Business Transformation | 11.28.22
Record $100 Billion Paid Out in Life Insurance Benefits Last Year
U.S. life insurers paid out a record $100 billion in benefits in 2021, according to data released by the American Council of Life Insurers (ACLI). That’s a nearly 11% jump from 2020, representing the largest year-over-year increase since the 1918 influenza pandemic. The purchase of life insurance coverage in 2021 also rose, with nearly 46 million policies sold, a 6.1% increase over 2020, although the total dollar coverage of those newly purchased policies dropped by 1.3% to $3.3 trillion. The average size of a new individual policy purchased last year was $189,830.
Read the full article on CNN