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Life Insurance Payouts Spike in 2021

Updated: Feb 16, 2022

The pandemic has been hard on everyone. After two years of living through it, death has unfortunately been top of mind for far too many.

According to a report by American Council of Life Insurers (ACLI), life insurance payouts spiked an astounding 15.4% over 2019, which was the largest spike since the 1918 Spanish Influenza pandemic.

There’s no doubt that many are feeling the hardships of a pandemic. According to the Centers for Disease Control (CDC), there have been over 900,000 excess deaths since February of 2021.

Excess deaths are death that occur from a contributing factor that wasn’t otherwise there

before… in this case, COVID-19.

We are all existing through uncharted territory now, with multiple Covid variants mutating to become Delta or Omicron.

The ongoing pandemic compelled 43.1 million people to go out and purchase life insurance policies in 2021.

There’s no telling if life insurance policy sales will continue to climb in the coming years, as a further result of COVID’s havoc in the world.

According to ACLI’s report, the purchase of group life insurance policies went up 19% from 2019 to 2020. This is a plan primarily covered through employer group policies.

While thinking about investing in life insurance is not exactly a fun topic, the pandemic has clearly got people thinking it's better to have that extra financial safety net, than not.

If you haven’t already, maybe it’s time to think more closely about your life insurance or updating it to reflect your current stage of life to protect your family from a sudden loss. No matter how old you are, it’s always a good idea to have a plan and safety net in place, just in case.

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