Life insurance payouts for Covid total £202m in 2020

According to the figures, there were 11,198 claims received under individual and group life insurance policies. Of these, 10,205 were individual policies (whole life, term insurance and critical illness claims) with 993 on group life insurance schemes. A total of £202m was paid out throughout the year on 96% of individual and 99% of group claims, with the ABI stating that remaining valid claims "are being processed as quickly as possible." The average pay out on individual policies was £13,100, while group policy pay outs averaged £74,600. The pay outs included £250,000 made the day a...