The Policygenius Life Insurance Price Index, November 2020

Life insurance prices plateau for healthy & unhealthy applicants

There were no significant changes in life insurance prices for healthy applicants across core demographics from October to November. Sixty-three percent of non-smokers saw no fluctuations in pricing at all, according to Policygenius data.

Prices also plateaued for older, less healthy applicants who saw an uptick of $16.62 in monthly life insurance premiums in October 2020 as compared to April 2020. Male smokers 55 and older, for instance, only saw an increase of eight cents in monthly life insurance prices from October to November, compared to $12.56 per month from September to October.

Though subject to change, the plateau in pricing likely reflects insurers’ beliefs that current prices adequately address the increased health risks associated with COVID-19.

U.S. monthly averages as of November 1, 2020

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	$14.22	$21.20	$34.49
25 year old male	$17.08	$27.01	$45.17
35 year old female	$16.46	$25.39	$42.48
35 year old male	$18.66	$30.23	$51.55
45 year old female	$28.31	$47.44	$86.30
45 year old male	$35.25	$60.74	$113.33
55 year old female	$60.15	$107.72	$206.37
55 year old male	$83.54	$150.92	$286.53

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U.S. monthly averages as of November 1, 2020

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	$35.18	$59.64	$110.54
25 year old male	$43.41	$74.40	$138.64
35 year old female	$45.02	$79.28	$145.61
35 year old male	$53.53	$94.55	$178.74
45 year old female	$90.70	$166.18	$317.92
45 year old male	$122.20	$227.42	$438.29
55 year old female	$199.64	$371.26	$716.63
55 year old male	$289.31	$534.87	$1036.84

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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 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 November 1, 2020. 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.

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