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Corporate Adviser Magazine - Covid-19 group life claims soar in H1, 2021

Families insured with group life assurance have received more financial payouts as a result of Covid-19 in the first half of 2021 than in the whole of 2020, according to Group Risk Development (Grid) – with the average payment over £98,000.

Overall, in the first half of 2021, the group risk industry supported 1,218 families of employees who died from Covid-19 with group life benefits, an increase of 35 per cent on the 891 families that were supported during the whole of 2020.

The total value of group life benefits paid as a result of Covid-19-related claims stood at £125.7m for H1 2021, compared to £93m for 2020.

The average lump-sum payment for Covid-19 related claims for H1 2021 was £98,112.
 
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