COVID's Deadly Toll: Life Insurance Claims Surge
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- 1.1. COVID's Deadly Toll: Life Insurance Claims Surge
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COVID's Deadly Toll: Life Insurance Claims Surge
The COVID-19 pandemic has had a devastating impact on the world, claiming millions of lives and leaving countless families grieving. The financial burden of these losses has also been significant, with life insurance companies reporting a surge in claims.
According to a recent study by the American Council of Life Insurers (ACLI), life insurance death benefits paid out in the United States increased by 15% in 2020, the first year of the pandemic. This represents an additional $15 billion in claims, bringing the total to $120 billion.
The increase in claims was particularly pronounced among younger adults. The ACLI study found that death benefits paid out to people under the age of 65 increased by 40% in 2020. This suggests that COVID-19 has had a disproportionate impact on the working-age population.
The surge in life insurance claims is a sobering reminder of the devastating toll that COVID-19 has taken on our communities. It is also a reminder of the importance of life insurance, which can provide financial protection for families in the event of a loved one's death.
If you do not have life insurance, now is the time to consider getting it. Life insurance can provide peace of mind knowing that your family will be financially secure if something happens to you.
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