The group draws the application statistics from its own application flow records.
Here are the activity change figures, for September, for applicants in five different age groups:
- Ages zero-30: -6.3%
- Ages 31-50: -11.2%
- Ages 51-60: -7.7%
- Ages 61-70: -2.0%
- Ages 71 and older: -0.5%
Here’s how activity changed for three different types of life insurance products:
- Term life: -7.6%
- Universal life: -6.5%
- Whole life: -10.9%
The Policygenius Price Index
Policygenius, a web broker, has been using pricing information for the 20-year, level-premium term life policies it sells online to provide a monthly term life price index.
The cheapest coverage included is for a 25-year-old female nonsmoker who needs $250,000 in death benefits, and the most expensive is for a 55-year-old male smoker who needs $1 million in death benefits.
This month, the lowest price in the Policygenius price tables, for the 25-year-old female nonsmoker seeking just $250,000 in coverage, fell to $14.20, from $14.21 in September.
The highest price, for the 55-year-old male smoker seeking $1 million in coverage, fell to $1,011.93, from $1,015.76 in September.
(Image: Shutterstock)
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October 10, 2022 at 09:49PM
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Life Insurance Application Flow Slows Again - ThinkAdvisor
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