Life insurance prices largely remained the same from November to December across core demographics despite news of vaccine breakthroughs and a surge in COVID-19 cases across the country.
According to data from Policygenius, an online insurance marketplace in the US, the biggest uptick across core demographics in this period was a modest $0.52 increase for 55-year-old female smokers purchasing a $1m policy.
“It’s unlikely we’ll see new pandemic-related changes to life insurance pricing this year. The prospect of a viable COVID-19 vaccine is extremely exciting, but it’s too early in development for related adjustments in insurance pricing or restrictions,” said Policygenius CEO and co-founder Jennifer Fitzgerald.
The insurance marketplace publishes free data from its life insurance price index on a monthly basis to illuminate pricing trends for consumers. The index displays average monthly life insurance rates using current data from major life insurance carriers.
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.