Life Insurance Payouts

INCOME REPLACEMENT

Life insurance benefits and claims 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 CLAIMS, 2010-2014

($000)

  2010 2011 2012 2013 2014
Death benefits $56,507,462 $60,611,234 $61,701,263 $62,538,083 $65,961,289
Matured endowments, excluding
annual pure endowments
679,242 767,092 415,088 368,210 350,488
Annuity benefits 66,781,512 70,873,226 70,296,382 74,882,585 69,583,732
Disability, accident and
health benefits (1)
106,029,818 104,982,729 107,525,331 110,931,697 113,589,753
Coupons, pure endowment
and similar benefits
16,264 16,075 17,179 17,222 18,992
Surrender benefits, withdrawals
for life contracts
216,846,768 237,281,879 245,728,482 248,702,238 281,532,892
Group conversions 29,136 27,884 27,891 52,893 28,088
Interest and adjustments on
deposit type contracts
9,541,403 9,829,729 7,321,437 8,195,240 7,749,827
Payments on supplementary
contracts with life contingencies
1,578,300 1,690,841 1,809,677 1,985,919 2,237,030
Increase in aggregate reserve 86,623,332 131,335,283 76,438,193 78,024,348 100,982,446
Total benefits and claims $544,633,701 $617,415,972 $571,280,922 $585,698,435 $642,034,537

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

Source: SNL Financial LC.

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