The NAIC report stems from the recently passed Military Personnel Financial Services Protection Act. The gist of the report is the “Military Sales Practices Model Regulation, which makes it a violation to engage in certain acts and practices previously identified in state and federal investigations by declaring them to be false, misleading, deceptive or unfair.”
Basically life insurance agents can’t roam military bases, poking their heads into barracks searching for an easy mark. Considering there are so many young people in the military there are more than enough targets for less than moral agents. An 18 year old doesn’t usually need a permanent life insurance policy or even term life insurance depending on their situation.
Have you seen or heard of rogue insurance agents selling inappropriate policies to military personnel?
