Gang,

Since I'm close to retiring I have looked into the bennies a little. The Survivor Benefit Plan (SBP) that was mentioned will cost me over $200 per month to guarantee 55% of my retirement pay to my spouse. If my spouse and I both croak in a car wreck or something, then my kids would get it and would get Social Security Insurance benefits. That would stop at age 18 for SSI, 22 years if in college (SBP only).

I priced out term life insurance based on the amount of retired income I could expect to see based upon my family's average age when the grim reaper comes-a-knockin. I should see about $3M before taxes, therefore I priced out a $3M policy. About $250 per month locked in for 20 years. That's alot better than the SBP, and the wife and kids would get that as a lump sum. I'll be going this route.

Regarding health insurance...I defy you to find anyone who pays as little as a military retiree for health insurance. I realize it used to be free, but $460 per year plus minor co-pay costs and free prescription drugs at MTFs is untouchable. This is still a great benefit.

Just my 2cents

Trojan