United States Department of Veteran Affairs
Preparing for a military deployment can be hectic and stressful. On top of the emotional concerns a service member must contend with are financial needs. A prolonged separation from friends and family isn’t easy to handle, particularly if the deployment might bring the soldier into harm’s way. This can include everything from rental or mortgage payments to credit card to utilities. While deployed, military personnel are still responsible for financial commitments back home.
To make a will, you’ll need to create a list of your assets, debts, possessions and beneficiaries. A will is a legal document that instructs others how you want your property distributed after your death. Make sure all of your forms match your wishes. Keep in mind that you may have designated beneficiaries in other documents such as life insurance or military forms. You’ll also need to visit your military installation’s legal office to make your will official. In many cases, these names will take precedence over anyone you name in your will.
Some bills are going to be the same amount every time they arrive in the mail. Rent or mortgage payments and insurance payments should remain constant over time. Your bank or credit union may have an automatic payment feature that will allow you to set up a payment from your account on the same date each month. Many banks and credit unions will let you create an automatic bill payment process online.
The first step to preparing your finances before your deployment is to make a monthly budget. Once you’ve determined your monthly budget, it’s a good idea to add some padding in case you encounter unforeseen expenses. You may also want to look into ways you can make your dollars go further by exploring various savings opportunities. Look over the expenses your household typically encounters on a monthly basis. Your budget information will be invaluable to anyone who handles your finances in your absence. Itemize your financial accounts. The budget should include every expense that you pay at regular intervals.
The insurance costs a monthly premium of just $1. The insurance is similar to death and dismemberment insurance (visit the next site). Payouts are between $25,000 and $100,000, depending upon the nature of the injury. Traumatic injury protection terminates when the service member ends all SGLI coverage or leaves military service. It isn’t meant to compensate the injured person for lost compensation. For that, you’ll need disability insurance. You should also note that certain kinds of injuries aren’t covered by SGLI.
