The Policygenius Life Insurance Price Index, January 2022

2022 kicks off with no major changes in life insurance pricing

The life insurance industry rang in the new year with stable pricing, as rates barely budged from December 2021 to January 2022. Most non-smokers saw meager increases of less than 1%, and 45-year-old females purchasing a $1 million policy saw a 1.07% increase in average monthly premiums. Smokers, however, didn’t see any changes at all.

Life insurance prices have also continued to remain steady in spite of multiple releases of new mortality data. Last month, the American Council of Life Insurers found that death benefit payouts rose by 15.4% in 2020, the biggest jump in payouts since the 1918 flu pandemic. However, our data shows that, at this time, consumers don’t have to worry about higher premiums.

U.S. monthly averages as of January 1, 2022

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 / Sex	$250K coverage amount	$500K coverage amount	$1M coverage amount
25 year old female	$14.23	$21.10	$34.16
25 year old male	$17.25	$27.03	$45.02
35 year old female	$16.61	$25.56	$42.91
35 year old male	$18.99	$30.44	$52.09
45 year old female	$29.00	$47.95	$86.87
45 year old male	$35.75	$61.05	$113.55
55 year old female	$61.46	$108.96	$208.04
55 year old male	$85.78	$152.23	$289.15

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U.S. monthly averages as of January 1, 2022

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 / Sex	$250K coverage amount	$500K coverage amount	$1M coverage amount
25 year old female	$34.04	$57.25	$105.90
25 year old male	$42.45	$72.69	$135.62
35 year old female	$43.86	$76.97	$142.12
35 year old male	$53.00	$92.87	$176.32
45 year old female	$88.92	$162.56	$312.46
45 year old male	$120.87	$224.46	$431.70
55 year old female	$195.97	$361.71	$700.92
55 year old male	$283.74	$521.25	$1021.06

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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 $160 billion in coverage.

Find your best life insurance prices today.

Methodology: The prices displayed above are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, 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 January 1, 2022. 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.

Image: Richard Drury / Getty