On Feb. 25, MCH INS updated bulletin on cemetery, funeral benefits.
MCH INS issued Bulletin 2025-01-INS to update the maximum amount of cemetery or funeral predeath assignment, which supersedes Bulletin 2024-10-INS, see #207726.
Maximum Predeath Assignment
MCH INS 218-500-2080 on life insurance policy, annuity with pre-death assignment.
Proceeds may be used as payment for cemetery, funeral services, as well as goods.
There is a maximum death benefit of a life insurance policy or annuity contract which is subject to the pre-death assignment, when the first premium payment is made.
Statute requires that amounts be adjusted annually per consumer price index (CPI).
Accordingly, the new cemetery or funeral maximum assignment value is $13,870.
Effectiveness
The new assignment value is effective from Jun. 1, 2025, through May 31, 2026.
Regulators
MCH INS
Entity Types
CNSM; IB; Ins
Reference
Bul 2025-01-INS, 2/25/2025; Rpl Bul 2024-10-INS, Citation: MCH INS 218-500-2080;
