Life insurance can be one of the best ways a person can ensure their loved ones will be taken care of financially in the event of their passing away. Research shows a growing number of middle class Americans are gravitating towards permanent life insurance for their needs, according to the First Command Financial Behaviors Index.
Nearly 40 percent of middle class people have permanent life insurance, with whole life being the most popular product. Slightly more people have term life insurance, at 45 percent, however those insured with the product indicated they were less comfortable with the investment compared to those with permanent policies.
First Command Financial Services CEO Scott Spiker says permanent life insurance has proven to be a good tool.
"We are not surprised to see that whole life is associated with high consumer satisfaction," says Spiker. "This seemingly old-fashioned product remains popular because of its long-term value, flexibility and stability. The guarantees offered by these policies make it an especially appealing choice during the uncertainties of the current economic crisis."
Just because permanent life insurance is growing in popularity with middle class Americans doesn't mean it is necessarily the best fit for everyone. People need to consider their unique situation to determine which life insurance product will be best for them.