NEW YORK, Jan. 11, 2022 /PRNewswire/ — Policygenius, the one-stop platform for comparing and buying insurance, announced today the January 2022 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 2022 index shows there were no major changes across core demographics from December 2021 to January 2022. Most non-smokers saw negligible increases of less than 1% from December to January, while prices did not change for smokers. The largest price increase impacted 45-year-old females purchasing a $1 million policy, who saw a slight 1.07% increase in average monthly premiums. This overall pricing stability is despite a new report from the American Council of Life Insurers, which found that death benefits rose by 15.4% in 2020, the largest increase since the 1918 flu pandemic. However, this month’s index shows that this data has not impacted life insurance premiums at this time, as rates continue to remain stable.
“The new year is often the time many Americans use as an opportunity to tackle their financial goals, something that is incredibly important to accomplish in any year, but especially now with the ongoing pandemic,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. “We’re continuing to see pricing stability across all demographics, making it a good time to shop for life insurance.”
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 prices included in the Policygenius Life Insurance Price Index 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 (age, gender) and policy type (term, coverage amount) as of the most recent publication date.
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 $140 billion in coverage.
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Associate Director of Media Relations
 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.
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