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Life insurance benefits and claims totaled $762 billion in 2019. This includes life insurance death benefits, annuity benefits, disability benefits and other payouts, and compares with $784 billion in 2018. The largest payout, $350 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.
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(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.