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Came across this in some readings. It talks about Service members Group Life Insurance (SGLI) and yes that is one but this would benefit anyone. In the case of the service member an untimely death can put a family in deep doodoo. It is a tragic loss and almost always it is the young family that is most affected. I have lost some friends early and I know the heartache it causes and the hardship it puts on a family. Our SGLI for the military member is a whopping 400k. It is a nice sum but it can never replace that soldier to the family. We put our lives up and we enjoy the work we do or we wouldn't do it long. Still there are things that spouses should know about and this is one.
As I said this should go for everyone. A large some of money as this is should be re-invested as much as possible into a Roth. That is all the article says but it is so true. It is a sad day but it can at least benefit the family in the long run.
Nice to know that SGLI can be converted to a Roth. My milspouse retired last year and we spaced getting new coverage thus we're shopping rates now. We may go USAA because it's an expensive monthly premium that we just can't ignore.
Hope to hear responses of others who retired and their life insurance decisions.
On a final note, me the spouse is insured for 500K. I told hubby we need to get him covered asap.
I stopped my SGLI soon after I left bootcamp. My parents would not have wanted the money.
Years later, after I was married, when we bought our first home, the escrow account included a life insurance policy against my life. I remember asking at the time, if it was required by law or a requirement of the bank. We never did get a solid answer, the loan officer was terribly offended that I would have such a question. That 'home' was a Multi-Family-Residence and therefore an income earning property.
As we went along, we bought more MFRs, and each included an insurance policy. So we never saw any true need for a SGLI policy.
Now I am retired. We own our farm, and we have no debt [outside of my Dw's commuter car]. My Dw earns far more than I earn. Neither of us have a life insurance policy.
I stopped my SGLI soon after I left bootcamp. My parents would not have wanted the money.
Years later, after I was married, when we bought our first home, the escrow account included a life insurance policy against my life. I remember asking at the time, if it was required by law or a requirement of the bank. We never did get a solid answer, the loan officer was terribly offended that I would have such a question. That 'home' was a Multi-Family-Residence and therefore an income earning property.
As we went along, we bought more MFRs, and each included an insurance policy. So we never saw any true need for a SGLI policy.
Now I am retired. We own our farm, and we have no debt [outside of my Dw's commuter car]. My Dw earns far more than I earn. Neither of us have a life insurance policy.
Since I am pretty good at understanding the insurance thing, I will say you probably don't need life anyway. It is generally for income replacement for those left behind. In the case of some people they can invest that and not need it. In our house it was to pay off the home as that is the biggest expense she would have had if I died.
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