Life insurance rates remain stable despite inflation
While the price of consumer goods continues to rise, life insurance rates remained stable in August compared to the previous month, according to the Policygenius Life Insurance Price Index (PLIPI). While rates didn’t decrease significantly this month like they have in previous months, they didn’t increase either, keeping the cost of life insurance well below the rise of inflation.
Like last month, life insurance rates in August are 2% cheaper than they were the previous year. With the cost of housing, cars and medical care — among other goods and services — going up due to inflation, life insurance prices remain low, creating an opportunity to shop for very competitive rates, especially if you’re young and in good health.
U.S. monthly averages as of August 1, 2022
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 | $14.13 | $21.04 | $33.42 |
25 year old male | $17.09 | $26.91 | $44.67 |
35 year old female | $16.40 | $25.50 | $42.64 |
35 year old male | $18.61 | $30.26 | $51.75 |
45 year old female | $28.40 | $47.83 | $86.7 |
45 year old male | $35.22 | $60.71 | $112.82 |
55 year old female | $60.18 | $108.98 | $208.28 |
55 year old male | $83.45 | $151.16 | $284.07 |
U.S. monthly averages as of August 1, 2022
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 | $34.01 | $57.17 | $105.24 |
25 year old male | $42.02 | $72.30 | $133.92 |
35 year old female | $43.66 | $76.85 | $140.68 |
35 year old male | $52.54 | $92.24 | $174.91 |
45 year old female | $88.72 | $162.36 | $311.13 |
45 year old male | $119.63 | $222.26 | $427.99 |
55 year old female | $195.47 | $361.64 | $702.05 |
55 year old male | $280.46 | $518.83 | $1,016.10 |
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 August 1, 2022. 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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