Veterans Group Life Insurance (VGLI) policyholders can skip three upcoming premium monthly payments, the VA announced Sept. 16, citing “incredibly strong” performance by the self-funded program.

Eligible policyholders – those with current plans that have not been suspended or canceled for non-payment – won’t be billed this November, December, and January. They will be notified by the VA and won’t have to take any action to activate the savings, per the release.

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Those who have paid in advance will receive a payment credit or can request a refund. VGLI deductions from military retirement and VA disability payments will be paused during the three-month window, as will collections via AutoPay. However, those who use a bill-payment service through their financial institution must discontinue it as of Nov. 1 and restart it as of Feb. 1 to avoid the payments being processed. Those who do not discontinue payments during the holiday will have those payments applied to future bills.

The VA referred beneficiaries to the VGLI website and a list of answers to frequently asked questions for more details and updates. The FAQ includes details on eligibility, what to do in the event of accidental payments, and other information.

The holiday will result in $150 million in total savings for eligible veterans – an average of about $330 per policyholder, according to the release.

“VA is all about making life better and more affordable for veterans, and this premium holiday will help the men and women who served this nation keep more of their hard-earned money,” VA Secretary Doug Collins said in the announcement.

About VGLI

Launched in 1974, the VGLI program has more than 457,000 participants, according to the VA. It offers term life coverage from $10,000 to $500,000, with coverage levels tied to age and to the amount of Servicemembers’ Group Life Insurance (SGLI) a veteran had when leaving uniform.

The maximum coverage moved from $400,000 to $500,000 in 2023 after the passage of the Supporting Families of the Fallen Act, MOAA-backed legislation that led to the first increase in VGLI maximum coverage since 2005.

Rates vary based on age and coverage amounts. Current rates are available on the VGLI website.

Veterans with questions about the program or their VGLI coverage can contact the VA’s Office of Servicemembers’ Group Life Insurance (OSGLI) at (800) 419-1473 from 8 p.m. to 5 p.m. Monday through Friday.