Life insurance rates remain steady in October
Life insurance prices remained steady in October according to the Policygenius Life Insurance Price Index (PLIPI). Rates haven’t changed since February with the exception of May, when they went up by 1.44%.
Compared to the same period last year, the cost of life insurance has now increased by 2.61% — an average increase of $2.09 per monthly premium. Despite this mild year-over-year increase, life insurance rates have remained stable for most of the past year, giving potential buyers the opportunity to lock in affordable rates, especially when young and in good health.
US monthly averages as of October 1, 2023
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 | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
25 years old | Female | $14.59 | $21.52 | $33.77 |
Male | $17.97 | $28.41 | $46.58 | |
35 years old | Female | $16.98 | $26.51 | $43.71 |
Male | $19.62 | $32.25 | $54.25 | |
45 years old | Female | $29.75 | $50.28 | $90.30 |
Male | $37.19 | $64.28 | $118.36 | |
55 years old | Female | $61.81 | $111.19 | $206.42 |
Male | $84.53 | $153.64 | $280.98 |
US monthly averages as of October 1, 2023
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 | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
25 years old | Female | $35.43 | $59.10 | $104.54 |
Male | $43.62 | $74.65 | $132.34 | |
35 years old | Female | $45.12 | $79.58 | $139.08 |
Male | $54.31 | $95.62 | $174.21 | |
45 years old | Female | $91.25 | $167.70 | $308.99 |
Male | $121.61 | $226.26 | $425.32 | |
55 years old | Female | $203.32 | $378.68 | $697.24 |
Male | $288.03 | $534.00 | $1,006.88 |
Methodology: The prices displayed above are based on internal actuarial rate tables for nine life insurance carriers that offer policies through the Policygenius marketplace (Banner Life, Brighthouse Financial, Corebridge Financial, 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, 2023. 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.
Image: nortonrsx / Getty
