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The Policygenius Life Insurance Price Index, December 2023

Life insurance rates remained steady in December, according to the Policygenius Life Insurance Price Index (PLIPI). The PLIPI uses real-time rate data to reveal pricing trends and industry changes.

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Antonio Ruiz-CamachoAssociate Content DirectorAntonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Edited by

Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.

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Life insurance rates remain steady in December

Life insurance rates remained steady in December according to the Policygenius Life Insurance Price Index (PLIPI). Rates haven’t changed since February with the exception of May, when they went up by 1.44%.

Compared to the same period last year, the cost of life insurance has now increased by 2.48% — an average increase of $2.00 per monthly premium. Despite this mild year-over-year increase, life insurance rates have remained stable for most of the past year, giving potential buyers the opportunity to lock in affordable rates, especially when young and in good health.

US monthly averages as of December 1, 2023

Term life insurance for non-smokers

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

Gender

$250,000 coverage amount

$500,000 coverage amount

$1 million coverage amount

25 years old

Female

$14.58

$21.51

$33.75

Male

$17.81

$28.26

$46.16

35 years old

Female

$16.98

$26.50

$43.69

Male

$19.61

$32.24

$54.23

45 years old

Female

$29.74

$50.26

$90.27

Male

$37.18

$64.26

$118.31

55 years old

Female

$61.79

$111.19

$206.42

Male

$84.50

$153.58

$280.87

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US monthly averages as of December 1, 2023

Term life insurance for smokers

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

Gender

$250,000 coverage amount

$500,000 coverage amount

$1 million coverage amount

25 years old

Female

$35.47

$59.10

$104.54

Male

$43.62

$74.72

$132.34

35 years old

Female

$45.12

$79.58

$139.08

Male

$54.31

$95.62

$174.21

45 years old

Female

$91.25

$167.70

$308.99

Male

$121.61

$226.26

$425.32

55 years old

Female

$203.32

$378.68

$697.24

Male

$288.03

$534.00

$1,006.88

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How our index works

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 10 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 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 $170 billion in coverage.

Find your best life insurance prices today.

Methodology: The prices displayed above are based on internal actuarial rate tables for nine life insurance carriers that offer policies through the Policygenius marketplace (Legal & General America, Brighthouse Financial, Corebridge Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, 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 December 1, 2023. Monthly averages are based on nine products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all nine 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.

Image: Dean Mitchell / Getty

Author

Antonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Editor

Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.

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