WEBVTT

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Face it , there's a good chance you've

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spent more time thinking about insuring

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your phone or your car than insuring

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your life , but now that you're a

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parent , it's a good time to revisit

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your insurance priorities and move life

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insurance up the list . This video will

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cover 3 important subjects you should

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consider to help protect your family .

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Up first , figure out how much life

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insurance you need now . A great way to

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do this is to use the acronym LIFE .

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Life stands for liabilities or debts to

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be paid off , income to be provided ,

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final expenses to be paid , and

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education and other goals to be funded .

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Your insurance coverage combined with

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any assets that would be available at

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your death should equal more than these

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four things combined . Fortunately , as

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a service member , you're eligible for

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Service members Group Life Insurance or

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STLI . Unless you decide to reduce it ,

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you automatically receive $400,000 of

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coverage for around $30 per month .

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That's a lot of coverage , but you may

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actually need even more to protect your

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family , so be sure to do the math . If

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you need additional coverage , there

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are two major types of commercial

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policies offered by insurance companies .

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Term insurance provides a stated amount

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of coverage over a specific period of

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time and is designed to provide a large

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amount of coverage for the lowest cost .

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Permanent insurance provides coverage

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designed to last for your entire life

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and can build cash value . There are

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several permanent life insurance

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options offered such as universal life ,

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whole life , variable life , and even

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variable universal life insurance .

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These policies have a surrender period

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and will be subject to fees and

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penalties if canceled during this time .

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Make sure to ask questions and fully

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understand any commercial life

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insurance policy you are considering

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purchasing . It's a good idea to

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understand the cost coverage , terms

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and conditions as well as how the agent

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is compensated before making a decision

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to buy . Now that we've talked about

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insuring you , let's move on to our

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second topic , which is insuring your

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family . Family Service members Group

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Life Insurance or FSGLI is offered

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through the military to cover your

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family . Spouses may receive a maximum

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of . $100,000 of coverage for a premium

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that varies by age but is less than $10

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per month for most people . Your new

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child is eligible for $10,000 of

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coverage at no cost and is

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automatically covered as soon as they

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are enrolled in DEARS . Finally , let's

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talk about life insurance beneficiaries .

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Beneficiaries are those people you name

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to receive your life insurance proceeds .

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If you need to change your SGLI

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beneficiary or just about any aspect of

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your SGLI coverage for that matter .

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It's pretty easy to do . Simply go to

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SGLI online enrollment system found on

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the Mill Connect website . To learn

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more about the topic of life insurance

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and how it fits into your overall

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estate plan , speak with a financial

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counselor on your installation .