Hey everyone, it's your host Broad Press, back with another episode of "Ask the Money Guy" with Mr. Beau Handsome. That's right! If you have financial questions, we've got your financial answers. Use your favorite social media platform and use the hashtag #askthemoneyguy or visit our website, moneyguy.com, to ask your question. I'm Brian Preston, the Money Guy. Today's question comes from a listener named Kate, and it's quite unique. We actually found her question to be so great that we decided to dedicate a whole show to it. However, there was one aspect of her question that we thought was perfect to discuss in our "Ask" segment. Kate's question was about whether a stay-at-home spouse needs life insurance. This is a significant question because many people assume that without earned income, there is no insurable interest. However, blindly following rules of thumb can lead to misunderstandings. For example, the rule of thumb for life insurance suggests having coverage of roughly ten times your gross income. But if you're a stay-at-home spouse, there is no income to consider. In this case, ten times zero equals zero. Nevertheless, let's delve deeper into this topic. Salary.com conducts an annual survey to determine the value of the various household responsibilities ed by non-working spouses. They came up with an estimated value of approximately $164,000 for these duties. If you were to apply the ten times earnings rule, this would mean a 1.6 million dollar life insurance policy for a non-working spouse earning that amount. Based on this information, it seems clear that there is insurable interest that needs to be addressed. Now, let's discuss the reasons for considering life insurance for a stay-at-home spouse. First, if you both have a mortgage together, even though your spouse may not generate income, their sudden passing could make it...
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Va life insurance for spouse Form: What You Should Know
If you have an SGI loan, you must submit a request for a cash surrender value. You must also provide the following information: To request a cash surrender value, you should submit the following: A completed VA Form 29-1546, “Application for Cash Surrender Value or Policy Loan. If you no longer have an SGI loan, you are also eligible to surrender your policy using VA Form 5935, Request for Cash Surrender Value or Policy Loan. The amount you surrender will be your remaining SGI loan balance, minus any accrued interest charges and the cash surrender value. If you have a DD Form 214, you may also request a cash surrender value from the Office of Disability Evaluation, U.S. Department of Veterans Affairs, P.O. Box 388080, Miami, FL 33 Download SGI Form and Download Forms and Forms. Download DD-214 Form and Download Forms and Forms. VA Life Insurance Policy Loans and Cash Surrenders — Benefits.gov Who is eligible for Virginia Life Insurance Policy Loans and Cash Surrenders? You may be eligible for Virginia Life Insurance Policy Loans and Cash Surrenders if you had SGI at separation from uniformed service and are within 1 VA Life Insurance Policy Loans and Cash Surrenders — VA Life Insurance Policy Loans and Cash Surrenders.
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