INS - Policygenius Releases June 2021 Life Insurance Price Index

Life insurance pricing holds steady amid increased demand

PR Newswire

NEW YORK , June 15, 2021 /PRNewswire/ -- Policygenius, the nation's leading online insurance marketplace, announced today the June 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.

The June index shows life insurance pricing continues to hold steady, with no pricing changes from May to June 2021 for new applicants. Continued pricing stability indicates that insurers are no longer adjusting premiums in response to the COVID-19 pandemic.

"Extended pricing stability is a good sign for consumers," Jennifer Fitzgerald , CEO and co-founder of Policygenius, said. "We've seen a significant increase in our volume of life insurance shoppers in 2021, indicating that financial protection continues to be in high demand."

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 is a leading fintech company that empowers people to easily shop for insurance and create digital wills and trusts. Since launching in 2014, Policygenius has helped more than 30 million people shop for all types of insurance and has placed nearly $100 billion in coverage. Policygenius is an insurtech pioneer known for its emphasis on digital convenience and consumer education. The company has received numerous accolades including four consecutive years as an Inc. Magazine Best Workplace, being named to the Forbes Fintech 50 and winning a Bronze Stevie Award for customer service.
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For more information:
Brooke Niemeyer
Associate Director of Media Relations
brooke.niemeyer@policygenius.com

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