NEW YORK, Dec. 8, 2020 /PRNewswire/ -- Policygenius, the nation's leading online insurance marketplace, announced today the December 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 December index shows that life insurance prices largely remained the same from November to December across core demographics, despite news of vaccine breakthroughs and a surge in COVID-19 cases across the United States. The biggest uptick across core demographics in this period was a modest 52-cent increase for 55-year-old female smokers purchasing a $1 million policy.
"It's unlikely we'll see new pandemic-related changes to life insurance pricing this year," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "The prospect of a viable COVID-19 vaccine is extremely exciting, but it's too early in development for related adjustments in insurance pricing or restrictions. We look forward to continuing to monitor changes in the market and providing education and guidance to our consumers."
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 profile1(age, gender) and policy type (term, coverage amount) as of the most recent publication date.
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).
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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.