Starting July 1, service members, veterans, and their families will see reductions in their life insurance premiums. These cost savings, attributed to the programs’ strong financial health by the Department of Veterans Affairs (VA), will be automatic, requiring no action from beneficiaries.
Service Members’ Group Life Insurance (SGLI) rates are decreasing to five cents per $1,000 of coverage. This means a maximum policy of $500,000, including traumatic injury coverage, will cost only $26 monthly.
Family SGLI rates are also declining, with an average decrease of 13 percent. The rates for family members vary depending on their age. For example, coverage for spouses under 35 will drop to $4 per month for $100,000 of coverage.
Veterans Group Life Insurance (VGLI) premiums will see reductions between two and 17 percent, depending on the veteran’s age. A 29-year-old veteran, for instance, will pay $30 monthly for $500,000 in coverage. While VGLI remains more expensive than SGLI, veterans who enroll within 240 days of leaving the military will not need to undergo health screenings.
As the Lord Leads, Pray with Us… For Secretary Doug Collins to receive God’s guidance as he heads the Department of Veterans Affairs. For VA officials as they seek to ensure care and coverage for U.S. veterans.
Sources: Military Times, Air Force Times, Military.com
