My Life As A Military Spouse

FSGLI Update

Service members will be paying less for life insurance for their spouses under the Servicemembers’ Group Life Insurance beginning July 1, the Veterans Affairs Department announced today.

Monthly premiums will be reduced by an average of 8 percent for all age groups under Family SGLI, officials said. The VA website has not yet been updated to reflect the new premiums, but current rates for the maximum amount of coverage of $100,000 range from $5.50 a month for spouses up to age 35, to $52 a month for spouses 60 and older.

Officials said the new rates are based on revised estimates for the cost of the program, and this decrease marks the third one since the Family SGLI program began in November 2001. Based on the coverage of service members, spouses can be insured for up to $100,000 in increments of $10,000.

“VA hopes these reductions will allow more military personnel to obtain affordable life insurance coverage for their spouses, particularly in these difficult economic times,” VA Secretary Eric Shinseki said in a statement announcing the reduction. “Without insurance protection, life after the loss of a spouse can be not only challenging emotionally, but can place a severe financial strain on a family.”

posted by LoveMyTanker @ 7:25 AM