Policygenius Releases October 2021 Life Insurance Price Index
The October index special analysis shows that breast cancer survivors can pay nearly double for life insurance compared to applicants with no history of breast cancer. However, younger breast cancer survivors see a slightly smaller pricing gap. Based on a review of quotes for a
"Cancer survivors who are currently in remission have life insurance options that vary by insurance company and their current health situation,"
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 breast cancer survivor data used for this index is based on average monthly premium prices for a 20-year term life insurance policy for both men and women who were diagnosed with Stage 1 localized breast cancer in 2015 and had their last treatment in 2016. The sample applicant's treatment plan included chemotherapy, radiation, and a lumpectomy and they continue to take 10 milligrams of Tamoxifen daily.
Quotes are based on the Policygenius Life Insurance Price Index, which 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 profile[1] (age, gender) and policy type (term, coverage amount) as of the most recent publication date.
For the usual Policygenius Life Insurance Price index tables, no major changes were reported from September to October for applicants across all core demographics, continuing a trend of pricing stability.
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[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.
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