Hello, I am active duty Navy. I recently had a bad health scare and currently getting the help needed.
During this time I realize that we don’t have a backup plan for our 3 kids if something happens to me and their mom.
I want to make sure my kids are taken care of so I’m going to make a will for them but I am also not sure what else to do. We know who we want them to go to but 3 kids are a big financial responsibility for anyone. Is there anything I can do or sign up for that can help them if I’m ever gone? I know the basics like my life insurance (my wife also has one), we started them all on college funds, But I feel like that’s not enough.
Any advice from military or financial people. Do the military offer any benefits for surviving kids and spouse that I need to be aware of? Is there anything we need add to the will?
Making sure my kids are taken care of.
byu/Apprehensive_Fig7860 inMilitaryFinance
Posted by Apprehensive_Fig7860
1 Comment
I hope your health continues to improve and that you don’t need these plans! There are a multitude of benefits for survivors of active duty members:
SGLI up to $500k for the servicemember and $100k for the spouse
Death gratuity of $100k
The previous two benefits can be added to a Roth IRA without the usual $7k/year limit
Tricare benefits until they age out (26) for kids and for life for a spouse unless they remarry. 2 years like being an active duty family and then it switches to the retiree plan
12 months of BAH
A funded move to basically wherever
The Survivor Benefit Program, a monthly payment for life or until they remarry if they remarry before at 55 for the spouse. Kids get benefits up to age 22 if they are in school and unmarried.
Dependency and Indemnity Coverage, VA benefits of at least $1600/month (increases every year) for life unless they marry before age 55. Child benefits have the same qualifications as SBP.
A Military ID card for access to the commissary, Exchange, on base recreation, etc.
They may also qualify for education benefits
There are also Social Security Benefits for minor children and a surviving spouse caring for them.
The legal office can assist with a will and other legal documents.
Some people choose to do additional life insurance if those benefits won’t be enough or if they will continue to need coverage after leaving active duty.