Policygenius Releases March 2021 Life Insurance Price Index

NEW YORK, March 10, 2021 /PRNewswire/ -- Policygenius, the nation's leading online insurance marketplace, announced today the March 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 March index shows that life insurance prices for older smokers and older nonsmokers decreased from February to March. The biggest decrease was for female smokers aged 55, with average monthly rates dropping by $19.50 for a $1 million policy. This is the first time during the pandemic that older applicants have seen a significant price decrease, which is typically seen by younger, healthier applicants.

"It's interesting to see this price drop, which we sometimes see when insurers are aiming to remain competitive," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "Beyond these small fluctuations, we're continuing to see affordable options across all demographics."

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 the most recent publication date.

About Policygenius: 
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, 2021), Crain's Fast 50 (2019) and Inc. Magazine's Best Workplaces (2018, 2019, 2020).

For more information:
Brooke NiemeyerAssociate Director of Media Relations
brooke.niemeyer@policygenius.com 

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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SOURCE Policygenius