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June 05, 2018 at 01:14 PM
Life insurers and employers were protecting more workers against the risk of death in 2017, according to new survey data from Gen Re.
Employer-sponsored group term life plans covered 4% more U.S. workers in 2017 than they covered the year before.
The average death benefit for workers covered by group term life plans already in force increased 2%, to $94,970.
Premium revenue from in-force group term life coverage increased 4%, to $25 billion.
(Related: Maybe Employers Are Ready to Be Aware of Disability Insurance)
Analysts at Gen Re, a reinsurer, based their 2017 group term life market figures on a survey of 25 insurers. They also collected data on 23 issuers of accidental death and dismemberment (AD&D) coverage.
The analysts include figures for both employer-paid group term life coverage and employee-paid coverage in the survey group term life totals.
A summary of the survey results is available here.
