Your spouse is one of the most important people in your life — someone you love, trust and rely upon every day. When it comes to life insurance, as a military spouse, you play an important role in knowing your family’s financial needs.
Spouses of service members are often in charge of the “home front” — paying the bills, dealing with household tasks and managing family schedules. This makes you a knowledgeable resource when thinking about how much life insurance your family needs. Talking to your spouse about family expenses and debts can give you both a clearer picture of how much monthly income your family would need in the event you or your spouse were to pass.
Life insurance isn’t just for service members or those providing a household income. Spouses who are not employed or work part-time, make a critical and valuable contribution to childcare, maintenance, housework, and more. Your family can enjoy greater peace of mind when you are both adequately covered.
Having the Life Insurance “Talk”
Understandably, none of us wants to dwell on the thought of life without our loved ones but a potentially uncomfortable conversation now will ease the burden at a difficult time. To make the conversation easier, follow these simple steps:
- Make time — This can be difficult in our busy lives. Setting aside an hour or so to sit down — first together and then with an insurance representative or financial planner — is well worth your time.
- Incorporate your financial plan — It’s not just about insurance; it’s about sharing your goals as a family, your dreams for your children and more. Those things take planning, too, and can be part of an exciting discussion about the future.
- Create an action plan — It can take up to six weeks to get an insurance policy in place. Give yourself a deadline, make an appointment with an adviser or block time on your calendar to call an insurance representative. Breaking the process into a manageable “to do” list allows you to give this subject the attention it deserves.
Navy Mutual is here to help. Download our Life Insurance LookBook for more information on life insurance and to access our needs assessment worksheet.