Lower costs for service members, families, and veterans begin July 1.
Starting July 1, life insurance premiums will decrease for service members, veterans, and their families. Service Members’ Group Life Insurance (SGLI) rates will drop to five cents per $1,000 of coverage, with the maximum $500,000 policy to cost $26 per month, including traumatic injury protection. The Department of Veterans Affairs (VA) attributes these reductions to the programs’ “sound financial standing,” and no action is required to benefit from the changes.
Family SGLI premiums will also decline by an average of 13 percent, with rates varying by age. Coverage for spouses under 35 will decrease to $4 monthly for $100,000 of coverage. Veterans Group Life Insurance (VGLI) rates will drop by two percent to 17 percent—depending on age—with a 29-year-old veteran paying $30 monthly for $500,000 in coverage. While VGLI remains more expensive than SGLI, those enrolling within 240 days of leaving the military can avoid 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
