Life insurance rates remain steady in October
Life insurance rates decreased by a negligible margin in October, but continued their steady streak remaining unchanged for three months in a row, according to the Policygenius Life Insurance Price Index.
While life insurance prices went down on average by only 21 cents per month compared to September — a reduction of 0.09% — the drop was more pronounced when compared to this time last year. Life insurance rates are 1.8% cheaper this October than they were during the same period last year, resulting in an average monthly savings of $3.
Despite continuing inflation and recent stock market woes, the cost of life insurance remains competitive, giving potential buyers the opportunity to lock in affordable rates, especially when young and in good health.
U.S. monthly averages as of October 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 | $250,000 coverage amount | $500,000 coverage amount | $1,000,000 coverage amount |
|---|---|---|---|
25 year old female | $14.20 | $21.08 | $33.33 |
25 year old male | $17.16 | $26.90 | $44.57 |
35 year old female | $16.48 | $25.58 | $42.60 |
35 year old male | $18.67 | $30.34 | $51.77 |
45 year old female | $28.45 | $47.86 | $86.72 |
45 year old male | $35.26 | $60.76 | $112.82 |
55 year old female | $60.20 | $109.00 | $208.21 |
55 year old male | $83.24 | $151.07 | $283.94 |
U.S. monthly averages as of October 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 | $250,000 coverage amount | $500,000 coverage amount | $1,000,000 coverage amount |
|---|---|---|---|
25 year old female | $34.01 | $56.94 | $104.79 |
25 year old male | $42.11 | $72.23 | $133.73 |
35 year old female | $43.73 | $76.92 | $140.69 |
35 year old male | $52.59 | $92.30 | $174.90 |
45 year old female | $88.78 | $162.34 | $310.99 |
45 year old male | $119.66 | $221.70 | $427.15 |
55 year old female | $195.38 | $361.23 | $701.03 |
55 year old male | $280.35 | $515.95 | $1,011.93 |
Methodology: The prices displayed above are based on internal actuarial rate tables for nine life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, 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, 2022. 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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