Military Children Insurance Needs Checklist - Are You Prepared?

HomeLife InsuranceAnnuitiesAbout Navy MutualMilitary BenefitsFAQContact Us

Insurance Needs Checklist for New Parents

The greatest joy of your life comes with great responsibilities.Take a look at how your family would survive financially should anything happen to either parent. We can help you be prepared for the changes to come. Your need for life insurance is probably at its all-time high. You need adequate insurance in place to cover the expenses of raising your children. Serious planning is needed to take into account the needs of both parents.

On This Page

New Parent Checklist
Why You Need Life Insurance
Which Life Insurance is Right for You?
How We Can Help

New Parent Checklist

Get a Social Security number for your child. This will be necessary for filing taxes.
Update your financial plan to include the expenses associated with this new member of your family.
Enroll your children in the Tricare health and dental plans or add them to your company plan.
Update your life insurance to make sure both partners are taken care of, just in case. Cover both you are your spouse.
Review the beneficiaries on insurance plans, annuities and other investment accounts, these are not governed by a will.
Review your will. It’s time to update it to include your children.
Appoint a guardian to raise your children.
Appoint a financial guardian with the ability to handle the money your children will receive. Sometimes the best person to raise your
children is not the best person to also handle the financial side of things.
Consider starting a college savings account.

Active Duty Members: Your branch of service needs to know when you have new dependents. This is how they know who is eligible for benefits and who to contact in case of emergency.

Update your record of emergency data with your branch of service – add your children to the next of kin list.
Sign up in the Defense Eligibility Enrollment Reporting System (DEERS).
Review your SGLI beneficiary designation.

Children as beneficiaries: State laws vary as to the age at which children are allowed to control a financial asset. You may need to create a trust in order to define who will control the assets for the children until they are old enough to take over. In the absence of a guardian – the courts will appoint one which may or may not be the person you want or they may not make the choices you would have wanted for your children. Printable Checklist

Why You Need More Life Insurance

Your family depends on your income for their financial security
Consider the needs of both partners should something happen to either one of you
SGLI is limited to $400,000 – is that really enough?
Protect your loved ones from the financial consequences of your death

Life Insurance is designed to protect the financial security of your loved ones when you pass away. It is there to make up the difference between what your family needs and what they have available. Both spouses need insurance even if one spouse is not employed. Take into account the cost of childcare if anything happen to your non-working spouse. Think about the cost of sending your children to college in the future.

Find out how much insurance is right for you now.

Which Insurance is Right For You?

Term Life Insurance

Low cost protection for a fixed period of time
Premiums guaranteed never to increase
Protection for just yourself

Best Choice: for those looking for the highest amount of life insurance possible while keeping premiums very low.

Term Life Quotes

Family Plan

Coverage for both spouses
Free coverage for children
Low cost protection for a fixed period of time
Premiums guaranteed never to increase

Best choice: for a family looking to provide low cost coverage for all members of the family.

More About Family Plan Insurance

Permanent Life Insurance

Guaranteed lifetime protection
Tax-deferred cash value growth

Best Choice:for you to protect both yourself and your family for your entire lifewhile accumulating cash value. Consider providing the gift of permanentinsurance to your children, giving then a lifetime of growth andprotection.

Permanent Life Quotes

A number of government provided benefits are available to survivors of an active duty service member or drilling reservists. Learning about these benefits now will provide peace of mind and help build a strong foundation for family financial planning. Get more details…

Life Insurance Basic Facts
Learn the basics on the different types of life insurance and which one is right for you - right now.

How We Can Help

Navy Mutual’s life insurance is easy to change as your life changes. Protect yourself, your spouse and children with one simple plan. You and your family are protected, no matter where life takes you.

Dedicated membership representative to help you determine exactly what your family needs now
Military benefits specialists that take into account any military benefits that might apply to you already
Counseling and military benefits claims assistance for your survivors
No sales fees, commissions and loads on any products or services keep your cost low
Insurance that belongs to you and stays with you regardless of your military status

How Navy Mutual Serves the Military

See how affordable quality life insurance can be!

Knowing about the military benefits available to me immediately after my husband's death would have saved me a few sleepless nights worrying about my financial future. Once I contacted Navy Mutual, I had answers within minutes as to what I could expect.
Jen Zellem - Spouse