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Thread: SGLI beneficiary

  1. MilitarySOS Jewel
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    #1

    Confused SGLI beneficiary

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    I've been wondering about this for a while. Before DB went to SRP last weekend, he briefly mentioned that he was considering changing some of his paperwork. He asked me how I would feel if he listed me as his beneficiary for his life insurance. I told him that I would just feel kinda awkward (I'm not materialistic and I think thoughts of gaining money from his death just make me feel both guilty and depressed). He does not want to consider his parents (dad hasnt been in his life for yearrrrs and his mom is very...off (thats another story though). He has a younger brother and sister (about 3 and 5, respectively) but said that his mom would end up using the money before giving it to them (believe me...this woman is sneaky). When he originally joined the NG, he had listed his nephew as his beneficiary but his sister is now married to another soldier so both of her kids are now covered from her husband. It only left me and his brother. He ended up listing me as his beneficiary.

    What does this mean for me? We are not married. We've been together for 3 years and while marriage is important to me and I do plan on spending the rest of my life with him, I dont like feeling "forced" to get married. Both of us want the same things, we talk about it, we playfully plan our future together, completely supportive of each others dreams and goals. I'm just not mentally ready to be married (dont know how to "explain" that). So back to my question: what does it mean for me? Am I responsible for anything if something were to happen to him? Would student loans transfer to me? Or is it just as stated: I'm the beneficiary, the money goes to me? I'm just completely confused as to this whole thing.

    Enlightenment pleaseee!!
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    #2
    All that it means is that, in the event of his death, you will receive the payout of the policy. You will not be responsible for any of his debts.
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    #3
    You aren't married to him so I don't see why you would have to pay his student loans if anything were to happen. But my DB is the same way, though he hasn't listed me as a beneficiary. He does tell me about his finances and how much he makes and I just tell him that is none of my business and I don't care. But if you DB has no better options and his money would go to waste if he gave it to his siblings, than maybe its not so bad.
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    #4
    ... my DB listed his soldiers as his beneficiaries, thought that was strange but whatever he wants to do
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    #5
    If something were to happen and you were uncomfortable with using the money for yourself you could always opt to do something charitable with it in his name.
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    #6
    Quote Originally Posted by ZivaD View Post
    If something were to happen and you were uncomfortable with using the money for yourself you could always opt to do something charitable with it in his name.
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    #7
    Thanks for all the quick responses! Its good to know. I'm the type of person who needs to know every detail about everything so this definitely helps out a lot.

    Quote Originally Posted by ZivaD View Post
    If something were to happen and you were uncomfortable with using the money for yourself you could always opt to do something charitable with it in his name.
    This is kinda what I was thinking. I love his youngest siblings so much and the thought of them being "neglected" by their mom (which is essentially what happened to him and his brothers and sister) just upsets me. I told him that I'd wait til they were older and give it to them personally for college.

    That...or...set up a scholarship in his name at Texas A&M for those students who are financially supporting themselves through college and have a determination to serve our country. (I'm a HUUGEEE supporter of going to college...if you couldnt tell lol).
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    i'm pretty sure he can put the money, or some of the money, into a trust for his younger siblings, which they could access later in life.
    R.I.P. My Love, Everyone was supposed to come home together, I'm sorry you had to come home early
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    #9
    Quote Originally Posted by azarmygf View Post
    i'm pretty sure he can put the money, or some of the money, into a trust for his younger siblings, which they could access later in life.
    This was my thought.
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    #10
    In fact he can put pretty much whatever he would like them to do. He can say that a certain amount be given to a certain person for a certain thing, and that will happen. It will be put into a trust that can only be spent as he wants it. Or he can donate it to various charities.
    R.I.P. My Love, Everyone was supposed to come home together, I'm sorry you had to come home early
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