Posted on Jul 13, 2015
What is your opinion of the DoD Survivor Benefit Plan? Do you see it as an annuity or life insurance? Would you recommend this benefit?
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Upon my retirement in 2013, I felt excited and happy for the new adventure that I was about to start; however, at the same time I felt extremely overwhelmed and at times dumb. Dumb to the information that was being provided to me, such as the survivor benefit plan. I will admit that the instructor tried to explain it; however, the understanding that I had has never sat that well with me or even my wife. I understand that between the 25th months through the 36th month is the only time that I will be allowed to cancel this plan, and there is rarely an open season enrollment option available.
What is your opinion, if any, on the survivor benefit plan?
Are there better options in the civilian sector to buy into that will provide your beneficiary with the monthly payments?
What is your opinion, if any, on the survivor benefit plan?
Are there better options in the civilian sector to buy into that will provide your beneficiary with the monthly payments?
Transition
Benefits
Retirement
Insurance
Investing
Posted 9 y ago
Responses: 32
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I entered active duty in the USMC in 1980 and got out after the Gulf War. I then re-enter the PA Army Nat'l Guard in 2001 and retired in 2013. I WASNT GIVEN ANY EDUCATION OF SURVIVORS BENEFITS! I have had several deployments after 9-11-01 but only 2 count for earlier retirement . So I took option C which is to pay out of my retirement when I retire at 59. and cover my wife with some after I am gone.
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It was cheaper and better in the old days on active duty but when you got out you gave them half your retirement and the would give that half back to the wife every month. Lots of things happen in life divorce, death, etc. In my case my wife died. If you don't marry again I think they keep the cash. A great Idea that got turned into another way to screw us over, over the years. My best advice is to save 10 - 20 perent of you income. Don't trust the fund guys. All my friends that invested to be millionaires are still working.
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