Policygenius Releases November 2021 Life Insurance Price Index with Diabetes Rates

Applicants with Type 2 diabetes typically see higher life insurance prices

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Nov 10, 2021, 09:48 ET

NEW YORK, Nov. 10, 2021 /PRNewswire/ -- Policygenius, the one-stop platform for comparing and buying insurance, announced today the November release of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. New data from this free index is published on a monthly basis to illuminate pricing trends for consumers. In honor of Diabetes Awareness Month, analysts took a look at premium rates for both males and females who were diagnosed with Type 2 diabetes and are not insulin dependent.

The November index shows a Type 2 diabetes diagnosis significantly impacts the cost of life insurance, and younger applicants with Type 2 diabetes see a greater difference in pricing than older applicants. For instance, a 25-year-old female with Type 2 diabetes pays 215% more than her non-diabetic counterpart, whereas a 55-year-old female with Type 2 diabetes pays 68% more than her non-diabetic counterpart.

According to the most recent data from the American Diabetes Association, more than 7 million cases of diabetes were undiagnosed in 2018. And this could be increasing too — a study published in the science journal Cell Metabolism found that instances of COVID-19 may be causing an increase in diabetes cases, as the virus has been shown to infect, possibly even attack, insulin-producing cells in the pancreas.

"We've heard about people not seeking care for other health conditions during the pandemic, but it's extremely important to get regular checkups so an illness doesn't go undetected," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "While we typically see a higher price point for people with diabetes, there are still life insurance options for diabetics — and an unbiased broker can help you compare and find the best policy for your health profile."

Insurance rates can vary as the market fluctuates, as well as when a shopper's personal profile changes. Life insurance prices are primarily based on life expectancy, factoring in personal details about an individual, including age, medical history and hobbies. Prices also depend on the length of a policy and on the coverage amount a consumer opts to get.

The Type 2 diabetes data used for this index is based on average monthly premium prices for a 20-year term life insurance policy for both men and women who were diagnosed with Type 2 diabetes in 2017 and are not insulin dependent. The sample applicant reports that their diabetes is well controlled with medications and there are no complications. They have an average annual A1C reading of 5.7 and a treatment plan that includes 250 milligrams of Metformin.

Quotes are based on the Policygenius Life Insurance Price Index, which are based on internal actuarial rate tables for 10 of the life insurance carriers that offer policies through the Policygenius marketplace. The prices represent the average monthly premium for each sample customer profile^{^[1]} (age, gender) and policy type (term, coverage amount) as of the most recent publication date.

Beyond diabetic data, the monthly Policygenius Life Insurance Price Index results showed that from October to November 2021, there were slight decreases in average monthly premiums, and the biggest pricing fluctuation was a $7.20 decrease in average monthly premiums for 55-year-old male smokers purchasing a $1 million policy.

About Policygenius
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 $120 billion in coverage.

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For more information:
Brooke Niemeyer
Associate Director of Media Relations
[email protected]

^{^[1]} Monthly averages are based on 10 products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile and other eligibility criteria.

SOURCE Policygenius