Published November 3, 2021
The Policygenius Life Insurance Price Index uses real-time rate data from leading life insurance companies to determine pricing trends. It’s designed to help the industry gauge market conditions and consumers get life insurance right.
For more on our methodology, see below.
In honor of Diabetes Awareness Month, we looked at average monthly premiums for people with Type 2 diabetes. According to our data, a Type 2 diabetes diagnosis has a significant impact on the cost of life insurance premiums. And, in a reversal of what our data typically shows, younger applicants with diabetes are seeing a larger difference in pricing than older applicants. Astonishingly, a 25-year-old female with Type 2 diabetes will pay 215% more for $1 million in coverage than her non-diabetic counterpart. But a 55-year-old female with the same condition would pay 68% more than someone without diabetes. The bigger price gap for younger applicants is likely because people diagnosed with Type 2 diabetes at a young age have a higher likelihood of experiencing other health risks.
A diabetes diagnosis impacts more than just your life insurance rates, however. It’s important to start getting screened for diabetes if you’re 35 or older, especially given the current health pandemic. Experts have found that instances of COVID-19 may be causing an increase in diabetes cases, as the virus has been shown to infect and possibly even attack insulin-producing cells in the pancreas.
Methodology: The chart below shows average monthly premium prices for a 20-year term life insurance policy for individuals who were diagnosed with Type 2 Diabetes in 2017 and are not insulin dependent. Sample applicant has an average annual A1C reading of 5.7 and a treatment plan includes 250 mg of Metformin. Sample applicant reports that diabetes is well controlled with medications and there are no complications. Quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex
$250K
Coverage Amount
$500K
Coverage Amount
$1M
Coverage Amount
25 years old
Female
$41.64
$63.11
$108.26
25 years old
Male
$48.45
$79.41
$134.57
35 years old
Female
$43.07
$65.31
$108.16
35 years old
Male
$50.38
$79.16
$136.96
45 years old
Female
$67.83
$104.92
$193.16
45 years old
Male
$80.10
$129.42
$240.54
55 years old
Female
$117.49
$182.83
$349.09
55 years old
Male
$154.82
$258.98
$499.87
Life insurance prices remained stable from October to November, with nominal decreases in average monthly premiums across the board. The biggest pricing change was seen by 55-year-old male smokers who were purchasing a $1 million policy. This demographic saw a decrease of $7.20 in average monthly premiums compared to last month.
It’s worth noting that five insurers in the Policygenius marketplace adjusted their prices in October, which reflects insurers’ desire to remain competitive in the marketplace.
The chart below shows average monthly premium prices for a 20-year term life insurance policy for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex
$250K
Coverage Amount
$500K
Coverage Amount
$1M
Coverage Amount
25 years old
Female
$14.40
$21.26
$34.42
25 years old
Male
$17.40
$27.15
$45.21
35 years old
Female
$16.80
$25.72
$43.14
35 years old
Male
$19.20
$30.66
$52.31
45 years old
Female
$29.24
$47.90
$86.63
45 years old
Male
$36.01
$60.97
$113.81
55 years old
Female
$62.10
$108.99
$207.67
55 years old
Male
$86.79
$152.45
$289.31
The chart below shows average monthly premium prices for a 20-year term life insurance policy for smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex
$250K
Coverage Amount
$500K
Coverage Amount
$1M
Coverage Amount
25 years old
Female
$34.55
$57.93
$107.18
25 years old
Male
$43.11
$73.48
$136.78
35 years old
Female
$44.37
$77.63
$143.77
35 years old
Male
$53.61
$93.76
$177.77
45 years old
Female
$89.92
$163.92
$315.54
45 years old
Male
$122.33
$226.56
$436.27
55 years old
Female
$197.95
$364.91
$708.13
55 years old
Male
$286.77
$526.29
$1031.16
The prices displayed above are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace. As of October 1, 2021, rates reflect the following 10 carriers: AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI, and TransAmerica. All months prior reflect the carriers listed above, with the inclusion of Principal.
The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term, coverage amount) as of November 1, 2021. 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 10 products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria. The index is updated each month.
Life insurance prices are primarily based on life expectancy; taking into account an applicant’s age, health, hobbies, and medical history. The riskier you are to insure or the shorter your life expectancy, the higher your rates will be.
Prices are also affected by the length of a policy and the amount of coverage someone is looking to purchase. A longer policy term or higher coverage amount might increase monthly or annual premiums. Policygenius generally recommends people buy life insurance ten to 15 times their individual income with a term long enough to get them to retirement age. Since there are a lot of variables involved, we specialize in helping consumers get the right policy to fit their individual needs.
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 $100 billion in coverage. At Policygenius, shoppers can compare life insurance companies side-by-side in one place. We provide free quotes from the nation’s top life insurers. And, once someone formally submits an application, our licensed experts walk them through every step of the process.
Find your best life insurance prices today.