Helping you balance your Work and your Life
|Relocation||Spouse Employment Information||Transition Assistance Program|
When a military retiree dies their retirement
pay stops. This means that the surviving spouse will be left without
a substantial income source. When you are contemplating retirement
you need to give serious thought to how you can protect your spouse
from the hardships caused by the loss your retirement pay.
One option available to you is the Survivor Benefit Plan (SBP). The SBP is an insurance plan that will pay your surviving spouse a monthly payment (annuity) to help make up for the loss of your retirement income.The plan is designed to protect your survivors against the risks of:
At retirement, full basic SBP for spouse and children will take
effect automatically if you make no other valid election. You may
not reduce or decline spouse coverage without your spouse's written
consent. This means you will have to have your spouse’s input in the
decision and his or her signature is required. You may choose
coverage for a former spouse or, if you have no spouse or children,
you may be able to cover an "insurable interest" (such as, a
business partner or parent).
Effective October 1, 2008, SBP participants who reach 70 years of age and have made 360 payments (30 years), will no longer have to pay premiums for continued SBP coverage and will be placed in "Paid-up SBP" status.
These links can help you in ESTIMATING your retired pay and the cost of SBP
For the most up to date information regarding the above topics, please visit the website provided.
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