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September is Life Insurance Awareness Month and dedicated to raising awareness about how life insurance is an essential part to creating a financial plan. For me personally, I didn’t want to have the conversation. Before my husband’s first deployment, he showed me his will and wanted to discuss the possibility of him not returning. It was my instinct to assure him he would and end the conversation. Instead we discussed his preferred funeral plans, how our family would be set up financially and his wishes for the future of our children. The conversation was scary, and sad, uncomfortable, but completely necessary.

 

After going through the ins and out of his Service Member’s Group Life Insurance (SGLI) policy and the additional life insurance we purchased for him, it dawned on me that our family was unprepared for my death. How would my family’s lifestyle and abilities change with my untimely death?

 

Here are some of the considerations my family used to decide on whether to purchase a policy for me (primary caregiver, housekeeper and part time salary):

 

  1. Salary - I wanted my family to still have some of the luxuries my salary helps provide. We use my income for vacations and family fun.
  2. Childcare - What would the additional childcare costs look like? I am the primary caregiver for our children, so we would need to budget for full time childcare for two toddlers.
  3. Homecare - I would want my family to be able to have the occasional luxury of a house cleaner and use a grocery delivery service when needed.

Without someone to take care of the expenses above, it would place a large burden on my husband on top of grief and potentially some career changing life choices. I want to set him up to have the least amount of stress in a terrible situation.

 

I am not sharing this to be macabre, but to suggest you start the conversation with your family, just to have a plan. You can find some helpful resources on  USAA.com/Life and read some decision-making points from military spouses regarding their family’s life insurance choices as well as some questions they had regarding policies.

 

What factors made you decide to consider life insurance for your family?

 

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