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Personal

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Submitted By gojo
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Intro: We buy insurance as a way to cope with major financial risks. We buy it to protect us from the financial hardships of events we can't foresee, like car wrecks and house fires. It protects our valuable assets.

Hello and good morning my name is XX and I am going to introduce the Military Survivor Benefit Plan (SBP) benefits

I am going to tell you about the History of the SBP, give you a brief overview how it works and lastly talk to you about the how to receive it.

Now let me tell you about the History of the SBP.

The SBP actually started in 1972 and the Plan is explained in detail in the United Stated Code in Chapter 73, Title 10. The History is brief but the National Defense act of 2005 made the biggest change to SBP. The SBP is a plan that lets retirees choose who can receive money in an event they pass away because their retirement pay will stop so this will allow the family to continue on. Your retired pay is one such valuable asset. Since it stops when you die and you can't foresee when that will be, it may be useful to insure it and that’s why the SBP is there.

Now that you know a brief history im going to tell you when can we receive it and who can receive it?
How the SBP works 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).
The SBP 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

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