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:5/6/2016)... ... May 06, 2016 , ... The National Association of Chain ... in Puerto Rico. Radio messages set to debut on Monday, May 9, and ... about ways to protect themselves and their unborn children from the effects of ...
(Date:5/6/2016)... ... May 06, 2016 , ... DrugDev President ... the way the pharmaceutical industry conducts clinical trials. This month Ibs was named No. ... in pharma, and he was honored as a Tech Disruptor by the Philadelphia Business ...
(Date:5/6/2016)... , ... May 06, 2016 , ... ... Integration Service, their latest implementation service offering for global clients of Coupa ( ... ). , Bluvault’s Integration Service is a key component in the suite ...
(Date:5/6/2016)... ... May 06, 2016 , ... From May 4 to 6, EarQ ... the unique opportunity to learn more about Signia’s technology and the successful business and ... is our priority to see practices succeed in this highly competitive industry,” said Ed ...
(Date:5/6/2016)... ... May 06, 2016 , ... Multiple award winning plumbing company in ... 35 years. Maintaining core values of exceptional customer service, quality work at reasonable rates, ... leading name in San Diego plumbing, and other services including heating & air conditioning ...
Breaking Medicine News(10 mins):
(Date:5/5/2016)... , First quarter 2016 adjusted diluted earnings per share ... , First quarter reported diluted (GAAP) loss per share ... revises 2016 financial guidance; now expects 2016 revenues to range ... non-GAAP earnings per share to range from $4.50 to $4.80 ... and manufacturing facility restructuring , Company expands ...
(Date:5/5/2016)... Calif. , May 5, 2016  Diagnostic ... a decade due to concerns that these tests ... the approach to imaging, as well as the ... new era of medical peripherals that help health care providers ...   Ampronix  advanced medical imaging is a renowned authorized ...
(Date:5/5/2016)... DUBLIN , May 5, 2016 ... for PET Imaging in Top 5 EU Markets"  report to ... This report provides information on the current Positron Emission ... Five European Markets (T5 EU), which includes France ... , Spain and the ...
Breaking Medicine Technology: