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U.S. life insurance companies paid out a record $100 billion to customers last year

American life insurers paid out a record $100 billion to their customers last year, according to CNN, citing the American Council of Insurers (ACLI).
U.S. life insurance companies paid out a record $100 billion to customers last year

This figure is 11% more than in 2020. The record increase in payouts may be partly due to Covid-19. “Life insurance payouts have been showing double-digit growth for the second year in a row,” - Andrew Melnick, vice president of ACLI, noted.

Not only payments but also premiums are growing. For example, 46 million life insurance policies were sold last year. The total coverage under these agreements amounted to $3.3 trillion. According to the ACLI, the average new individual policy purchased last year was $189,830.

Source:  https://edition.cnn.com/2022/11/28/success/life-insurance-payouts/index.html

Photos are from open sources.

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