US life insurers paid out a record $100 billion in death benefits in 2021, marking a jump of more than 27 per cent from 2019. The spike in death benefit payouts is suspected to be linked to pandemic-era deaths. Over one million people have died from Covid, though the true death toll of the pandemic is projected to be much higher due to non-Covid causes such as drug overdoses and delaying crucial medical care.Payouts grew by 11 per cent in 2021 to $100.19 billion, to the American Council of Life Insurers. The latest spike follows a similar year-over-year increase of 15 per cent in 2020.
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