SBP ELECTIONS

SPOUSE ONLY

To be eligible for an annuity, your spouse must be married to you on the date of your retirement and still be married to you on the date of your death.
In the event you marry or remarry after your retirement, and you elect SBP coverage, your new spouse must be married to you for one year or be the parent of a child by that marriage to qualify for SBP.
- If you wish to cover your new spouse, you must elect coverage for that spouse within one year of marriage.
If you divorce and remarry the spouse you previously elected Spouse SBP coverage for at your retirement, that spouse is immediately eligible for SBP at remarriage.

Coverage is for all eligible children.
- Eligible children are defined as unmarried children under the age of 18, or under age 22 if in school pursuing a full-time course of study or training.
- This includes children of any age that are incapable of self-support due to a mental or physical incapacity incurred while still eligible as defined above.

SBP for a fully incapacitated child may affect other benefits the child may be entitled to, based on the disability.
- To mitigate the effect, the law allows the SBP annuity for an incapacitated child to be paid to a special needs trust.

Same child eligibility rules as for Spouse Only and Child(ren)only options.
Coverage is for all eligible children.
Child(ren) will receive an SBP annuity ONLY IF your spouse becomes ineligible through remarriage before age 55 or death.

You may elect to provide an annuity to a former spouse even if you are married or have a dependent child.
- Such an election prevents payment of an annuity to the current spouse.

You may elect to provide an annuity to a former spouse and child(ren).
- Only the child(ren) of the marriage to the former spouse receive coverage under this election category.

You may elect this category even though you are married or have a dependent child outside of the marriage to the former spouse.
- However, such an election prevents payment of an annuity to the current spouse or the child(ren) outside those from the marriage to the former spouse.

Under an election for former spouse and child(ren), the child(ren) receives an SBP annuity only if the former spouse becomes ineligible through remarriage before age 55 or death.

This coverage may be elected only if you are unmarried with no eligible child.
For any person more closely related to you than a cousin, the justification to show the financial interest in your life for an insurable interest election is not required.
Any person may qualify as your insurable interest, if you provide proof that person benefits in some manner from your continued life (a business partner, for instance).
This is a very expensive election in SBP premium costs and can be cancelled at any time.
If you marry or have an eligible child, you can cancel the insurable interest election and elect spouse and/or child(ren) within one year of marriage and/or gaining a child.
- If you take no action within one year of marriage and/or gaining a child, you will lose the opportunity to elect that SBP category.