We’re a curious crowd, those of us having experienced the conditioning of a drill instructor and the structure of military service.
What fond memory of basic or officer training comes to mind when you think about the early days in uniform?
Tons of memories wash over me, but there’s no time for getting into that baggage here.
But hear this, those so-called benefits that we’re told to sign up for in service and to stay with for years, or decades, may not be so beneficial for the military family and their hero.
This is a special WISE Wednesday note. You can find a steady stream of WISE Wednesday posts on LinkedIn, if you’re already using that platform to plan for post-service life. I encourage starting today, no matter your place on the service journey.
CURIOUSITY DOESN’T KILL, MOST OF THE TIME, ANYWAY
Take Servicemembers Group Life Insurance (SGLI) as an easy example. The “low-hanging” fruit, I like to call it.
A standard policy provides $400K in coverage for a low monthly cost of $25. That’s not too bad, so we stay in it because that’s what we’re told to do early on, and frankly the institution doesn’t seemingly spend too much time educating us on alternatives.
We’re too busy focused on the little-m missions of being ready to break things and kill enemies. The status quo financial planning advisors funnel us into their company’s sales funnels…and keep us from being fully mission capable and ready for the inevitable. It’s a darn shame.
But did ya know, that for a healthy servicemember you can very likely get a cheaper rate out on the open market, even from the SGLI underwriter itself? Mind exploding, yes, mine did to. Don’t worry we’ll scoop it all up and pack it back inside. Keep reading!
WHAT THE HELL?
If you’ve got more than 5 years in service, why do ya still have SGLI?
What are ya, a Private in the Army, still?
Did ya know that SGLI is underwritten by Prudential?
That’s a for-profit, stock company, the prime goal being to generate as much profit for its shareholders as possible, at the expense of everything else. There are other types of insurance company’s, called mutual insurance company’s, that benefit policyholders instead of stockhodlers. Why not take part in that instead?
SGLI is one of many perceived “benefits” of military service. But a closer look under the hood, with an informed and intelligent financial literacy expert and money aptitude guide might shine a light on an exposed flank, or clear the baffles to spot the submarine on approach, and getting ready to sink the miliary family readiness ship.
Yes, these so-called benefits…are mainly benifuchs (use your imagination on what I’m saying here).
GET FULLY MISSION CAPABLE - FOR MILITARY TRANSITION
Are you sure you’re maximizing the time on active duty to prepare for the inevitable Liberty Day, and embrace that Freedom you’ve defended all these years?
If not, let’s jump on a FREE call and see what’s up.
I might just save you a ton of time from restless nights…and some money, too, in the form of wasted cash on term coverage, tax liabity exposure, and hedging against inflationary pressures that are chewing away at our purchaing power.
Know all that already? Well why didn’t ya ever tell me about it?!?!
We’ll see ya soon for a RECON Session.
p.s. WISE = Wickedly Independent | Self Efficient
Come check out my Thor’s Day posts on LinkedIn…they bring the thunder to traditional Military Transition Matters (MTM’s) for the military family. All joking aside with those. It’s deadly serious business. Lighting…kills. Thunder thrills.