First Command: Military Families Good Life Insurance Customers

First Command notes that, even though service members can get the SGLI coverage at an unusually low rate, only 73% of middle-class military families have life insurance coverage through the government.

Military personnel who leave the military can convert SGLI coverage to Veterans’ Group Life Insurance coverage, with premiums based on the insured’s age at the time of the conversion. Many military families buy commercial policies to provide protection that will stay in place after they leave the military, First Command says.

About 28% of the military families in the sample that do not have permanent life insurance said they are likely to consider buying it for themselves or their relatives. In the general population, only 20% of the survey participants said they are likely to consider buying permanent life, First Command says.

- Allison Bell

Other military market coverage from National Underwriter Life & Health:

• GAO: TRICARE Young Adult Coverage Expansion Implementation Costs Minimal
• CFPB Asks About Financial Products Offered to Servicemembers
• Life Program Offers Soldiers Insurability Protection
• MetLife Wins TRICARE Dental Battle
• Stars and Stripes Forever