How does Survivor Benefit Program work?
I served in the military and retired. Have been paying into the plan for 10 years, and just reached 60 last month. I met my spouse following military service. I added spouse and three children as beneficiaries on my SBP. Spoke with DFAS this week and informed them I will be getting a divorce. DFAS informed that “since you were married following your military service, your spouse will be removed as the beneficiary once the divorce is final. I will have to elect a new beneficiary. Does this seem correct? Has anyone experienced this? Once I add a new beneficiary and later die, how long/how much would the new beneficiary receive monies? Are there any financial hazards that I should avoid, or not forget? Thank you.