It’s a good time to review your military life insurance coverage whenever there’s been a significant change in your financial or family situation. Now–during the holidays–is also a good time. There’s no better gift to give yourself and your family than knowing those depending on you are financially protected if something happens to you.
Reviewing your life insurance helps provide reassurance that your coverage still protects everyone and everything you originally intended. That includes your spouse, children, aging parents, college expenses, a mortgage, loans and any other financial obligations. Now is also a great time to thoroughly assess your financial situation as you finalize decisions for the 2018 tax year.
January 1st, military members are getting a pay raise that will be reflected in the January 15th paychecks. 2019 will also be a year when some of you deploy, retire or transition out of the military. All of these are good reasons to review and update your life insurance whether you have SGLI, VGLI or a USBA group life insurance policy.
Have any of these have changed since you first signed up for your military life insurance?
Got married or divorced
If you recently married, you may need to adjust your active duty or veterans life insurance because you and your new spouse now depend on each other’s income. If you’ve recently divorced, your coverage may need adjusting due to changes in financial responsibilities. If you’d like to talk to a USBA Product Specialist about your situation, call 1-800-368-7021.
Added to your family
If your family has grown due to a birth, adoption or the addition of stepchildren, you may need to increase your life insurance. If your paycheck stopped unexpectedly, would your family need money to help cover daily living expenses and future policies such as college? Use this life insurance calculator to help you decide how much coverage you need.
If you recently married or added to your family, you may need to update your life insurance beneficiary. If you’ve divorced since getting insurance or your beneficiary has passed away, you need to name a new beneficiary. You should also periodically verify and update your beneficiary’s contact information to keep it current. With USBA, it’s easy to update your beneficiary information—just call 1-800-821-7912.
Changes in your health
Are you living a healthier lifestyle? Stopped smoking? Positive changes in your health may also affect your life insurance—in a very good way. As an example, if you’ve quit using tobacco since you originally took out your life insurance coverage, you may qualify for lower non-tobacco-user rates. Find out by calling USBA at 1-800-821-7912.
Have you recently become a new homeowner? Now’s the time to think about what would happen if you died unexpectedly and your family was left with mortgage payments. Life insurance helps give families financial stability at a time when their lives are turned upside down. Having enough insurance to help cover mortgage payments provides peace of mind.
With work slowing down in late December, now’s a good time to review your military or veterans life insurance. In fact, it’s something everyone should do whether you’re a retired veteran, active duty military, transitioning or planning ahead for deployment.
If you have any questions or would like help doing a life insurance review, contact us. Our Product Specialists are ready to assist you.
USBA is a not-for-profit Association that provides group life insurance, health insurance supplements, and other products and services to military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.