Many Servicemembers retire and enjoy the full military pension that they have so richly earned after a career of military Service. Their service to their country over 20 or more years gives them a financial source of retirement funds that serves to show the appreciation of their country for a job well done. But sometimes, because of illness or unexpected death, a military Veteran has their life cut short, and then it is their spouse or surviving dependents and family that are left behind, sometimes without a great deal of financial support. For this reason it is important that even before a military Servicemember retires that they consider their long-term financial needs.
One of the best ways to hedge against the unknown is to participate in the Survivor Benefit Plan. This is an excellent hedge program, that allows for military Servicemembers approaching retirement, and current military veteran retirees for their families and dependents. It is a good program; one that is available to retirees and their families and it pays a monthly annuity to your spouse or survivors should you die suddenly. It is a method of financial insurance that helps in several ways, it helps protect against unexpected death, but also yields additional financial resources for your family after your death or sudden demise. No one likes to plan for death, it?s a morbid and sort of creep set of circumstances, but everyone, especially military Servicemembers and retirees with a larger number of dependents, should have some sort of financial plan, and the Servicemember Survivor Benefit plan is one element of such a plan. The SBP insurance option also helps hedge against inflation. The SBP is a plan that is fairly flexible, if you own a small business it can help protect your business interests too. The SBP plan can sometimes be used to protect someone close to you if you have no spouse or dependents, such as a business partner in a small business.
The SBP is a flexible plan that helps give you and your dependents peace of mind. It is available in several different formats. There are several possible levels of coverage available in the SBP. Coverage levels include: Spouse only, Spouse and Children, Former Spouse and Children, and Children Only. There are other levels of coverage but these are the main ones.