(Bloomberg) -- Life insurance is getting costlier for men 55 and older who smoke.
That demographic saw the biggest increases for life insurance policies from September to October, with average premiums rising between $6.12 and $12.56 a month, according to an index from Policygenius. The prices are based on actuarial rate tables for 11 life insurance carriers offering policies through the online brokerage.
The increase is likely due to the higher risk those individuals face from Covid-19, the company said Wednesday in a statement. Rates fell slightly for healthy applicants, and Policygenius said that overall pricing “has yet to be significantly impacted” by the pandemic.
“As we continue to navigate an unprecedentedly challenging time, we're seeing some small pricing fluctuations in life insurance, particularly for smokers and seniors,” Jennifer Fitzgerald, chief executive officer and co-founder of Policygenius, said in the statement.
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