Lower premiums for VA life insurance plans took effect July 1, with the savings set to benefit millions of policyholders.

The discounts will be automatic for Veterans’ Group Life Insurance (VGLI), Servicemembers’ Group Life Insurance (SGLI), and Family Servicemembers’ Group Life Insurance (FSGLI) policyholders. Savings vary across plans.

A brief breakdown of each policy type is below. For information about accessing your VA life insurance account online, visit VA.gov.

[RELATED: MOAA Insurance]

VGLI

• Savings: Between 2% and 17%, depending on age bracket and coverage amount. The average premium will fall 11%.
• Premiums: See the full chart here.
• Questions: Visit the VA’s FAQ page, call (800) 419-1473, or email osgli.osgli@prudential.com.

SGLI

• Savings: Policyholders will pay 5 cents for every $1,000 of coverage, down from 6 cents. A monthly $25 premium will result in the maximum $500,000 coverage.
• Premiums: See the full chart here.
• Questions: Visit the VA’s FAQ page or call the Defense Finance and Accounting Service (DFAS) at (888) 332-7411.

FSGLI

• Savings: Between 11% and 22%, depending on age bracket and coverage amount. The average premium will fall 13%.
• Premiums: See the full chart here.
• Questions: Visit the VA’s FAQ page or call the Defense Finance and Accounting Service (DFAS) at (888) 332-7411.

Find more financial resources – including member-exclusive publications, tax and investment articles, and more – at MOAA’s Financial Resources page.