NEW YORK, Feb. 11, 2021 /PRNewswire/ — Policygenius, the nation’s leading online insurance marketplace, announced today the February data release of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. New data from this free index is published on a monthly basis to illuminate pricing trends for consumers. In this month’s index, analysts took a look at premium rates for both males and females with heart conditions, in honor of American Heart Month.
The February index special analysis shows that both men and women with heart conditions have higher monthly premiums than those with no serious medical conditions, and the pricing gap increases with age. Even though heart disease is the number one cause of death for both men and women in the U.S., men see a greater price difference as they get older. Based on a review of quotes for a $1 million policy from February 2021, a 25-year-old male with a heart condition will pay $63.24 more a month, on average, than a healthy 25-year-old for the same amount of coverage. The review also found that a 55-year-old male with a heart condition will pay $311.95 more than his healthy peer.
“February is American Heart Month and it’s important for life insurance applicants to understand how their heart health can impact their rates,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. “Fortunately, there are plenty of affordable policies that provide coverage for specific health profiles, such as having a heart condition, and we encourage applicants to shop around to find the coverage that best suits their unique needs.”
Insurance rates can vary as the market fluctuates, as well as when a shopper’s personal profile changes. Life insurance prices are primarily based on life expectancy while also factoring in personal details about an individual, including age, medical history and hobbies. Prices also depend on the length of a policy and how much coverage a consumer opts to get.
The heart conditions data is based on average monthly premium prices for a 20-year term life insurance policy for individuals with coronary artery disease (CAD) and a history of high blood pressure (where current readings are 150/100 mm Hg) that is managed via daily medication, with a health classification of either Standard or Preferred (classifications vary by insurer). Quotes are based on the Policygenius Life Insurance Price Index, which are based on internal actuarial rate tables for 11 of the life insurance carriers that offer policies through the Policygenius marketplace. The prices represent the average monthly premium for each sample customer profile1 (age, gender) and policy type (term, coverage amount) as of the most recent publication date.
For the usual Policygenius Life Insurance Price index tables, no major changes in price were reported from January to February for most applicants without medical conditions, however some older applicants saw premium increases. The largest price increase impacted 55-year-old female smokers purchasing a $1 million policy, who saw a $23.21 jump in monthly premium rates.
Policygenius is the nation’s leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We’ve helped more than 30 million people shop for all types of insurance like they shop for everything else — online — and have placed over $60 billion in coverage. Policygenius launched in 2014 and is one of the early insurtech pioneers. Policygenius launched wills and trusts through a new mobile app in 2020. Policygenius was named to Forbes’ list of Best Startup Employers (2020), Crain’s Fast 50 (2019) and Inc. Magazine’s Best Workplaces (2018, 2019, 2020).
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1 Monthly averages are based on 11 products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile and other eligibility criteria.