10 Financial Tips for Preparing for Deployment


Update Life Insurance and Wills

In many cases, military deployment involves risk. Men and women in the service may operate in hostile environments and combat missions. With this increased level of risk comes a need for responsibility. It's a good idea to make sure your life insurance and will are up to date in case the worst should happen.

While it's not pleasant to think about the worst case scenario, it's better to prepare for it so that your friends and family aren't burdened with financial and legal problems. Taking the time to make sure those you leave behind are cared for and that your property goes to the right people can prevent hardship down the road.

To make a will, you'll need to create a list of your assets, debts, possessions and beneficiaries. You'll also need to visit your military installation's legal office to make your will official. Keep in mind that you may have designated beneficiaries in other documents such as life insurance or military forms. In many cases, these names will take precedence over anyone you name in your will. Make sure all of your forms match your wishes.