Navigation Links
VA Announces SGLI and VGLI Premium Reductions
Date:4/7/2008

Peake: Change Makes Programs More Affordable

WASHINGTON, April 7, 2008 /PRNewswire-USNewswire/ -- Veterans and military personnel with life insurance policies managed by the Department of Veterans Affairs (VA) will see a reduction in their premiums, thanks to improved investment earnings and a reduction in non-combat claims.

The premium cuts affect military personnel covered by Servicemembers' Group Life Insurance (SGLI) and veterans covered by the Veterans' Group Life Insurance (VGLI).

"The reduction in SGLI premiums makes life insurance even more affordable for today's men and women in uniform," said Secretary of Veterans Affairs Dr. James B. Peake. "Lower VGLI premiums will allow more veterans to provide this low-cost financial security to their families."

On July 1, 2008, the premiums for basic SGLI will be 6.5 cents per month for $1,000 of coverage, down from 7 cents per month for $1,000. This translates into a 7 percent savings.

Servicemembers with the maximum $400,000 of coverage will see their monthly premium reduced from $28 to $26. Servicemembers are also covered against severe traumatic injury for an additional dollar each month.

The reduction in SGLI premiums is made possible by lower, non-combat-related claims and increases in investment earnings. VA officials believe this premium reduction will help maintain the nearly universal participation in the program.

VGLI provides renewable term policies for people after their discharges from the military. Veterans pay premiums according to their age for this coverage.

On July 1, 2008, VGLI premium rates will be reduced for veterans aged 30 to 64, who make up 85 percent of those insured under the program. Premium rates for those under age 30 are already competitive.

Premium reductions, ranging from 4 percent to 12 percent, are a result of fewer claims being received. The reductions will ensure that VGLI remains highly competitive with similar insurance offered by commercial insurers.

"With servicemembers putting their lives at risk against terrorism, life insurance coverage is more important than ever," added Peake.

Peake said the premium reductions should result in increased program participation and retention. With increased enrollment, the department may be able to reduce rates in the future.

More than 2.4 million people currently participate in the VA-managed SGLI program, with another 433,000 in VGLI.

To obtain more information about the SGLI and VGLI premium reductions or to view a table with the new VGLI rates, visit the VA insurance Web site at http://www.insurance.va.gov, or call the Office of Servicemembers' Group Life Insurance at 1-800-419-1473.


'/>"/>
SOURCE U.S. Department of Veterans Affairs
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. HHS Announces $75 Million in Supplemental Funding to States for Pandemic Flu Preparedness
2. CRC Health Group Announces Acquisition of Bayside Marin Recovery Center, San Rafael
3. UHW Announces: Antelope Valley Hospital Caregivers and Board Vote to Ratify First Union Contract With SEIU UHW-West
4. HEI, Inc. Announces Sale of RFID Division Assets
5. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Zyloprim(R)
6. Mettler-Toledo International Inc. Announces Webcast of Presentation at Thomas Weisel Partners 2007 Healthcare Conference
7. Z Trim Announces Revocation of Gregory Halpern Severence Agreement
8. Brooke Franchise Corporation Announces Selected July Results
9. Manor Care, Inc. Announces Record Date for Special Stockholder Meeting
10. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Adipex-P(R)
11. Planet Technologies Announces Agreement to Acquire Antigen Laboratories
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2017)... ... May 24, 2017 , ... Technique, technique, technique – with a ... lifting weights for strength training and exercise or simply lifting heavy objects, advises Dr. ... position is everything,” Dr. Chang says. “Improper technique in lifting anything heavy or an ...
(Date:5/23/2017)... (PRWEB) , ... May 23, 2017 , ... ... Population Health and Clinical Integration company, announced today that its iClinic V12.2 solution ... (PCMH) 2017 Prevalidation. NCQA recently introduced PCMH 2017 standards which emphasize team-based ...
(Date:5/23/2017)... PITTSBURGH, Pa. (PRWEB) , ... May 23, 2017 , ... ... today plans to open The Alexis Joy D’Achille Center for Women’s Behavioral Health at ... state-of-the-art care available in western Pennsylvania for women suffering from pregnancy-related depression. Construction ...
(Date:5/23/2017)... ... May 23, 2017 , ... Cambridge, MA, May 23, 2017—Total ... according to a Workers Compensation Research Institute (WCRI) study, a contrast from the ... System: CompScope™ Benchmarks, 17th Edition looks at indemnity and medical payments for ...
(Date:5/23/2017)... ... May 23, 2017 , ... i2i Population Health, ... in KLAS category winner, has named Daniel P. Bullington as chief technology officer. ... technology platform and product offerings,” says Justin Neece, president. “Daniel is an excellent ...
Breaking Medicine News(10 mins):
(Date:5/18/2017)... , May 18, 2017  Two Bayer U.S. ... Association (HBA) during its recent 28 th ... City.  The event showcases HBA,s longstanding mission of furthering ... of healthcare. Cindy Powell-Steffen , senior ... U.S. Radiology division, and Libby Howe , a ...
(Date:5/11/2017)... , May 11, 2017  Thornhill Research ... has been awarded an $8,049,024 USD five-year, firm-fixed-priced, ... through the Canadian Commercial Corporation (CCC) ( ... Anesthesia Systems to administer general anesthesia to patients ... "The US Marine Corps have been ...
(Date:5/10/2017)... BURNIE, Md. , May 10, 2017 ... retention solutions for the clinical research industry, is proud ... www.CSSiEnroll.com . The new website features both enriched ... overall user experience and enhances the company,s already well-established ... the industry. "After many months of ...
Breaking Medicine Technology: