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 profile (age, gender) and policy type (term, coverage amount) as of the most recent publication date.