The Life Insurance Association of Michigan today offered the latest analysis of the industry’s impact on the state economy, encouraging families to begin a journey to financial fitness at the start of September’s national Life Insurance Awareness Month.
The Life Insurance Industry is a major driver of economic activity across the state, according to the latest numbers:
· Life insurers generate roughly 45,000 Michigan jobs;
· State residents own 4 million individual policies, with $867 billion in total coverage;
· The industry invests approximately $133 billion in the state economy;
· Life insurers provide $4 billion in mortgage loans on farm, residential, and commercial properties in Michigan;
· Insurers put about $14 billion each year directly into the hands of beneficiaries; and
· Experts believe the need for coverage is often 10 or 15 times an individual’s gross annual income.
“Step by step and goal by goal, families are doing that next good thing to create a brighter future for themselves and their loved ones and for the state of Michigan,” said Traci Riehl, Executive Director for the Life Insurance Association of Michigan. “For millions of our friends, family members, and neighbors, that’s meant putting financial protection in place with life insurance.”
Life insurance provides security so families are able to meet their financial needs. Benefits pays for funeral expenses, and much more. Depending on the policy, benefits often cover a family’s mortgage, kids’ college tuition, daily and other essential expenses. Importantly, these benefits are almost never subject to federal income taxes.
“September is National Life Insurance Awareness Month, and a great time for families to begin a journey to financial fitness,” said Riehl.
For more information about the Life Insurance Association of Michigan, please visit https://liamichigan.org [liamichigan.org].