NEW YORK–(BUSINESS WIRE)–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 percent of all Social Security payments made over that same period, according to a study released today.
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 percent.
“The life insurance industry has always functioned as a private sector safety net. At a moment when public finances are strained by the COVID-19 pandemic and the economic downturn, the benefits we pay are more important than ever,” said Mike Zarcone, head of Corporate Affairs for MetLife. “Our industry also helps create the foundations of long-term prosperity by investing trillions in the