The Policygenius Life Insurance Price Index May 2021

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May brings life insurance stability

The U.S. death rate increased by nearly 16% from 2019 to 2020, according to new provisional data released by the Centers for Disease Control and Prevention. Though the surge in death rates is higher than in previous years, insurers have not adjusted pricing in response to the new CDC report thus far.

In fact, pricing remained relatively stable from April to May. Different age groups and demographics didn’t see any significant changes in life insurance rates, including older smokers, who have previously seen the biggest pricing fluctuations.

The biggest premium change was for 55-year-old female smokers, who only saw a meager .07% decrease in premiums. Small pricing fluctuations like this are normal, as insurers regularly make minor pricing adjustments to remain competitive in the market.

Because insurers are not imposing substantial pricing changes, applicants can still expect to find affordable life insurance coverage. Shopping around is the best way to find the most competitive coverage.

U.S. monthly averages as of May 1, 2021

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.

U.S. monthly averages as of May 1, 2021

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.

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 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.

Methodology: The prices displayed above are based on internal actuarial rate tables for 11 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 May 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.