The Biggest Mistake you Might be Making with your SGLI Coverage

Published by Carrera on

Many of us in the military are familiar with the SGLI (Service Group Life Insurance) plan that is offered through the military, which is most definitely a convenient way to secure life insurance.

What is the SGLI?

This plan offers $400,000 in life insurance for approximately $29/month. While there are often other options that are less expensive for life insurance, this is something I do not mind paying in to, since it takes care of my brothers and sisters in arms who have given the ultimate sacrifice for our nation.

However, there is one huge mistake you might be making if you also have the SGLI coverage.

The Biggest Financial Mistake you could be Making

If you opted in to this coverage, there is something you need to accomplish — MAKE SURE YOUR BENEFICIARIES ARE UP TO DATE!

The Most Common Mistake for SGLI

Rookie mistake #1 is not updating your beneficiary (or beneficiaries) in your life insurance. Did you recently get married? Make sure you add your spouse as your beneficiary. Did you go through a divorce? Make sure you have removed your former spouse as a beneficiary. Did you recently have a child that you would like to have a portion of the life insurance? Ensure you add them as a beneficiary.

The Bottom Line?

Update your beneficiaries. If you do not do this now–it will sadly be too late for you to make these changes once you actually need to use your life insurance (translation: you’ll be dead).

Protect your family and make sure you take care of this today!

Categories: Family MattersMoney Talk
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2 Comments

caraleebrooke · February 23, 2020 at 4:46 am

This is such good advice. another thing I know from listening to my parents, is make sure you have an assigned guardian in cause anything happens! And update your will if something changes.

    Carrera · February 23, 2020 at 7:39 pm

    Hi Caralee,
    Thank you so much for this important tip too! Having an assigned guardian and an updated will is critical because it makes sure others will follow through with your wishes. This also helps save your family and friends a lot of heartache in having to make these difficult decisions in such an emotional time. Thank you for your comment!

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