(Image source: Policygenius.)
Policygenius, a New York-based online insurance marketplace, has announced the launch of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. The free index launches in tandem with Life Insurance Awareness Month; new data will be published on a monthly basis going forward to illuminate pricing trends for consumers, according to a Policygenius statement.
“The Policygenius Life Insurance Price Index was designed to provide invaluable insights to industry analysts, as well as consumers shopping for life insurance,” comments Jennifer Fitzgerald, CEO and co-founder, Policygenius. “We’re thrilled to launch this index to help people have an even better understanding of life insurance and how different scenarios can impact rates.”
Jennifer Fitzgerald, CEO and Co-Founder, Policygenius.
The September index shows that life insurance prices have remained stable, despite the impact of the coronavirus pandemic. It reports very minor fluctuations in monthly premiums for most core demographics—less than $1 over the past six months.
“We typically recommend people get life insurance coverage that is ten to 15 times their income and with a term lasting long enough to get them to retirement age, which is usually between ages 65 and 67,” Fitzgerald notes. “The Policygenius Life Insurance Price Index helps provide consumers a better understanding on how affordable financial protection is for most applicants.”
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 profile1 (age, gender) and policy type (term, coverage amount) as of the most recent publication date.
No Dramatic Change In Rates During the Pandemic
While the September Policygenius Life Insurance Price Index shows that life insurance rates have not changed dramatically during the pandemic, COVID-19 has brought on other challenges, like securing life insurance coverage while also maintaining safe social distancing. The Policygenius marketplace offers no medical exam policies, where qualified consumers aren’t asked to undergo lab work, both reducing risks and significantly speeding up the underwriting process. The Policygenius Life Insurance Price Index is the latest Policygenius offering designed to help consumers understand life insurance pricing and get their financial protection right.
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