Posted by (American Life Insurance Guide 12/15/2022 News)According to data recently released by ACLI, in 2021, US life insurance companies willLife Insurance Policy Beneficiary$1000 billion in claims benefits paid out, another record high.
New crown virus may become an incentive for a surge in claims
In 2021, U.S. life insurance companies willBeneficiaryThe total amount of death benefits paid increased by 10.8% compared to last year.It was also the largest annual increase in claims paid out by life insurers since the 1918 flu epidemic.
The annual data report does not clearly list the specific causes of the policyholder's death.However, the record-breaking amount of life insurance claims in 2021 is partly due toNew crown virusresulting in an increase in the number of deaths.
In 2021, there will be 460,513 deaths andCovid-19 (Coronavirus)related.This also makes the new crown virus the third leading cause of death in the United States in 2021.
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A total of 4600 million life insurance policies were purchased throughout the year
Due to a combination of factors such as concerns about Covid-19, in the full year of 2021, American households have purchased nearly 4600 million life insurance policies, an increase of 2020% compared to 6.1.The total amount of life insurance claims and benefits in the United States once again reached a record high, reaching 21 trillion US dollars.
When the main source of income in the family dies, life insurance claims can help the spouse and children to relieve the resulting financial pressure.purchased by policyholderLife insurance coverageLife insurance can also alleviate the financial problems that the entire family may face in the future-such as paying for children's future college tuition, paying off the mortgage, or paying for the purchase of a house.
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Some companies will buy a life insurance policy for employees, which is free for employees.In the event of the employee's death, a sum of money is usually left to the beneficiaries.This compensation is usually a certain multiple of salary.
However, free insurance policies have certain limitations for modern families. Usually, the insurance amount is low and there are no additional benefit clauses, which are often not enough to cover the medium and long-term expenses of the spouse or children.
Finally, ACLI's annual figures also shed light on retirement annuity insurance payments.In 2021,Insurance companies paid out a total of $977 billion to annuity insurance account holders.
CNN and The Wall Street Journal also reported this news recently. (full text)
