DOD Life Insurance Beneficiaries Information

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When it comes to The Department of Defense, a lot of times there's life insurance policies on their service men and women that serve this country. Learn about DOD life insurance beneficiaries information with help from an expert at Combs & Company in this free video clip.

Part of the Video Series: Insurance Questions Answered
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Video Transcript

Hi, my name is Susan Combs, and today we're going to talk about DOD life insurance beneficiary information. When it comes to The Department of Defense, a lot of times there's life insurance policies on their service men and women that serve this country. So for example, if you worked for any other employer, it's just like having a life insurance policy as an employee but this is a little bit different because it's run through the government. So if you are an enlisted person or you are an officer and you are you know, either you know, maybe you are full time or active duty or you are reserve status, there's probably a life insurance policy that your family is eligible to. The main thing is is just like with any other life insurance policy you need to designate a beneficiary and you usually have a primary beneficiary and then you have a contingent beneficiary. So the primary is the person that, or multiple people that would get the policy proceeds first and then the contingent would be if those people weren't available. So for example if there is a husband and wife and the wife was the primary and they passed away in the same car accident, then it would go to the contingent. Keep in mind if you don't designate a contingent and the primary passes away with you, then it's going to go to your estate and then it will you know, there will be all these other ramifications and tax ramifications that are going to come about for that. So the main thing is is just like any other life insurance policy you are going to designate somebody as primary and I strongly suggest you do designate somebody as contingent as well.

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