Differing lines of thought have emerged on the best ways to provide protection to loved ones from the ravages of the virus. To say the least, there is a flashpoint between those who feel comfortable about the vaccine and those who don’t. We have all witnessed politicians on either side of the aisle reacting wildly, and sometimes irrationally, to COVID policies. While statistics are used to bolster the claims of any stance, one thing is undeniable- life insurance companies across the industry are reporting a significant increase in mortality rates from 2019, before the onset of COVID.
The pandemic has had an obvious effect on mortality rates in the country (and around the world). Research from the American Council of Life Insurers (ACLI) shows that life insurance companies paid more than $90 billion to beneficiaries of life insurance policies in 2020, the highest ever in any single year. It also represents a 15.4% increase in payments over 2019, which is the largest year-to-year increase since the 1918 Influenza Epidemic.
At the same time, only 54% of Americans were covered by life insurance in 2020. Having proper insurance protection, including life insurance, is an important part of any financial plan and provides a safety net and a level of economic security for you and your loved ones. Those who wish to avoid insurance are sure glad it’s there, if needed.
See below for a chart detailing the annual change in life insurance benefit payments from 1915 to 2020. And please speak with an advisor if you or your loved ones have any insurance related questions.
~ Brian Kasal- The Leadership Matrix
Are you ready to start a conversation or get a second opinion on the financial or philanthropic goals for you, your family, or your business? Click here to connect with the team at FourStar!
If you enjoyed this post, please consider sharing it on your favorite platform below.