Life Insurance Payouts

INCOME REPLACEMENT

Life insurance benefits and losses totaled $586 billion in 2013, including life insurance death benefits, annuity benefits, disability benefits and other payouts. The largest payout, $249 billion, was for surrender benefits and withdrawals from life insurance contracts made to policyholders who terminated their policies early or withdrew cash from their policies.

 

LIFE INSURANCE INDUSTRY BENEFITS AND LOSSES, 2009-2013

($000)

  2009 2010 2011 2012 2013
Death benefits $57,595,091 $56,507,462 $60,611,373 $61,701,439 $62,577,038
Matured endowments, excluding annual pure endowments 649,867 679,242 767,092 415,088 369,299
Annuity Benefits 64,061,288 66,781,512 70,873,226 70,296,382 74,882,585
Disability, accident and health benefits (1) 106,246,906 106,119,469 105,151,994 107,765,827 111,016,901
Coupons, pure endowment and similar benefits 17,027 16,264 16,075 17,179 17,234
Surrender benefits, withdrawals for life contracts 228,688,291 216,846,768 237,281,879 245,728,482 248,768,774
Group conversions 26,516 29,136 27,884 27,891 52,893
Interest and adjustments on deposit type contracts 10,404,385 9,541,403 9,829,729 7,321,437 8,197,554
Payments on supplementary contracts with life contingencies 1,527,354 1,578,300 1,690,841 1,809,677 1,985,919
Increase in aggregate reserve 88,782,277 86,623,252 131,335,226 76,437,745 78,012,695
Total benefits and losses $558,001,763 $544,723,271 $617,585,318 $571,521,145 $585,880,892

(1) Excludes benefits paid by health insurance companies and property/casualty insurance companies.

Source: SNL Financial LC.

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