Income replacement
Life insurance benefits and claims totaled $986.9 billion in 2025. This amount includes life insurance death benefits, annuity benefits, disability benefits and other payouts and compares with $941.8 billion in 2024. The largest payout in 2025 was $487.2 billion, 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, 2021-2025
|
2021 |
2022 |
2023 |
2024 |
2025 |
| Death benefits |
$100,198,058 |
$91,678,705 |
$89,019,927 |
$88,634,359 |
$90,320,048 |
| Matured endowments, excluding annual pure endowments |
528,475 |
606,576 |
515,427 |
465,235 |
434,799 |
| Annuity benefits |
95,110,207 |
92,884,072 |
101,306,627 |
106,949,347 |
112,783,236 |
| Disability, accident and health benefits (1) |
144,920,228 |
117,837,731 |
131,414,617 |
151,322,449 |
158,490,548 |
| Coupons, pure endowment and similar benefits |
5,828 |
3,489 |
3,736 |
3,970 |
4,508 |
| Surrender benefits, withdrawals for life contracts |
367,482,764 |
353,038,341 |
416,237,299 |
484,236,553 |
487,165,565 |
| Group conversions |
17,348 |
15,709 |
28,648 |
45,460 |
50,057 |
| Interest and adjustments on deposit type contracts |
9,286,939 |
12,807,961 |
18,515,377 |
22,175,727 |
28,456,440 |
| Payments on supplementary contracts with life contingencies |
2,584,854 |
2,596,714 |
2,820,162 |
2,883,399 |
2,916,755 |
| Increase in aggregate reserve |
80,017,664 |
118,695,096 |
49,341,813 |
85,114,375 |
106,241,007 |
| Total benefits and claims |
$800,152,364 |
$790,164,393 |
$809,203,632 |
$941,830,874 |
$986,862,961 |
(1) Excludes benefits paid by health insurance companies and property/casualty insurance companies.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
