Lincoln National (the fifth largest life insurance company in the United States) has reported a 163% increase in “group life” death benefits paid out in 2021 compared to 2020. Group life insurance policies cover working-age adults between the ages of 18-64.

Documents that were required to be filed with the Michigan Department of Insurance and Financial Services reveal Lincoln National paid out $1.4 billion in death benefits during 2021, almost doubling the previous year.

Lincoln National’s annual statement for 2021 filled with the Michigan Department of Insurance and Financial Services. Obtained via a public records request.

According to previous documents:
In 2019 (the last normal year before the pandemic) the company paid out roughly $500,888,808 in death benefit claims.

In 2020 (during the pandemic & when vaccines were becoming available) insurance claims grew to roughly $547,940,260 in death benefit claims. This was a 9% increase from 2019.

Lincoln National’s annual statement for 2020 filled with the Michigan Department of Insurance and Financial Services. Obtained via a public records request.

In 2021 (during the pandemic and as vaccines were readily available) death benefit claims were $1,445,350,949. This was a 164% increase from 2020.

Lincoln National’s annual statement for 2021 filled with the Michigan Department of Insurance and Financial Services. Obtained via a public records request.

In addition to group life insurance policies, Lincoln National also experienced an increase in ordinary death benefits (these are benefits not paid out under group policies and are instead listed as individual life insurance policies). Here are the numbers:
In 2019 that number was $3.7 billion.
In 2020 (during the pandemic) it was $4 billion.
In 2021 (during the pandemic), it was $5.3 billion.

The documents also reveal that as a whole, the company took on an additional $6 billion in expenses during 2021. It should be noted that the annual statements filed with the state of Michigan do not reveal the number of claims, only the total amount paid.

Investigative reporter Margaret Menage contributed to this article.