Members of the armed services can be deployed on short notice, leaving little time to address their personal or business affairs. Insurance coverage is often affected when someone moves out of state or spends an extended period of time away from home. Upon retirement and reenlistment, members of the military are often targets for securities fraud and salespeople pushing high-priced, inappropriate investments.
Protect yourself and your family by taking a few moments to read the Financial Field Manual, a special publication from the Commissioner's office in partnership with the Investor Protection Trust. The Financial Field Manual provides valuable tips for saving money, investing wisely, and accessing the wide range of financial benefits offered to servicemen and women.
Tips from the Financial Field Manual:
- Review your insurance coverage before you deploy to decide if the coverage amounts will meet your needs while you're away.
- Consider buying additional coverage or policies, suspending coverage, and paying premiums to avoid unintended lapses or cancellations in coverage.
- Put an active-duty alert on your credit report. This free service notifies creditors to take extra precautions to verify your identity before issuing new lines of credit, which could prevent identity theft.
- Be wary of salespeople pushing high-priced investment opportunities who target members of the military after they recieve a substantial windfall, whether at retirement, from a reenlistment bonus, or deployment pay.