The Survivor Benefit Plan (SBP) is different from term life insurance in that it never terminates. And unlike life insurance, SBP premiums stop after 30 years and age 70. Also, SBP is subject to Cost of Living Adjustments (COLA) like your retirement pay. Your premiums are tax free and are protected against cost-of-living increases. You don't have to stay in the program after you sign-up at retirement, and you stop paying for SBP when you no longer have beneficiaries. If you lose your spouse and your SBP premiums stop, you will be able to elect SBP to cover a new spouse if you remarry. For more information, visit Military.com's Survivor Benefit Plan Explained webpage.
Learn more about Survivor Benefits.
Survivor Benefit Plan Lasts a Lifetime
Week of March 16, 2009
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