One-stop insurance comparison site Policygenius recently announced the release of its Life Insurance Price Index for December, which displays the average monthly life insurance rates based on current rates from leading life insurance companies.
Data from this free index is released on a monthly basis to help consumers understand pricing trends.
Despite stock market volatility triggered by the newest variant of Coronavirus, Omicron, December's index shows life insurance prices remain stable. An insurer's stock dropped 3.5 to 5% over Thanksgiving weekend, while a reinsurer's stock declined 9.58%.
Policygenius data indicates that the new variant has not affected life insurance consumers due to economic volatility. Pricing decreased for all demographics, but 25-year-old males seeking $250,000 in coverage faced the biggest drop.
"As we brace ourselves for the challenges brought on by the new Omicron variant and the winter season, we're glad to see that broader market volatility has not impacted life insurance rates for the average consumer," said Policygenius co-founder and CEO Jennifer Fitzgerald. "The end of the year is a great time to begin thinking of 2022 financial resolutions, and there continue to be plenty of affordable insurance options for those seeking coverage for their families."
Market fluctuations can affect insurance rates, as can changes in a shopper's personal profile. Typically, life insurance rates are based on a number of factors, including someone’s age, medical history and hobbies. In addition to the length of the policy, the amount of coverage a consumer opts for affects its price.
The Policygenius Life Insurance Price Index consists of actuarial rate tables for 10 life insurance companies that offer policies on the Policygenius website.
The prices displayed to represent the average monthly premiums for each sample customer profile (age, gender) and policy type (term, coverage amount) as of the most recent publication date.