Policygenius Releases November Life Insurance Price Index
NEW YORK, Nov. 10, 2020 /PRNewswire/ -- Policygenius, the nation's leading online insurance marketplace, announced today the November 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 November index shows stability in the market, with no significant changes in life insurance prices for healthy applicants across core demographics from October to November, despite the continuing global pandemic.
Even for older, less healthy applicants, prices did not change much. For instance, male smokers 55 and older, who have previously seen prices climb during the pandemic, only saw an increase of eight cents in monthly life insurance prices from October to November, compared to $12.56 per month from September to October.
"The stability we're seeing right now demonstrates insurers' belief that their current pricing adequately addresses health risks associated with COVID-19," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "Throughout the pandemic, Policygenius has maintained that there are plenty of options for shoppers of all demographics to secure affordable life insurance, and we continue to believe that is true for most Americans."
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(([1])) (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), Crain's Fast 50 (2019) and Inc. Magazine's Best Workplaces (2018, 2019, 2020).
For more information:
Brooke Niemeyer
Associate 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
