Unlocking Insurance Alternatives to Survivor Benefit Plan (SBP) with AI Legalese Decoder: How Technology is Revolutionizing Insurance Options for Military Families
- May 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Retiring Service Member Seeking Insurance Options Post-Divorce
I am currently a divorced service member preparing to retire from the military next year. In my divorce agreement, I am relieved of any Survivor Benefit Plan (SBP) obligation. However, I am required to maintain a $100,000 insurance policy with my ex-spouse named as the beneficiary. While serving on active duty, I listed my ex-partner as a partial beneficiary on my Servicemembers’ Group Life Insurance (SGLI) policy.
After my retirement, I may need to acquire a whole life insurance policy or a similar type of policy to fulfill this insurance requirement established in my divorce settlement. Thus, I am exploring the various insurance options available to me post-retirement in order to select the most suitable and beneficial plan.
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How long do you have to maintain the coverage for? If forever, don’t get term life.
Universal life with no frills is likely the cheapest option for if you have to maintain permanent insurance on her forever.
Getting term on her now is a recipe for disaster if she outlives the policy – you’d have to get a new term on an aged woman when you’re potentially going to not be working (if you retire).
If it isn’t forever, just get the cheapest term set to expire the exact day you no longer need her insured
The 2 cheapest options we found were from AAFMA (all ranks) and MOAA (for Os). We’ve had AAFMA to augment SGLI. We went with MOAA 10 yr term to replace SGLI when I retired. They both have longer term and whole life options. Thankfully $100k isn’t a huge coverage requirement. Hopefully you find something reasonable.
Do recommend the SBP option for your current or future spouse, though. I spoke to 3 different financial advisors, All 3 said there’s no way to beat it with commercial products. Expensive, but the guaranteed payment and annual index adjustments make it worth it.
You can get VGLI without any underwriting, but it gets prohibitively expensive as you get older. So while you might use it as a “bridge” coverage between SGLI and whatever other product you select, I wouldn’t use it as your long-term insurance plan.
A $100k term life insurance policy is dirt cheap. I’d recommend getting $200k – the first $100k is to pay for your funeral expenses, the other $100k is for your spouse.
Another option to pursue – rather than insurance, could you simply agree to fund a trust or escrow with $100k?
Last thing you could look into is that the SBP has options to elect partial coverage. You could elect coverage of an amount that would pay out $100k of pension benefits over something like 10 years if the ex would agree to that.