Permanent life insurance ownership among members of the military has increased seven points over the last year, according to First Command Financial Services. The firm’s annual life insurance survey found 75% of commissioned officers and senior NCOs have some kind of permanent life insurance.
Among those who don’t, 44% say they’re considering purchasing it, the survey found, up 16 points over the past four years.
Whole life insurance is by far the most popular product, although the rate of ownership is unchanged since last year at 42%. The survey did note that over a third of respondents with whole life bought their coverage in the last five years. Universal life, at 22% was also statistically unchanged since last year’s survey.
Although it had the lowest rate of ownership, variable life insurance saw the most growth. One in five respondents said they had that type of coverage, up eight points.
The survey compared military respondents’ life insurance coverage to that of the general population. Just 41% of civilians have some form of permanent life insurance, up only four points since 2011 and unchanged since last year.