An expanding army: Permanent life insurance coverage in military
January 21, 2016 by LifeHealthPro Editors
Demand for permanent life insurance has reached a new high in America’s career military, where three out of four families now report owning this type of coverage, according to new research.
First Command’s annual life insurance survey reveals that 75 percent of middle-class military families (commissioned officers and senior NCOs in pay grades E-6 and above with household incomes of at least $50,000) own permanent life coverage. That’s up 7 points from last year. In 2011, just 42 percent of families reported owning permanent life insurance.
The demand is expected to keep growing. The latest findings of the First Command Financial Behaviors Index reveals that 44 percent of military families who don’t own a permanent life policy say they are likely to consider purchasing it for themselves or someone in their household. This level of interest represents a continuing upward trend, climbing 16 points over the past four years.
