Life Insurance

New Consumer Pricing Trends For Life Insurance

Data shows pricing stability, despite uptick in U.S. death rate

Online life insurance marketer Policygenius Releases May 2021 Life Insurance Price Index. Learn more here.

NEW YORK, May 11, 2021 /PRNewswire/ — Policygenius, the nation’s leading online insurance marketplace, announced today the May 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 May index shows life insurance pricing stability, despite an increase in the U.S. death rate evident in data recently released by the Center for Disease Control and Prevention. The U.S. death rate increased by nearly 16% from 2019 to 2020, with COVID-19 being the third leading cause of death, according to the CDC. While this increase in the death rate is higher than in previous years, insurers have not adjusted pricing in response thus far. The most significant premium change from April to May was for 55-year-old female smokers, who saw a .07% decrease in premiums.

Plenty Of Affordable Options

“While many consumers understandably have questions around how COVID-19 mortality rates, diagnoses or vaccinations impact their ability to secure life insurance, prices continue to be stable overall,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. “People can rest assured that there are plenty of affordable options to secure financial protection.”

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 and have placed over $75 billion in coverage. Policygenius launched in 2014 and is one of the early insurtech pioneers. The company also launched digital wills and trusts in 2020. Policygenius has received numerous awards, including being named to Forbes’ list of Best Startup Employers (2020, 2021), Crain’s Fast 50 (2019) and Inc. Magazine’s Best Workplaces (2018, 2019, 2020).
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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.