Setting You & Your Military Family Up for Financial Freedom
The decision to enroll or not in the Survivor Benefit Plan (SBP) is a big one because military retirement pay stops when the retiree passes.
Decisions must be made to ensure our military spouses are taken care of financially if we pass away before our spouses.
Your First Consultation: What to Expect
The SBP is offered to all service members as they approach military retirement. For a premium, the SBP allows a spouse to receive up to 55% of the pension amount if the service member passes away.
This can be a very emotional decision for couples, and especially for the military spouse. Talking to a fee-only advisor who will not make a commission off the outcome of your decision can be helpful.
Advantages vs. Disadvantages
Some people elect not to pay the premiums for SBP and rather buy Life Insurance instead. SBP does not have a lump sum benefit that some survivors may need to meet immediate expenses.