NAIFA-NY’s Don Lippencott, a loyal member since 1985 and a New York Life financial professional, told the Wall Street Journal that 23 of his clients passed away in 2020, approximately double the total for a typical year. Not only did COVID-19 increase the death rate among his clients, but pandemic-related restrictions prevented him from delivering death-benefit checks in person as he has done in the past. “It was gut wrenching and excruciating,” he told the Journal.
Sadly, Lippencott is not alone. The article reports that industry-wide, life insurance death benefit payments were up 15.4% in 2020, the largest year-on-year increase since the 1918 influenza pandemic.
NAIFA members provide individuals, families, and businesses with products, services, and advice that improve their financial security and help them prosper. NAIFA members serve their clients in good times and bad, forming long-term relationships and working with them to improve their financial literacy, mitigate life's risks, prepare for retirement, and leave financial legacies.
You can read the article featuring Don Lippencott in the Wall Street Journal (subscription required).