Study: Life Insurance supplements Social Security by $1.5 trillion over 9 years
September 23, 2020 by Insurance Forums Staff
Between 2010 and 2018, the U.S. life insurance industry distributed nearly $1.5 trillion in claims and benefits to policyholders, an amount equal to 19% of all Social Security payments made over that same period, according to a study released last week.
These numbers highlight the crucial role that life insurers play in relieving pressure on government programs. If Social Security had to finance all the benefits provided by private life insurance, U.S. payroll tax revenue would have to increase by at least 19%.