Policygenius Releases September 2021 Life Insurance Price Index

Pricing stability in life insurance market despite increase in COVID-19 cases

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Sep 15, 2021, 09:51 ET

NEW YORK, Sept. 15, 2021 /PRNewswire/ -- Policygenius, the one-stop platform for comparing and buying insurance, announced today the September data 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. This month's report not only honors Life Insurance Awareness Month, but also marks a year since the launch of the Policygenius Life Insurance Price Index.

The September index shows there were no significant changes to life insurance prices from August to September, despite a recent resurgence in COVID-19 cases and hospitalizations across the country due to the Delta variant. While a new report from the Social Security and Medicare Trustees forecasts that mortality rates across the country will be as much as 15% higher than usual through 2023, life insurance pricing stability continues to be an ongoing trend.

"During Life Insurance Awareness Month, and every month, we're proud to provide educational resources around life insurance, including around pricing trends," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "Our work to educate consumers feels especially important today given the toll the pandemic has taken on so many families."

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 prices included in the Policygenius Life Insurance Price Index are based on internal actuarial rate tables for 11 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.

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 11 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