Life Insurance

Policygenius Releases October 2021 Life Insurance Price Index

Breast Cancer Awareness Month: Survivors can pay double for life insurance

NEW YORK, Oct. 8, 2021 /PRNewswire/ — Policygenius, the one-stop platform for comparing and buying insurance, announced today the October 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. In honor of Breast Cancer Awareness Month, analysts took a look at premium rates for both male and female breast cancer survivors who are at least five years in remission.

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 $250,000 policy in October 2021, a 35-year-old female survivor can pay 40% more than her counterpart with no history of breast cancer.

“Cancer survivors who are currently in remission have life insurance options that vary by insurance company and their current health situation,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. “Talking with an independent life insurance agent with the ability to compare rates from multiple top providers makes it easier to find the policy that works best for their health profile.”

Life Insurance Data

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.

Talking with an independent life insurance agent with the ability to compare rates from multiple top providers makes it easier to find the policy that works best for their health profile...

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.

 

 

 

About Policygenius
Policygenius transforms the insurance journey for today’s consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $120 billion in coverage.
[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.