NEW STUFF FOR ACTIVE SOLDIERS, SAILORS AND AIRMENInsurance allotment management – It may be unfortunate, but it’s also a fact of military life. Service members are too often targeted by unscrupulous outfits offering deals too good to be true. One of the most popular of these scams are fly-by-night operations offering insurance products that claim to provide service members with life insurance at reduced costs. These ‘companies’ may not even be found when it comes time to pay up.
To offer a level of protection in ensuring that only legitimate insurance companies are frequented by service members, the Department of Defense has mandated that insurance allotments cannot be started on myPay.
Although you can’t start one, now you will be able to view your active insurance allotments in myPay and you can change or even stop insurance (also known as “I” allotments) via myPay.
Your service offers personal financial counselors that can shed light on schemes to separate you from your money, as well as ways to secure your future for yourself and family. Visit them and make sure your plan is best for you.
Do you have a Savings Deposit Program account? Read the latest update to keep your personal information safe! Page updated April 22, 2013