Policygenius, a U.S.-based online insurance marketplace, announced on Tuesday the release of its November 2020 Life Insurance Price Index. According to Policygenius, the Index 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 latest Index revealed:
“The November index shows stability in the market, with no significant changes in life insurance prices for healthy applicants across core demographics from October to November, despite the continuing global pandemic. Even for older, less healthy applicants, prices did not change much. For instance, male smokers 55 and older, who have previously seen prices climb during the pandemic, 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.”
Speaking about the Index’s results, Jennifer Fitzgerald, CEO and Co-Founder of Policygenius, stated:
“The stability we’re seeing right now demonstrates insurers’ belief that their current pricing adequately addresses health risks associated with COVID-19. Throughout the pandemic, Policygenius has maintained that there are plenty of options for shoppers of all demographics to secure affordable life insurance, and we continue to believe that is true for most Americans.”
Founded in 2014, Policygenius’ key mission is to help consumers get insurance “right” by making it easy for them to understand their options, compare quotes, and purchase a policy all in one place. The platform noted it has helped more than 30 million people shop for all types of insurance.
“Policygenius is the fastest-growing life insurance distributor with $45 billion in life coverage issued to date. In 2019, Policygenius launched a new property and casualty insurance offering, which scaled to more than $10 million in revenue in less than 12 months. Collectively, consumers can shop for several types of insurance, including life, home, auto, disability and renters.”