{"id":1319,"date":"2024-02-22T17:02:14","date_gmt":"2024-02-22T17:02:14","guid":{"rendered":"https:\/\/financeify.ca\/?p=1319"},"modified":"2024-02-22T17:02:14","modified_gmt":"2024-02-22T17:02:14","slug":"total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/","title":{"rendered":"Total life insurance payouts related to Covid-19 in 2020 were $154 million"},"content":{"rendered":"

<\/p>\n

\n
\n
<\/div>\n<\/figure>\n

Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to an industry group.<\/p>\n

The latest statistics released Tuesday by the Canadian Life and Health Insurance Association (CLHIA) provide detailed information on pandemic-related benefit payments as well as increases in life insurance and annuity premiums.<\/p>\n

In 2020, an additional $150 million in disability benefits was paid beyond projections to support recovering workers.<\/p>\n

\u201cThe crisis has tested and demonstrated the resilience of the life and health insurance industry and the importance of our products to the well-being of Canadians,\u201d Stephen Frank, president and CEO of CLHIA, said in the report.<\/p>\n

He highlighted insurers’ response to the pandemic, including measures such as premium reductions and deferrals and investments in access to online benefits.<\/p>\n

As a result of these actions, “more than 26 million Canadians ended 2020 with access to medications and other health care supports – which is approximately the same number of Canadians who were covered at the beginning of the year,” Frank said.<\/p>\n

The report found that overall, insurers paid $14.3 billion in life insurance benefits, $36.6 billion in health insurance benefits and $46.2 billion in retirement benefits in 2020. The total is about $97 billion, up from a record $103 billion in 2019, when $53.3 billion was paid in retirement benefits.<\/p>\n

The report shows that total benefits paid for life, health and retirement have increased by more than 40% compared to a decade ago. In 2019, this percentage was 60%.<\/p>\n

The increase in premiums has increased slightly. The report found that life and health insurers collected $123 billion in premium revenue last year (including $3.7 billion from foreign affiliates operating in Canada) – up from $122 billion in 2019.<\/p>\n

Life insurance premiums contributed to the increase by 3.3%, followed by annuity insurance premiums (including segregated funds) by 1.9%. Health insurance premiums decreased by 2%.<\/p>\n

The report found that individual life insurance coverage continued to grow, accounting for 64% of all policies in force, up from 56% in 2010. The increase was mainly due to term insurance.<\/p>\n

The average life insurance coverage per household in Canada was $442,000 in 2020, up from $432,000 in 2019.<\/p>\n

For detailed information, including insurers’ investment assets and tax contributions, read CLHIA Report 2021<\/a>.<\/p>\n

