The Policygenius Life Insurance Price Index November 2024

Life insurance rates remained mostly steady in November, according to the Policygenius Life Insurance Price Index (PLIPI). The PLIPI uses real-time rate data to reveal pricing trends and industry changes.

Jennifer Gimbel

Life insurance rates largely remain steady in November

Life insurance rates remained steady in November, with an average monthly premium decrease of about 6 cents, according to the Policygenius Life Insurance Price Index (PLIPI). That’s an even lower month-over-month decrease compared to last month, when rates decreased by about 18 cents.

Compared to the same period last year, the cost of life insurance has now decreased by 0.27% — an average decrease of 53 cents per monthly premium. Despite this slight year-over-year decrease, life insurance rates have remained stable for more than a year, which gives potential buyers the opportunity to lock in affordable rates.

US monthly averages as of November 1, 2024

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.

US monthly averages as of November 1, 2024

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.

How our index works

Life insurance prices are primarily based on life expectancy; taking into account an applicant’s age, health, hobbies, and medical history. The riskier you are to insure or the shorter your life expectancy, the higher your rates will be.

Prices are also affected by the length of a policy and the amount of coverage someone is looking to purchase. A longer policy term or higher coverage amount might increase monthly or annual premiums. Policygenius generally recommends people buy life insurance 10 to 15 times their individual income with a term long enough to get them to retirement age. Since there are a lot of variables involved, we specialize in helping consumers get the right policy to fit their individual needs.

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 $160 billion in coverage.

Find your best life insurance prices today.

Methodology: The prices displayed above are based on internal actuarial rate tables for nine life insurance carriers that offer policies through the Policygenius marketplace (Brighthouse Financial, Corebridge Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, 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 October 1, 2024. Monthly averages are based on nine products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all nine 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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