Michigan treats prepaid funeral and cemetery sales as their own regulated business, separate from life insurance. Knowing the difference helps you decide whether a final expense policy, a prepaid funeral contract, or both fit your plans.
The Michigan Department of Insurance and Financial Services (DIFS) licenses life insurance agents and carriers and handles consumer complaints.
Michigan law gives you at least 10 days after you receive an individual life policy to review it and return it for a refund of premium.
Anyone selling prepaid funeral or cemetery contracts in Michigan must register with the Department of Licensing and Regulatory Affairs (LARA) under the Prepaid Funeral and Cemetery Sales Act, and must deposit the money with an escrow agent within 30 days. A final expense policy, regulated by DIFS, pays cash to your beneficiary instead.
At least 10 days after you receive the policy.
The Department of Licensing and Regulatory Affairs (LARA), under the Prepaid Funeral and Cemetery Sales Act. Sellers must register and place funds in escrow.