<\/p>\n

<\/div>\n
<\/div>\n<\/div>\n
\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to an industry group. The latest statistics released Tuesday by the Canadian Life and Health Insurance Association (CLHIA) provide detailed information on pandemic-related benefit payments as well as increases in life insurance and […]<\/p>\n","protected":false},"author":1,"featured_media":1320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[708,32,31,371,706,707,208],"class_list":{"0":"post-1319","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-covid19","9":"tag-insurance","10":"tag-life","11":"tag-million","12":"tag-payouts","13":"tag-related","14":"tag-total"},"aioseo_notices":[],"yoast_head":"\nTotal life insurance payouts related to Covid-19 in 2020 were $154 million - Financeify<\/title>\n<meta name=\"description\" content=\"Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Total life insurance payouts related to Covid-19 in 2020 were $154 million - Financeify\" \/>\n<meta property=\"og:description\" content=\"Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Financeify\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T17:02:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn.pixabay.com\/photo\/2016\/08\/19\/16\/34\/euro-1605659_960_720.jpg\" \/>\n<meta name=\"author\" content=\"Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cdn.pixabay.com\/photo\/2016\/08\/19\/16\/34\/euro-1605659_960_720.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/\",\"url\":\"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/\",\"name\":\"Total life insurance payouts related to Covid-19 in 2020 were $154 million - Financeify\",\"isPartOf\":{\"@id\":\"https:\/\/financeify.ca\/#website\"},\"datePublished\":\"2024-02-22T17:02:14+00:00\",\"dateModified\":\"2024-02-22T17:02:14+00:00\",\"author\":{\"@id\":\"https:\/\/financeify.ca\/#\/schema\/person\/bc746a323f2a473fca9860d709ad78c6\"},\"description\":\"Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to\",\"breadcrumb\":{\"@id\":\"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/financeify.ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Total life insurance payouts related to Covid-19 in 2020 were $154 million\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/financeify.ca\/#website\",\"url\":\"https:\/\/financeify.ca\/\",\"name\":\"Financeify\",\"description\":\"All About Finance\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/financeify.ca\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/financeify.ca\/#\/schema\/person\/bc746a323f2a473fca9860d709ad78c6\",\"name\":\"Admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/financeify.ca\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/financeify.ca\/wp-content\/uploads\/2023\/11\/artboard-1-e1700877751851.png\",\"contentUrl\":\"https:\/\/financeify.ca\/wp-content\/uploads\/2023\/11\/artboard-1-e1700877751851.png\",\"caption\":\"Admin\"},\"sameAs\":[\"https:\/\/financeify.ca\"],\"url\":\"https:\/\/financeify.ca\/index.php\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Total life insurance payouts related to Covid-19 in 2020 were $154 million - Financeify","description":"Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/","og_locale":"en_US","og_type":"article","og_title":"Total life insurance payouts related to Covid-19 in 2020 were $154 million - Financeify","og_description":"Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to","og_url":"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/","og_site_name":"Financeify","article_published_time":"2024-02-22T17:02:14+00:00","og_image":[{"url":"https:\/\/cdn.pixabay.com\/photo\/2016\/08\/19\/16\/34\/euro-1605659_960_720.jpg"}],"author":"Admin","twitter_card":"summary_large_image","twitter_image":"https:\/\/cdn.pixabay.com\/photo\/2016\/08\/19\/16\/34\/euro-1605659_960_720.jpg","twitter_misc":{"Written by":"Admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/","url":"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/","name":"Total life insurance payouts related to Covid-19 in 2020 were $154 million - Financeify","isPartOf":{"@id":"https:\/\/financeify.ca\/#website"},"datePublished":"2024-02-22T17:02:14+00:00","dateModified":"2024-02-22T17:02:14+00:00","author":{"@id":"https:\/\/financeify.ca\/#\/schema\/person\/bc746a323f2a473fca9860d709ad78c6"},"description":"Canadian life and health insurers paid out $154 million in individual and group life insurance claims for Covid-19-related deaths last year, according to","breadcrumb":{"@id":"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/financeify.ca\/index.php\/2024\/02\/22\/total-life-insurance-payouts-related-to-covid-19-in-2020-were-154-million\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/financeify.ca\/"},{"@type":"ListItem","position":2,"name":"Total life insurance payouts related to Covid-19 in 2020 were $154 million"}]},{"@type":"WebSite","@id":"https:\/\/financeify.ca\/#website","url":"https:\/\/financeify.ca\/","name":"Financeify","description":"All About Finance","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/financeify.ca\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/financeify.ca\/#\/schema\/person\/bc746a323f2a473fca9860d709ad78c6","name":"Admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/financeify.ca\/#\/schema\/person\/image\/","url":"https:\/\/financeify.ca\/wp-content\/uploads\/2023\/11\/artboard-1-e1700877751851.png","contentUrl":"https:\/\/financeify.ca\/wp-content\/uploads\/2023\/11\/artboard-1-e1700877751851.png","caption":"Admin"},"sameAs":["https:\/\/financeify.ca"],"url":"https:\/\/financeify.ca\/index.php\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/posts\/1319"}],"collection":[{"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/comments?post=1319"}],"version-history":[{"count":1,"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/posts\/1319\/revisions"}],"predecessor-version":[{"id":1321,"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/posts\/1319\/revisions\/1321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/media\/1320"}],"wp:attachment":[{"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/media?parent=1319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/categories?post=1319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financeify.ca\/index.php\/wp-json\/wp\/v2\/tags?post=1319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}