NEW YORK, Jan. 12, 2021 /PRNewswire/ -- Policygenius, the
nation's leading online insurance marketplace, announced today the
January 2021 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 January 2021 index shows there
were no changes in life insurance prices across core demographics
from December 2020 to January 2021. Prices remained steady for smokers
and nonsmokers alike, despite smokers having seen slight increases
in pricing over the past six months. The largest price increase
impacted 55-year-old male smokers purchasing a $1 million policy, who saw a $16.70 increase from June to December 2020. However, prices did not change for
that demographic in the new year.
"As we enter 2021, many Americans are looking to cross New Year
financial resolutions off the list, like securing life insurance.
Despite the continuing challenges of the COVID-19 pandemic, we
continue to see affordable life insurance options for shoppers
across all demographics," Jennifer
Fitzgerald, CEO and co-founder of Policygenius, said. "We
anticipate some small pricing fluctuations in the near future as
insurers aim to remain competitive, but on the whole, it's a good
time to shop for life insurance for anyone seeking financial
protection for their family."
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).
[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.
For more information:
Brooke
Niemeyer
Associate Director of Media Relations
brooke.niemeyer@policygenius.com
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SOURCE Policygenius