today praised the Department of Veterans Affairs' (VA) decision to cut life insurance premiums for military personnel.
Military personnel insuring their families under the Servicemembers' Group Life Insurance (SGLI) program, which is administered by the VA, will have reduced out-of-pocket expenses beginning July 1.
Family SGLI monthly premium rates will be reduced for all age groups by an average of 8 percent. The new rates are based on revised estimates for the cost of the program. This is the third time that premiums have been reduced since the FSGLI program began in November 2001. SGLI Family Coverage provides life insurance protection to military personnel for their spouses and children. Children are automatically insured for $10,000 with no premiums charged.
"I commend Secretary Shinseki for helping to ease the burden on our military families through more affordable life insurance premiums," Hare said. "All service members know the risk they are taking each and every time they step on the battlefield. Having access to life insurance will provide them with the peace of mind that comes with knowing their family will be taken care should they make the ultimate sacrifice."
For more information, visit http://www.insurance.va.gov/miscellaneous/index.htm