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Claims Magazine - GRiD figures reveal value of employer-sponsored group life insurance payouts in 2020

Employer-sponsored group life insurance policies paid out almost £100 million in 2020 to cover Covid-19 claims, according to Group Risk Development (GRiD), the industry body for the group risk sector.

GRiD has reported Covid-19-related group life claims for the calendar year 1 January to 31 December 2020, ahead of publication of full group claims statistics later in 2021.

Up to and including 31 December 2020, the dependants of 891 employees with group life benefits have received payouts totalling more than £93 million after losing their loved ones as a result of Covid-19.

This figure represents 884 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.

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