2021 ends with pricing stability
This year is closing out with stable life insurance prices, even as news of the new coronavirus variant Omicron rattled life insurance stocks over Thanksgiving weekend. Stocks for prominent insurers fell from 3.5 to 5%, while a major reinsurer saw a steep decline of 9.58%. At the moment, consumers are not harmed by economic volatility caused by the new variant. Our data shows that all demographics saw a nominal decrease in pricing, with 25-year-old males buying $250,000 in coverage seeing the biggest decrease. Prices for this demographic dropped by 1.55%.
While insurers are monitoring current events, the pricing stability in December indicates that the focus remains on providing customers affordable rates.
U.S. monthly averages as of December 1, 2021
Term life insurance for non-smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
---|---|---|---|
25 year old female | $14.25 | $21.05 | $34.08 |
25 year old male | $17.24 | $26.90 | $44.83 |
35 year old female | $16.61 | $25.45 | $42.69 |
35 year old male | $18.97 | $30.31 | $51.77 |
45 year old female | $28.91 | $47.52 | $85.95 |
45 year old male | $35.63 | $60.52 | $112.95 |
55 year old female | $61.28 | $108.02 | $205.95 |
55 year old male | $85.70 | $151.10 | $287.24 |
U.S. monthly averages as of December 1, 2021
Term life insurance for smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
---|---|---|---|
25 year old female | $34.04 | $57.25 | $105.90 |
25 year old male | $42.45 | $72.69 | $135.62 |
35 year old female | $43.86 | $76.97 | $142.12 |
35 year old male | $53.00 | $92.87 | $176.32 |
45 year old female | $88.92 | $162.56 | $312.46 |
45 year old male | $120.87 | $224.46 | $431.70 |
55 year old female | $195.97 | $361.71 | $700.92 |
55 year old male | $283.74 | $521.25 | $1021.06 |
Methodology: The prices displayed above are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI and TransAmerica). The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term, coverage amount) as of December 1, 2021. 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 10 products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria. The index is updated each month.
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