U.S. life insurances paid out $100 billion in benefits last year

According to data released today from the American Council of Life Insurers, U.S. life insurance companies paid out a record $100 billion in benefits last year.

CNN— According to data released today from the American Council of Life Insurers, U.S. life insurance companies paid out a record $100 billion in benefits last year.

That is nearly an 11% jump and the largest year-over-year increase since the 1918 influenza pandemic.

The data doesn’t specify causes of death for the life insurance payees, but it could be due in part to Covid-19.

According to the CDC, Covid was linked to over 460,000 U.S. deaths in 2021 and was the third leading cause of death in the country last year. The purchase of life insurance coverage also rose more than 6% last year.

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