Reassured, the UK’s largest life insurance broker*, today reveals that Covid-related life insurance pay outs for its customers in 2020 and 2021 to date have reached a total of £6.4m, equating to over 19% of the total value of its claims paid in this period.
Across this period, 1,131 claims were paid to beneficiaries of Reassured policies, with £17.6m paid in 2020 and £15.9m in 2021, equating to a total of £33.5m. If current levels for 2021 continue at the same rate for the rest of the year, life insurance claims paid across the year will total £21.1m, exceeding 2020’s total by £3.5m.
However, with £12.5m worth of claims still currently under assessment, there is potential for even greater level of activity for the rest of 2021.
Furthermore, as claims lodged from the height of the coronavirus over Christmas 2020 and New Year are processed and settled, the predicted figure for Covid related pay outs for the rest of the year and beyond is expected to increase significantly.
Today’s results highlight the value of a life insurance policy in providing the financial security of families across the UK. The tragic loss of life caused by the pandemic was difficult to foresee and justifies the importance of having adequate protection in place to rebuild the lives of those left behind after such event.
The beneficiaries of 492 people have received support in this way since the start of the year, and Reassured will continue to provide help as the year progresses.
Steve Marshall, CEO at Reassured, comments:
The Covid pandemic has inflicted immeasurable damage to families across the UK, many of whom have lost loved ones in a difficult period. Today’s figures highlight the significant impact the virus has had since its outbreak in 2020 and the loss of life it has caused.
There is no doubt that bereavement is immensely painful, but the support life insurance can provide will hopefully help to ensure that the families of those who have passed are not left vulnerable when it comes to their finances.
We hope that non-advised sales sold through Reassured have simplified the buying process for individuals seeking protection, giving greater access to insurance for a greater number of people.
Financial security enables them to take the time to deal properly with their grief and helps them to cope during this difficult time. The importance of it cannot be understated.