Actuarial Post - £57m paid out on group life insurance due to Covid19

GRiD today announces that the dependants of employees with group life benefits have been paid benefits valued at a total of £56,709,154 as a result of COVID-19 between 1 January and 30 June 2020. This represents 475 lump sum death benefit claims, plus the capitalised value of seven dependants’ pension claims where COVID-19 has been recorded as the primary or secondary cause of death on the death certificate or reported on the claim form. The average lump sum death benefit payment was £110,285 and the average capitalised value of the dependants’ pensions was £617,771.

The average regular pay for employees in Great Britain is £504 a week so, the average lump sum death benefit paid by group risk insurers would keep the average earner's family and dependants going for over 4 years (218 weeks). This further demonstrates the significant value of employer-sponsored group life benefits which support people of working age who often have the most financial responsibilities.

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