Survivor & Family
Survivors Benefit Plan (SBP)
Monthly annuity of up to 55% of the military retiree's retired pay, paid to survivors after the retiree's death.
Who qualifies: Survivors & family members.
SBP is a DoD-managed insurance program that military retirees can elect to provide a monthly income to their survivors:
• Monthly annuity = up to 55% of retiree's retirement pay
• Premiums are paid from retirement pay (6.5% of base amount covered)
• Inflation-protected (COLA-adjusted annually)
• Available to spouse, children, or "insurable interest" beneficiaries
• SBP and DIC can now be received concurrently (SBP-DIC offset was eliminated)
Retirees elect SBP at retirement. Changes are limited after that point.