Policygenius, the nation's leading online insurance marketplace, announced today the launch of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. This free index launches in tandem with Life Insurance Awareness Month and new data will be published on a monthly basis going forward to illuminate pricing trends for consumers.
"The Policygenius Life Insurance Price Index was designed to provide invaluable insights to industry analysts, as well as consumers shopping for life insurance," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "We're thrilled to launch this index to help people have an even better understanding of life insurance and how different scenarios can impact rates."
The September index shows that life insurance prices have remained stable, despite the impact of the coronavirus pandemic. There are very minor fluctuations in monthly premiums reported for most core demographics — less than $1 over the past six months.
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.
"We typically recommend people get life insurance coverage that is ten to 15 times their income and with a term lasting long enough to get them to retirement age, which is usually between ages 65 and 67," Fitzgerald said. "The Policygenius Life Insurance Price Index helps provide consumers a better understanding on how affordable financial protection is for most applicants."
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 the most recent publication date.
While the September Policygenius Life Insurance Price Index shows that life insurance rates have not changed dramatically during the pandemic, COVID-19 has brought on other challenges, like securing life insurance coverage while also maintaining safe social distancing. The Policygenius marketplace offers no medical exam policies, where qualified consumers aren't asked to undergo lab work, both reducing risks and significantly speeding up the underwriting process. The Policygenius Life Insurance Price Index is the latest Policygenius offering designed to help consumers understand life insurance pricing and get their financial protection right.
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).
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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.