The military is aware of the challenges that service members and their families face. They provide various benefits to help veterans during their lives and after their deaths. There are different types of benefits available in Florida to make estate planning easier for military veterans.
Planning after death
The Department of Defense provides veterans’ benefits to servicemembers and their families. After a veteran’s death, the surviving family members may be eligible for benefits to cover their living expenses.
Types of benefits
Death gratuity is a type of payment given to survivors of a deceased military veteran or active service member. The payment is released within 120 days of the death if it occurred during service.
A survivor benefit plan (SBP) guarantees that surviving family members receive automatic monthly payments for life if their loved one died during active duty. The benefits are free and not paid for by the servicemember or any family member.
Servicemember’s group life insurance (SGLI) is paid for in affordable monthly payments and granted to the family members after a veteran’s death. SGLI is paid out as a lump sum or through regular payments over a span of 36 months. Full-time SGLI is covered for on-and-off active duty, and part-time SGLI is only covered during duty and in between travels.
The benefits left behind for veterans
Veterans need to know the full range of benefits that they’re entitled to. This is necessary when they start planning the administration of their estates. Due to the special service to their country, veterans should be able to retire in comfort, and their spouses and children should be compensated for the rest of their lives.