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    #1

    Question for Financial Brains

    I just retired from the Army and in my retirement I have 45 days to opt in or out of the SBP (Survivor Benefit Program). What this does is protect my retirement if I die so that my spouse gets it. They are wanting to charge me $134.00 monthly to protect a $2200.00 monthly check.

    My thought on this is that it is a load of #$@& as i can get a 500K life insurance plan for $50.00 to $60.00 a month. If I were to get a 30 year term, that protects my wife if I die in those 30 years, if not I renew. I may have to pay around $134 then, but not now. I did the math and for 300K I believe it would take 12.5 years to match the $2200 monthly check so if I die at 65 and she lives past 77.5 she would have a loss.

    I really do not know what option to put here so I am opening up for help. If anyone has any ideas I would love to hear them. Thanks.
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    #2
    My thought on this is that it is a load of #$@& as i can get a 500K life insurance plan for $50.00 to $60.00 a month.
    I didn't opt in. For the $ I got a whole life policy. I also went to work for the City and have another retirement building now and great Term Life.
    Last edited by Brazos Hunter; 12-29-2011, 04:16 AM.

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      #3
      I know absolutely nothing about SBP's. Sounds a little expensive to me, but i have no idea how they work or what they do, etc.
      I am a big fan of life insurance. Imo you can never go wrong with some life policies, but i cant say one way or another what i would do since i dont know anything about SBP. Maybe one of the Vets will chime in with some more knowledge on them.

      Thank you for your service!

      Comment

        #4
        no help here, but i think its a **** shame that your military retirement doesn't automatically go to your spouse if you pass away.

        You look young enough that you'll have some type of second career, if thats the case i don't think i'd pay 134 a month-seems very high to me. if you can get a good term policy from a reputable company i'd strongly consider it. but i would also have one on the wife as well.

        Thank you very much for your years of service and i hope you have a very enjoyable retirement.

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          #5
          Thank you so far for the comments. Trust me I did not post this to get a Thank You, but it is appreciated.

          Comment

            #6
            Keep your retirement.Look into what VGLI will cost.I just renewed mine,it's about the cheapest insurance you'll find.


            DJ

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              #7
              I wouldn't want to give you any advice without looking at the whole picture with you. If you want to sit down or talk on the phone pm me and I we can talk about what the best option is, I think you're on the right track though.

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                #8
                no advise, but thank you for your service, enjoy retirement

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                  #9
                  I'll pass on giving advice, but will say thanks frop your service

                  Comment

                    #10
                    Originally posted by DJM View Post
                    Keep your retirement.Look into what VGLI will cost.I just renewed mine,it's about the cheapest insurance you'll find.


                    DJ
                    X2

                    This is what I do.

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                      #11
                      I knew nothing about VGLI although now that I am researching it I remember it. This might be a good option. Thanks for your help.

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                        #12
                        My thought on this is that it is a load of #$@& as i can get a 500K life insurance plan for $50.00 to $60.00 a month. If I were to get a 30 year term, that protects my wife if I die in those 30 years, if not I renew


                        Go with this. The sbp program is lousy and I dont know how they push it on people. There are a couple of things you need to know. Your wife has to agree or disagree on the sbp. You do not get the choice, she does. The other part that is sometimes not clear is that when she hits soc sec retirement age, the sbp amount is offset by whatever she get from soc security. This is a good program for a guy that is sick when he retires, all others should run...

                        I live in the fort hood area and have a decent amount of experience with this program as I am in the insurance business. PM me if you have any questions.

                        Comment

                          #13
                          Another thing to think about is if both you and your wife tragicallylets say in an auto accident where does you your retirement go? With Life insurance your beneficiaries (kids) would get the money. I doubt your retirement would go anywhere but back into uncle Sams pocket.








                          Yes I do sell life insurence!

                          Comment

                            #14
                            Thanls guys for the help. Sorry been away for a few days. I have sent a couple of PMs about this. HAPPY NEW YEAR!

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