Life insurance policyholders in Michigan typically think about the financial protection they are providing loved ones when they are paying premiums. Michigan workers directing a portion of their respective paychecks into annuities for retirement likely think about the guaranteed lifetime income and long-term financial peace of mind they are securing.
One thought that might escape them is that life insurers turn their premium payments into investments that build local communities and the state of Michigan itself.
Life insurers invest in education, apartment buildings and multi-family units, industry, affordable housing, infrastructure, agriculture and more throughout the state. From Monroe near the Ohio border to Marquette in the Upper Peninsula, life insurers have invested more than $140 billion in Michigan.
That includes nearly $1.5 billion in bonds for education, including nearly $280 million in bonds issued by the Detroit City School District. It also includes $34 million in bond purchases from school districts in Utica, Marshall, Holland and more. These bonds build safer school buildings, keep up with and enhance technology for students and staff, and ensure students have the tools they need to learn at their best.
In addition, the industry has dedicated $1.5 billion to mortgage loans for apartments and multi-family homes, helping more individuals and families call Michigan “home.”
By providing industrial mortgages totaling $1.3 billion in Detroit, Grand Rapids, Lansing and more, life insurers have helped keep Michigan a world leader in industrial production.
Other investments in Michigan include:
Not to be forgotten are life insurer investments in stocks and corporate bonds issued by Michigan-based businesses. In all, industry investments total $144 billion in the state. Some 47,000 jobs are generated by the life insurance industry in Michigan.
Put another way, life insurance company investments protect families, help workers and retirees plan for the future, and build and improve communities throughout Michigan and the United States.
Kevin Marti was President and CEO of Gleaner Life Insurance Society in Adrian, Michigan from 2012-2022. Since its founding in 1894, Gleaner Life has been domiciled in Michigan.
