Life insurance payouts for Covid total £202m in 2020

11,198 claims

John Brazier
clock • 2 min read

Association of British Insurers (ABI) figures show equivalent of over £550,000 per day was paid in Covid-19 death claims 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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Over half of adults want to focus more on health: AXA

Over half of adults want to focus more on health: AXA

“Strong” awareness of future financial plans

Jaskeet Briah
clock 14 June 2024 • 2 min read
Mortgage worries have 'severe' mental health impact

Mortgage worries have 'severe' mental health impact

Over-55s struggling with cost-of-living crisis

Jaskeet Briah
clock 11 June 2024 • 2 min read
Life cover not a priority expense for mortgage holders

Life cover not a priority expense for mortgage holders

22% had never thought about life insurance

Jaskeet Briah
clock 10 June 2024 • 1 min read