Life insurance broker Reassured has revealed that Covid-related life insurance payouts for its customers in 2020 and 2021 to date have reached a total of £6.4m, equating to a fifth of the total value of its claims paid in this period.
During the period, 1,131 claims were paid to beneficiaries of all policies arranged by Reassured, with £17.6m paid in 2020 and £15.9m so far in 2021, a total of £33.5m.
The broker says that if current levels for 2021 continue at the same rate for the rest of the year, life insurance claims paid across the year will hit £21.1m, exceeding 2020’s total by £3.5m.
However, it added with £12.5m worth of claims still currently under assessment, there is potential for an even greater level of activity for the remainder of 2021.
Steve Marshall, CEO of Reassured, said: “The Covid pandemic has inflicted immeasurable damage to families across the UK, many of whom have lost loved ones in a difficult period.
“Today’s figures highlight the significant impact the virus has had since its outbreak in 2020 and the loss of life it has caused.
“There is no doubt that bereavement is immensely painful, but the support life insurance can provide will hopefully help to ensure that the families of those who have passed are not left vulnerable when it comes to their finances.
“Financial security enables them to take the time to deal properly with their grief and helps them to cope during this difficult time. The importance of it cannot be understated.”
