The total payouts for Covid-related group life policies during the first half of the year exceed the total from 2020.
Dependants of employees with insured employer-sponsored death benefits have received more financial payouts as a result of Covid-19 in the first half of 2021 than in the whole of 2020, according to Group Risk Development (GRiD). The industry trade body found that payouts for Covid-19-related claims stood at £125.7m for H1 2021 for group life benefits, compared to £93m for 2020. The average lump-sum payment was over £98,112 during the six-month period. GRiD stated that 18% of all group life claims paid by insurers during H1 2021 were related to Covid-19, which was in line with figur...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
