Group Life Insurers Pay Out £100m in Covid Claims
In a press release dated 17th March 2021, Grid, the insurance industry body representing the group risk sector, issued an interim statement in which it put the current group life insurance pay outs for Covid-19 related claims at circa £100M for the calendar year January 1st to December 31st, 2020.
The figure is certain to be adjusted upwards as further data is assessed. It is, in any event a very significant figure. It shows the strength of the group life insurance industry’s response to the pandemic.
And behind the headline number of £100M are the stories of the employees who lost their lives to Covid-19 and of the suffering of their families. When the figures are adjusted it is likely that they will reveal that nearly 1000 families will have received payments of circa £105M. The employers may wonder how they can support a grieving family emotionally. In their press release Grid provides some answers when they said;
“Whether COVID-19 related or not, the death of a loved one is always hard to come to terms with but in the case of an employed individual, the financial consequences of the lost earnings can often add an additional burden to those who are grieving. This further demonstrates the significant value of employer-sponsored group life benefits which help people of working age who often have the most financial responsibilities.
If they have provided group life cover, they will know that the financial benefit provide will have removed immediate financial concerns, such as mortgage or rent payments “.
The benefits of Group Life have surely been highlighted by the pandemic.
But individuals can also protect their families from the worst of the financial consequences of death as a result of Covid-19. Not surprisingly, individuals with pre-existing medical conditions may feel the need to protect their families as strongly as anyone.
At Pulse Insurance we have been able to continue to provide Life Assurance including death from Covid-19, all through the pandemic. We continue to do so providing cover for individuals with pre-existing conditions such as heart disease, cancer, diabetes and related problems.
We cannot cover every problem that comes to us. But it is always worth contacting us to see if we can help and to obtain an indication of cost. Where Life Assurance is not available, Accidental Death cover can provide some level of cover.
To find out if cover may be available please contact us on:
firstname.lastname@example.org or call the team on 01280 841430.