Rising US life insurance payouts boost America’s house prices and employment, cut poverty, and reduce federal spending.
Life insurance has long been a crucial financial safety net for American families and households experiencing the loss of a loved one. In the US, this importance is growing: in 2016, the life insurance industry paid out over $100 billion to beneficiaries – more than double the amount in 2001. In a new report supported by Prudential Financial, we examine the role of life insurance in the US as a social catalyst, and explore how – as well as its crucial financial support for those suffering bereavement – it also contributes to US society by reducing poverty and unemployment and supporting the value of Americans’ homes.
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