Lansing, Mich. –
The Life Insurance Association of Michigan today offered the latest analysis of the industryâ€™s impact on the state economy, encouraging families to begin a journey to financial fitness at the start of Septemberâ€™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:
Â·Â Â Â Â Â Â Â Â Â Life insurers generate roughly 45,000 Michigan jobs;
Â·Â Â Â Â Â Â Â Â Â State residents own 4 million individual policies, with $867 billion in total coverage;
Â·Â Â Â Â Â Â Â Â Â The industry invests approximately $133 billion in the state economy;
Â·Â Â Â Â Â Â Â Â Â Life insurers provide $4 billion in mortgage loans on farm, residential, and commercial properties in Michigan;
Â·Â Â Â Â Â Â Â Â Â Insurers put about $14 billion each year directly into the hands of beneficiaries; and
Â·Â Â Â Â Â Â Â Â Â Experts believe the need for coverage is oftenÂ 10 or 15 times an individualâ€™s gross annual income.
â€śStep 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,â€ť said Traci Riehl, Executive Director for the Life Insurance Association of Michigan.Â Â â€śFor millions of our friends, family members, and neighbors, thatâ€™s meant putting financial protection in place with life insurance.â€ť
Life insurance provides security so families are able to meet their financial needs.Â Â Benefits pays for funeral expenses, and much more.Â Â Depending on the policy, benefits often cover a familyâ€™s mortgage, kidsâ€™ college tuition, daily and other essential expenses.Â Importantly, these benefits are almost never subject to federal income taxes.
â€śSeptember is National Life Insurance Awareness Month, and a great time for families to begin a journey to financial fitness,â€ť said Riehl.Â