Life Insurance Quotes

New survey finds military families using commercial life insurance

09/27/11

A new survey by the First Command Financial Behaviors Index finds that families of service members fighting in Iraq and Afghanistan are more likely to take advantage of commercial life insurance products than the general population.

The results of the survey indicate that 42 percent of middle-class families with a military connection and household incomes of at least $50,000, hold some form of permanent life insurance policy with 49 percent owning a term life insurance policy.

"The popularity of commercial life insurance in the military community is yet another example of the fiscal conservatism we see in this population, which tends to focus more on savings, debtreduction and other frugal behaviors than the general public," said Scott Spiker, CEO of First Command. "But more importantly, the prevalence of these products is a somber reminder that military families live with the risk of wartime death."

The type of life insurance policy and coverage limit can be difficult to judge based on the number of factors associated with it. However, Wall Street Journal's SmartMoney suggests first calculating the total cost of annual expenses including looking ahead to the future with children's tuition payments and funeral costs in the event the main breadwinner passes away before deciding on a policy.

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