The December Policygenius Life Insurance index shows life insurance prices remain stable, despite stock market volatility catalyzed by the newest coronavirus variant, Omicron. Stocks for prominent insurers fell from 3.5 to 5% over Thanksgiving weekend, while a major reinsurer saw a steep decline of 9.58%.
However, Policygenius data shows life insurance consumers have not been impacted by economic volatility caused by the new variant. All demographics saw a nominal decrease in pricing, with 25-year-old males seeking $250,000 in coverage seeing the biggest decrease of 1.55%.
"As we brace ourselves for the challenges brought on by the new Omicron variant and the winter season, we're glad to see that broader market volatility has not impacted life insurance rates for the average consumer," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "The end of year is a great time to begin thinking of 2022 financial resolutions, and there continue to be plenty of affordable insurance options for those seeking coverage for their families."
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, factoring in personal details about an individual, including age, medical history and hobbies. Prices also depend on the length of a policy and on the coverage amount a consumer opts to get.
The Policygenius index 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 prices included in the Policygenius Life Insurance Price Index are based on internal actuarial rate tables for 10 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.
Policygenius transforms the insurance journey for today's consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $140 billion in coverage.
1 Monthly averages are based on 10 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.