Service members, their spouses and veterans covered under VA life insurance programs will see lower monthly premiums starting on July 1.
Servicemembers’ Group Life Insurance provides low-cost group term life insurance coverage, up to $500,000, in increments of $50,000, to eligible service members.
The new premium rate is decreasing from $0.06 per $1,000 to $0.05 per $1,000. This means the monthly premium for the maximum $500,000 coverage will now be $25 plus $1 for Traumatic Injury Protection (TSGLI).
All active duty, National Guard and Reserve service members are automatically enrolled in SGLI. No action is necessary. Premiums are deducted from service members’ pay, and the new discount will automatically apply.
Family Servicemembers’ Group Life Insurance covers dependent children at no cost and offers optional spousal coverage for the spouses up to $100,000, not to exceed the amount of the service member’s SGLI coverage.
Premium rate discounts will vary by age, ranging from 11 percent to 22 percent, with an average discount of approximately 13 percent. No action is required. New rates take effect automatically.
Service members can review their SGLI and FSGLI elections through the SGLI Online Enrollment System (SOES) on milConnect.
Veterans Group Life Insurance allows veterans to continue their life insurance coverage after separating from military service, ensuring long-term financial protection. Starting July 1, monthly premiums for VGLI will be reduced for all ages.
VA Secretary Doug Collins has approved a discount on VGLI premiums, ranging from 2 to 17 percent, with an average reduction of 11 percent. All veterans insured under VGLI are eligible.
The Office of Servicemembers’ Group Life Insurance (OSGLI) will notify insured veterans through direct mail, email, online accounts and premium bills. No action is required. However, depending on your payment method, you may need to adjust your payment amount.
Premiums for all ages will be discounted, which will allow veterans to retain coverage longer and provide financial security for their families.
Life insurance provides essential financial protection covering funeral costs, mortgage payments, education expenses and lost income.
As life circumstances change, it’s important to review your coverage regularly and ensure your beneficiary information is up to date.
Active duty, National Guard, Reserve members and covered spouses can visit here for more information.
More information can be found online here.