The American Council of Life Insurers (ACLI) has released its 2018 Life Insurers Fact Book, with the organization maintaining life insurers provide invaluable assistance to American families and the economy.
The ACLI said the nation’s life insurers set new records last year for life insurance and annuity benefit payouts, coverage issued and investments in corporate bonds, continuing their strong commitment to families’ financial security and investing in America.
“In very real terms, the data illustrates life insurers’ vital role as a private-sector safety net,” Susan Neely, ACLI president & CEO, said. “They are helping millions of families remain financially strong after the death of a loved one. They are helping retirees obtain guaranteed lifetime income – that’s a guarantee unavailable anywhere else in the private marketplace. America’s life insurers are helping 90 million families every day.”
The Fact Book revealed life insurance companies paid $77 billion to beneficiaries of life insurance policies and $82 billion to owners of annuities in 2017. Life insurers issued a record-high $3 trillion in individual life insurance coverage to help families protect their financial futures from the unexpected death of a parent or spouse.
The Fact Book is comprised of the most recent data available, officials said, regarding life insurance and annuities, as well as information on disability income insurance, long-term care insurance, and reinsurance.