U.S. life insurers paid a record $100 billion in 2021 in death benefits, fueled by another year of Covid-19 deaths, an industry trade group said
U.S. life insurers paid a record $100 billion in 2021 in death benefits, fueled by another year ofPayouts rose 11% in 2021 to $100.19 billion, most likely due to the pandemic, according to the American Council of Life Insurers. The increase was on the heels of a 15% year-over-year rise in 2020, when death-benefitThe ACLI compiles data from annual filings by insurers to state insurance departments.
The Delta deaths substantially boosted payouts under employers’ benefit programs, though most of the $100 billion came from individually owned policies, according to ACLI data.one of the nation’s biggest sellers of term-life policies, said it was tragic last year to see young families hit with Covid-19 deaths. In two instances of term-life policies sold by her Phoenix-area office, policyholders left behind three or more children.
Primerica said companywide death claims increased about 34% in 2021 to $2.25 billion, up from $1.69 billion.. In quarterly earnings, some reported jumps in death claims that they believe are tied to delays in medical care as a result of the 2020 lockdowns, and then, later, people’s fear of seeking treatment, as well as trouble lining up appointments.
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