What You Need to Know
- For 55-year-old smokers, the cost of 20-year term life increased 4%.
- Prices for nonsmokers are a little lower than they were a year ago, before COVID-19 hit.
Policygenius says prices for individual term life insurance for U.S. residents ages 25 through 55 are still gliding along, in spite of the effects of the COVID-19 pandemic.
A team at the Society of Actuaries recently reported that the pandemic increased the mortality rate for U.S. residents ages 35 to 64 by about 25% for the period from March 22, 2020, through Dec. 26, 2020.
But term life rates continue to be similar to what they have been since September 2020, when Policygenius began publishing term life price index data.
The New York-based life insurance web broker gives monthly premium data, for 11 insurers that sell term life coverage through the broker’s website, for 20-year term life policies.
Policygenius breaks out separate data for applicants ages 25, 35, 45 and 55; for men and women; for smokers and nonsmokers; and for $250,000, $500,000 and $1 million coverage amounts.