“In a year that was taxing for everyone, life insurance benefits provided families with the means to endure financially after the loss of a loved one,” said Andrew Melnyk, ACLI chief economist, in a statement. The outsized numbers show the toll the pandemic has taken on people. Not only were payments at a record high, but more people bought life insurance. Total life insurance coverage reached $20.4 trillion last year, ACLI said, after a record $3.3 trillion in coverage was bought and a total of 43.1 million new life insurance policies were purchased. “COVID-19 has made people more aware of the importance of life insurance,” Melnyk said. Cumulative COVID-19 deaths reported to the Centers for Disease Control and Prevention at the end of 2020 were 361,430, according to the CDC. Have a question, comment, or story to share? You can reach Medora at medoralee@thebalance.com.
