The men and women of the U.S. armed forces who put themselves daily in harm's way hold among the nation's most dangerous occupations. So it should come as little surprise that demand for life insurance is particular high in the military.
You may be interested to learn, however, that policy purchases are not all for term insurance. In fact, as new research shows, three in four military families now own permanent coverage — a new high that reflects growing demand for this type of coverage in the military.
First Command Financial Behaviors Index unveils this finding in its 2015 annual life insurance survey. The company conducts the yearly survey of military families as part of its September observance of Life Insurance Awareness Month, which Life Happens created in response to growing concern about the large number of Americans who lack adequate life insurance protection.
The report shows 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 some form of permanent life insurance.
First Command expects demand to keep growing. The 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.
