What is the minimum SBP?

The SBP annuity is determined by the base amount you elect. The base amount may range from a minimum of $300 up to a maximum of full retired pay. The annuity is 55 percent of the base amount.

Can I stop SBP?

You are free to cancel or terminate your SBP election beginning in the 25th month through the 36th month – or the third year – of your retirement.

How many years do you have to pay for SBP?

30 years
SBP premiums are payable for a total of 30 years (360 months) and attainment of at least age 70: Premiums paid for any beneficiary category count toward paid-up status (Spouse, Child, Former Spouse, etc.). Periods during which there are no eligible beneficiaries, and therefore no premium payments, do not count.

What happens if I dont pay SBP?

When SBP premiums are not paid during a retiree’s lifetime, it creates a debt which must be repaid from the SBP annuity a survivor receives. DFAS is now deducting SBP recurring monthly premiums from CRSC pay.

How much is SBP monthly?

You can elect full or partial SBP coverage. Full coverage is 55\% of your retired pay. DFAS will withhold 6.5\% of your retirement pay for full surviving spouse coverage. That means for every $1,000 you get in retirement pay DFAS will withhold $65 monthly for SBP.

Can I stop SBP if I get divorced?

This coverage may be voluntary or involuntary, but it is never automatic. In other words, whether former spouse SBP coverage happens by agreement of a divorcing couple or by order of the court, it must be elected. If the former spouse remarries before the age of 55, coverage is suspended.

How long does military survivor benefits last?

Military retired pay stops upon death of the retiree! The Survivor Benefit Plan (SBP) allows a retiree to ensure, after death, a continuous lifetime annuity for their dependents. The annuity which is based on a percentage of retired pay is called SBP and is paid to an eligible beneficiary.

Is SBP a good deal for military?

The Survivor Benefit Plan can be looked at as a good deal on “life insurance” for survivors of military retirees. Note that the most the SBP will pay out to survivors is 55\% of retirement pay, which is what survivors receive in exchange for 6.5\% of monthly retirement benefits.

Does SBP stop if spouse remarries?

Re-marriage If spouse coverage is elected and the spouse is lost through death or divorce, SBP coverage is suspended. If the member remarries and has not converted to former spouse coverage, three options are available. The member must notify DFAS of the desired option within one year of the new marriage.

Can a widow receive DIC and SBP?

Eligible surviving spouses will receive their full SBP payments AND their full DIC payments. Please note the change in the law DOES NOT affect DIC payments, it only affects SBP payments when the surviving spouse is also receiving DIC.