Presented in the table below are GAAP and statutory reserve balances and key attributes of our long-term care insurance portfolio. Structured settlement annuities and life insurance contracts.  We reinsure approximately 29,100 structured settlement annuities with an average attained age of 53. These structured settlement annuities were primarily underwritten on impaired lives (i.e., shorter-than-average life expectancies) at origination and have projected payments extending decades into the future. Our primary risks associated with these contracts include mortality (i.e., life expectancy or longevity), mortality improvement (i.e., assumed rate that mortality is expected to reduce over time), which may extend the duration of payments on life contingent contracts beyond our estimates, and reinvestment risk (i.e., a low interest rate environment may reduce our ability to achieve our targeted investment margins). Unlike long-term care insurance, structured settlement annuities offer no ability to require additional premiums or reduce benefits. Our life reinsurance business typically covers the mortality risk associated with various types of life insurance policies that we reinsure from approximately 150 ceding company relationships where we pay a benefit based on the death of a covered life. As of December 31, 2020, across our U.S. and Canadian life insurance blocks, we reinsure approximately $80 billion of net amount at risk (i.e., difference between the death benefit and any accrued cash value) from approximately 2 million policies with an average attained age of 59. In 2020, our incurred claims were approximately $0.6 billion with an average individual claim of approximately $50,000. The largest product types covered are 20-year level term policies, which represent approximately 35% of the net amount at risk and a significant portion are anticipated to lapse (i.e., the length of time a policy will remain in force) over the next 3 years as the policies reach the end of their 20-year level premium period. (a) Statutory balances reflect recognition of the estimated remaining statutory increase in reserves of approximately $5.5 billion through 2023 under the permitted accounting practice discussed further below and in Note 12. Investment portfolio and other adjustments . Our insurance liabilities and annuity benefits are primarily supported by investment securities of $42.0 billion and $38.0 billion and commercial mortgage loans of $1.8 billion and $1.9 billion at December 31, 2020 and 2019, respectively. Additionally, we expect to purchase approximately $7 billion of new assets through 2024 in conjunction with expected capital contributions from GE Capital to our insurance subsidiaries, of which approximately $2.0 billion is expected to be contributed in the first quarter of 2021, pending completion of our December 31, 2020 statutory reporting process, which includes asset adequacy testing. Our investment securities are classified as available-for-sale and comprise mainly investment-grade debt securities. The portfolio includes $8.2 billion of net unrealized gains that are recorded within Other comprehensive income, net of applicable taxes and other adjustments as of December 31, 2020. In calculating our future policy benefit reserves, we are required to consider the impact of net unrealized gains and losses on our available-for-sale investment securities supporting our insurance contracts as if those unrealized amounts were realized. To the extent that the realization of gains would result in a premium deficiency, an adjustment is recorded to increase future policy benefit reserves with an after-tax offset to Other comprehensive income. At December 31, 2020, the entire $8.2 billion balance of net unrealized gains on our investment securities required a related increase to future policy benefit reserves. This adjustment increased from $5.7 billion in 2019 to $8.2 billion in 2020 primarily from higher unrealized gains within the investment security portfolio supporting our insurance contracts as a result of decreased market yields. See Note 3 for further information about our investment securities. GE 2020 FORM 10-K  34 December 31, 2020 ERAC UFLIC Total Gross GAAP future policy benefit reserves and claim reserves $ 15,757  $ 5,570  $ 21,327  Gross statutory future policy benefit reserves and claim reserves(a) 24,081  6,843  30,924  Number of policies in force 190,000  62,000  252,000  Number of covered lives in force 254,000  62,000  316,000  Average policyholder attained age 76  83  78  Gross GAAP future policy benefit reserve per policy (in actual dollars) $ 70,600  $ 56,900  $ 67,200  Gross GAAP future policy benefit reserve per covered life (in actual dollars) 52,800  56,900  53,600  Gross statutory future policy benefit reserve per policy (in actual dollars)(a) 113,800  77,000  104,700  Gross statutory future policy benefit reserve per covered life (in actual dollars)(a) 85,100  77,000  83,500  Percentage of policies with: Lifetime benefit period 69 % 34 % 61 % Inflation protection option 81 % 91 % 84 % Joint lives 34 % — % 25 % Percentage of policies that are premium paying 72 % 80 % 74 % Policies on claim 11,000  8,800  19,800 