Life insurance prices remain stable across core demographics in new year
NEW YORK, Jan. 12, 2021 /PRNewswire/ -- Policygenius, the nation's leading online insurance marketplace, announced today the January 2021 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 January 2021 index shows there were no changes in life insurance prices across core demographics from December 2020 to January 2021. Prices remained steady for smokers and nonsmokers alike, despite smokers having seen slight increases in pricing over the past six months. The largest price increase impacted 55-year-old male smokers purchasing a $1 million policy, who saw a $16.70 increase from June to December 2020. However, prices did not change for that demographic in the new year.
"As we enter 2021, many Americans are looking to cross New Year financial resolutions off the list, like securing life insurance. Despite the continuing challenges of the COVID-19 pandemic, we continue to see affordable life insurance options for shoppers across all demographics," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "We anticipate some small pricing fluctuations in the near future as insurers aim to remain competitive, but on the whole, it's a good time to shop for life insurance for anyone seeking financial protection for their family."
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 profile (age, gender) and policy type (term, coverage amount) as of the most recent publication date.
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).
 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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