SBP stands for Survivor's Benefit Plan

Military pay, including active duty pay and allowances and retired pay, stops upon a Soldier's death. The Survivor Benefit Plan (SBP) is a program through which the Department of Defense provides monthly, cost-of-living-adjusted income to eligible survivors of Soldiers who die on Active Duty in the line of duty, including Reserve Soldiers and National Guard Soldiers who die on Federal Active Duty in the line of duty and Retired Soldiers who choose to continue participating in the program after they retire.
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Soldiers who retire due to a service-connected disability incurred while on active duty, whether Regular or Reserve, may participate in SBP.
Reserve and National Guard Soldiers may participate in the Reserve Component Survivor Benefit Plan (RCSBP) when they complete 20 years of qualifying service for non-regular retirement.

Reference Link:
https://myarmybenefits.us.army.mil/Benefit-Library/Federal-Benefits/Survivor-Benefit-Plan-(SBP)

***How SBP Works***

At retirement, full basic SBP for spouse and children will take effect automatically if you make no other valid election. You can't reduce or decline the SBP without your spouse's written consent. This means you will have to have your spouses input in the decision and their signature is required.

You may choose coverage for a former spouse, children, or you may be able to cover an "insurable interest" (such as, a business partner or parent).

If you elect to participate in the SBP you pay a monthly premium. The premium is based on how much SBP coverage you select.

Your SBP coverage can be any amount from full coverage down to as little as $300 a month. If you elect higher SBP payments on your death your monthly payments while you are alive will be higher.

The highest your SBP can be is 55 percent of your retirement pay.

Please refer to an SBP professional to decide which option is best for you.

For detailed questions please follow this link. Most of your questions has been answered here:

https://www.military.com/benefits/survivor-benefits/survivor-benefit-plan-faqs.html

*Note - These given details are referenced from given website.
