Published June 4, 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.
The cost of life insurance continues to hold steady, with no pricing changes from May to June 2021 for new applicants. Rates have remained fairly stable recently, even with the occasional minor pricing adjustments. Insurers often make these changes to offer applicants the most competitive pricing in the market.
In the last few months, we haven’t seen any major pricing fluctuations, which indicates that insurers are no longer adjusting premiums in response to the COVID-19 pandemic.
“We're not seeing further adjustments in response to the pandemic right now, but whether that will remain or if they will dial that back is unknown," says Eloise Spinello, Associate Director of the Carrier Relationship Management team at Policygenius.
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
25 years old
Male
35 years old
Female
35 years old
Male
45 years old
Female
45 years old
Male
55 years old
Female
55 years old
Male
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
25 years old
Male
35 years old
Female
35 years old
Male
45 years old
Female
45 years old
Male
55 years old
Female
55 years old
Male
The prices displayed above are based on internal actuarial rate tables for eleven life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI and TransAmerica).
The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term, coverage amount) as of June 1, 2021. 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 11 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 $75 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.