-19 pandemic.
“As we continue to navigate an unprecedentedly challenging time, we’re seeing some small pricing fluctuations in life insurance, particularly for smokers and seniors,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. “However, it’s important for people to realize that even during a global pandemic, life insurance pricing has yet to be significantly impacted and there are still plenty of options for shoppers to find an affordable policy that meets their needs.”
Insurance rates can vary as the market fluctuates, as well as when a shopper’s personal profile changes. Life insurance prices are primarily based on life expectancy while also factoring in personal details about an individual, including age, medical history and hobbies. Prices also depend on the length of a policy and how much coverage a consumer opts to get.
The prices included in the Policygenius Life Insurance Price Index are based on internal actuarial rate tables for 11 of the life insurance carriers that offer policies through the Policygenius marketplace. The prices represent the average monthly premium for each sample customer profile1 (age, gender) and policy type (term, coverage amount) as of October 1, 2020.
Policygenius is the nation’s leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We’ve helped more than 30 million people shop for all types of insurance like they shop for everything else — online — and have placed over $60 billion in coverage. Policygenius launched in 2014 and is one of the early insurtech pioneers. Policygenius launched wills and trusts through a new mobile app in 2020. Policygenius was named to Forbes’ list of Best Startup Employers (2020), Crain’s Fast 50 (2019) and Inc. Magazine’s Best Workplaces (2018, 2019, 2020).
1 Monthly averages are based on 11 products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile and other eligibility criteria.
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Associate Director of Media Relations