Governor Whitmer Proclaims September as Life Insurance and Annuity Awareness Month; DIFS Announces $3.9 Million Recovered for Consumers
FOR IMMEDIATE RELEASE: Sept. 23, 2021
(LANSING, MICH) Governor Gretchen Whitmer has proclaimed September as Life Insurance and Annuity Awareness Month, and the Michigan Department of Insurance and Financial Services (DIFS) and the Life Insurance Association of Michigan (LIAM) are reminding consumers of the importance of life insurance.
"Life insurance not only provides protection for your loved ones, it is also one way to build generational wealth and secure financial stability for your children, grandchildren, or other beneficiaries," said Governor Whitmer. "Life Insurance and Annuity Awareness Month is a great reminder to look into this coverage and ensure that your family and the generations that follow you are financially protected."
Life insurance is a key strategy for long-term financial planning as it is one way to pass wealth on to future generations, and help is available for those who cannot find information about their deceased loved one's life insurance policies. DIFS is announcing today that, as of August 31, its Life Insurance and Annuity Search Service helped nearly 100 consumers recover $3.9 million in unpaid life insurance policies or annuity contracts this year.
"Life insurance and annuities are important parts of financial planning for Michiganders and we appreciate our partnership with Michigan insurers to help beneficiaries locate millions of dollars in unpaid policies every year," said Director Fox. "DIFS is here to assist consumers in understanding their life insurance benefits, including those who cannot find important records after the death of a loved one."
"Life insurance and annuities provide critical financial security for Michiganders and the people they love," said Traci Riehl, executive director of the Life Insurance Association of Michigan. "During Life Insurance and Annuity Awareness Month, we urge people to take action to ensure a financially secure future for their family."
For more information on the DIFS Life Insurance and Annuity Search Service, visit Michigan.gov/LIAS or email DIFS-LIAS@michigan.gov. Additional information related to life insurance or annuities is available on the DIFS website or by calling DIFS Monday to Friday 8 a.m. to 5 p.m. at 877-999-6442. A national resource is also available from the National Association of Insurance Commissioners at EApps.NAIC.org/Life-Policy-Locator.
The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, Twitter, or LinkedIn.