The programs you see here are designed to help you make an informed decision about your Survivor Benefit Plan (SBP) election.1
SBP Premium – This program shows the monthly premium for the SBP coverage you select. When you enter your relevant information, such as base amount and date of retirement, the program estimates your monthly SBP premium.
SBP Probability – This program shows the probability that your spouse will receive SBP benefits, i.e., the probability you will pre-decease your spouse. When you enter your and your spouse’s respective dates of birth, the program estimates the likelihood that your spouse will receive at least one month of benefits up to 30 years of benefits, using military-specific mortality tables.
SBP Subsidy – This program shows what proportion of SBP benefits are subsidized by the Department of Defense. When you enter your relevant information, such as your retirement date, your and your spouse’s dates of birth, your SBP election, and some financial data, the program estimates the percentage of your SBP coverage that is paid by DoD, the value of your SBP benefits, and how much SBP adds to the value of your retired pay.
SBP Insurance – This program shows how SBP compares to purchasing a term life insurance policy from a private insurer. When you enter your relevant information, such as your and your spouse’s dates of birth, your SBP base amount, and the amount of life insurance you are considering, the program estimates whether the SBP benefits will outperform a life insurance policy that may be paid, for selected times and amounts. The program also shows average life expectancies.
1 Note that these tools do not provide a comprehensive education about all aspects of SBP and RC-SBP. They are intended for users who have a general understanding of the SBP and RC-SBP benefit plans.