Beginning June 1, 2024, the maximum value of preneed insurance assigned to a funeral contract increases to $13,460. The cap also applies to the maximum death benefit of a traditional life insurance policy assigned to MFDA’s Preneed Insurance Trust.
In addition, the maximum value of an escrowed prepaid funeral contract that can be certified irrevocable by the Michigan Department of Health and Human Services increases to $15,460 on June 1, as well.
A copy of the Insurance Bulletin announcing the increase is attached.