An image highlighting the importance and necessity of the Survivor Benefit Plan (SBP) for military service members and their families. The SBP provides financial support to designated beneficiaries in the event of the retiree's death.

Survivor Benefit Plan Alternative: Building Your Own War Chest through Private Pension

For military personnel and veterans, one of the major concerns after retirement is how to build a financial cushion for the future. The Survivor Benefit Plan (SBP) is a well-known option for ensuring financial security for your family after your passing, but what if you want to take a more hands-on approach to securing your future? In this article, we’ll explore the alternatives to the Survivor Benefit Plan, and what it takes to qualify for a private pension option.

Understand the Medical Underwriting Process

The medical underwriting process is the first step in determining your eligibility for a private pension option. The process involves a professional underwriter reviewing your medical records to determine your health status and the cost of insurance. There is no commitment involved in the process, and the outcome is not known until a firm offer is received from one of the major insurance carriers.

The medical underwriting process consists of several steps, including a preliminary HIPAA release form, which provides a snapshot of your current medical situation. The underwriter will then determine which carrier to apply for, and the official application process begins. The application process involves a 20-30 minute phone call with a case design expert, a digital questionnaire, and a medical interview.

Medical Exam

If the insurance company requires a deeper look into your health status, they will schedule a medical review. The medical review may involve a visit to a medical facility or a medical examiner visiting your home for blood work, heart rate tests, and other examinations. If you have recently undergone a medical exam or military evaluation, the data may be used as is, if it’s been within the last few months.

Medical Record Review

As the underwriters review your medical records, they may come back with questions. It is important to be ready to provide answers quickly to expedite the process. If you have digital copies of your medical records, we can help you share them with the underwriters directly via secure Dropbox.

Building your own war chest through a private pension option is a smart and proactive way to secure your future after retirement. The medical underwriting process is the first step in determining your eligibility, and with the right support, you can get answers quickly. If you’re ready to get started, schedule a time to begin the underwriting process today. At US VetWealth, we’re committed to helping you build the best possible plan for your future. Schedule a Call today.

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