December 14, 2017 | Jon Shuman | Employee BenefitsPRO
The first supersonic flight was welcomed with a huge booming sound across the California desert as pilot Chuck Yeagers X-1 became the first manned airplane to reach Mach 1. The five-minute flight in 1947 was a historic moment celebrated in the film, The Right Stuff.
Another historic milestone occurred in the insurance industry last year but was greeted with considerably less fanfare. Like the flight of the X-1, though, last years event marked a watershed for Americans, at least for their financial futures.
For the first time ever, more people owned group life insurance rather than individual policies in 2016, according to LIMRA (Life Insurance Ownership in Focus, 2016 LIMRA Ownership Study). While no sonic boom accompanied the milestone, the preeminence of group life insurance spoke volumes about the credibility that Americans place in their employers as a source of financial security and wellness.
Like the X-1, sales of life insurance have gone on to notch several other remarkable milestones: