U.S. Life Application Activity Cools

Age breakouts: Here’s how U.S. life application activity changed between May 2023 and the latest month for five age groups.

Ages 0-30: +3.2%
Ages 31-40: -3.1%
Ages 51-60: -5.1%
Ages 61-70: +1.9%
Ages 71 and older: +12%

Coverage costs: Policygenius, a web broker, creates monthly price charts based on the prices that term life issuers offer Policygenius customers.

The lowest price is for a 25-year-old female nonsmoker who needs $250,000 in death benefits. The highest price is for a 60-year-old male smoker who needs $1 million in coverage.

For June, the cost for the young, female nonsmoker with just $250,000 in coverage increased to $14.44, from $14.60 a year earlier. The cost for the 60-year-old male smoker with a $1 million policy is $1,621.84.

In 2023, the highest age included in the Policygenius index table was 55. For 55-year-old male smokers, the cost of $1 million in coverage increased to $1,006.89, from $1,006.82.

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