Policygenius, the nation’s leading online insurance marketplace, 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. This free index launches in tandem with Life Insurance Awareness Month and new data will be published on a monthly basis going forward to illuminate pricing trends for consumers.
Read More: The Influence of Mobile Apps WeChat Pay and Alipay Extends Far Beyond China’s Borders
“The Policygenius Life Insurance Price Index was designed to provide invaluable insights to industry analysts, as well as consumers shopping for life insurance,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. “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.”
The September index shows that life insurance prices have remained stable, despite the impact of the coronavirus pandemic. There are very minor fluctuations in monthly premiums reported for most core demographics — less than $1 over the past six months.
Read More: German Peer-to-peer Lender auxmoney Raises €150 Million
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 while also factoring in personal details about an individual, including age, medical history and hobbies. Prices also depend on the length of a policy and how much coverage a consumer opts to get.
“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 said. “The Policygenius Life Insurance Price Index helps provide consumers a better understanding on how affordable financial protection is for most applicants.”
Read More: BillingPlatform Increases Standing in MGI 360 Ratings Report for Agile Monetization Solutions
