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No matter how smart your investing decision start to threat your life, an unexpected event could suddenly wipe out savings you taken years to bill. I’m Kim Lankford from Kiplinger’s Personal Finance Magazine. And I know that military personnel have unique risks especially when they’re deployed. But they also have access to special programs to protect their savings and they’re families.
You need life insurance if anybody is depending on your financially and the need becomes much more pressing if you're about to go into a combat zone. But some life insurance policies have specific work explosions for charge high rates of your about to travel to a foreign country. First, consider the military Service Members Group Life Insurance (SGLI). The maximum $400,000 in coverage causes just $312 per year and covers all those special needs. If you need coverage beyond that, tell to insurer that you may deploy and make sure that the policy does not include the work exclusion.
You could keep your home state as your official domicile even when you're stationed elsewhere or you maybe able to switch your residency and benefit from lower taxes. Seven states including Florida and Texas don’t have a State income tax. You generally have to be living in that State when you establish residency there. And it helps your case to get a drivers license, register your car and register to vote in that State. The rules do vary by the State, contact the State Department of revenue for details.
The Service Members Civil Relief Act friend special rights to the service members of the National Guard and Active Duty Military Personnel, for example, you have the right to terminate apartment lists if you have order for permanent changes station or deploy to new location for 90 days or more. And in some situations the interest rate on a mortgage, credit or car loan or other loan can be cap at 6%. If military service affect your ability to pay, such as if you had to take a pay cut from more lucrative job when being activated to the reserve of the National Guard. The rule only applies to debts incurred prior to military service or activation. It is not applied to tax that have been taken out while you’re on active duty. For more information contact the legal affairs office on your base.
This is Kim Lankford, Personnel Finance Columnist and wife of an army doctor. For more information to help military families with their personal finances go to www.kiplinger.com/links/militay.
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