Insurance firms are set to have paid out £90m in coronavirus death claims to grieving families at the height of the pandemic, the industry has revealed.
This equates to £980,000 a day when the UK was in the grip of the COVID-19 crisis, according to the Association of British Insurers (ABI).
The data was published as the Department of Health and Social Care (DHSC) reduced the number of coronavirus deaths by more than 5,000 to 41,329 following a review of how figures are calculated.
The ABI said 7,000 life insurance claims were received between 1 March and 31 May this year and £90m paid or due to be paid to the relatives of those who died as a result of the coronavirus.
The majority of those, some 6,689 claims, were made under individual protection policies, with the rest under group schemes.
Most of the claims – 83% – have been paid to date, with every one submitted so far accepted.
The average payout on term insurance is expected to be £63,000, with £137,000 on group policies.
Term life insurance provides a payout to families when people die within a time period set out by the policy.
Group life insurance covers a group of people, such as employees within a company.
Source: Read Full Article