The men and women who risk their lives to protect the United States tend to be vigilant about insuring those lives.
First Command Financial Services Inc., Fort Worth, Texas, talks about military families’ life insurance buying patterns in an analysis based on a survey of about 530 U.S. consumers ages 25 to 70 with annual household incomes of at least $50,000.
About 42% of the military families in that income range own permanent life insurance from commercial insurers, and 49% own term life from commercial insurers.
For members of the general population in the same income category, the ownership rates are 37% for permanent life and 39% for term life.
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Active-duty members of the armed services are eligible for up to $400,000 in low-cost term life coverage through the government-sponsored Servicemembers’ Group Life Insurance (SGLI) program.