Servicemembers, veterans, and spouses holding VA life insurance policies will see premiums fall this spring, the department announced Dec. 12, with discounts varying by program and the age of the policyholder.

A snapshot of the savings, which will affect about 3 million total policyholders:

• Veterans’ Group Life Insurance (VGLI): Policyholders will pay between 2% and 17% less, with the average policyholder saving 11%.
  
  
• Servicemembers’ Group Life Insurance (SGLI): Policyholders will see a reduction in premium rates from 6 cents per $1,000 in coverage to 5 cents. Those with the maximum $500,000 in coverage will pay $25 a month, down from $30. Rates do not include an additional $1 a month for SGLI Traumatic Injury Protection.
  
  
• Family Servicemembers’ Group Life Insurance (FSGLI): Spouses holding these policies will pay between 11% and 22% less, with an average savings of 13%.

The discounts will be automatic, according to the VA news release announcing the new rates, with no action required by the policyholder.

[FROM MOAA INSURANCE: Active Service Discharge Group Term Life Insurance | Group Level Term Life Insurance]

Learn more about the VA insurance programs, including eligibility and coverage options, at these links: VGLI | SGLI | FSGLI. For information about accessing existing policies online, click here.

The VA insures 5.6 million servicemembers, veterans, and families with $1.5 trillion in overall coverage. The department launched a new life insurance program, VALife, in January 2023.

MOAA supported a 2023 law that raised the VGLI coverage maximum to $500,000 from $400,000; it was the first such increase since 2005.