Lower premiums for servicemembers and veterans with VA life insurance policies will be put in place beginning July 1, the department announced recently.

The rate cuts had been set to take effect in the spring, per a December 2024 VA announcement. They will be made available thanks to a "sound financial" position held by both the Veterans Group Life Insurance (VGLI) and Servicemembers’ Group Life Insurance/Family Servicemembers’ Group Life Insurance (SGLI/FSGLI) programs, according to the department.

For information about accessing existing policies online, click here.

Details on the upcoming savings, which will benefit about 3 million policyholders: 

VGLI

What: Premiums will fall between 2% and 17% across all age brackets, with an average rate cut of 11%.

How: Policyholders do not need to take action to receive the new rates, according to the VA, but those who pay via credit card or an automatic payment through their bank may need to update their payment method to reflect the new amount. Those who make advance payments will receive a credit for any overpayments.

Details: Learn more about the rate cut from the VA at this link. See the full VGLI payment chart, broken out by age and coverage amount, at this link. 

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SGLI/FSGLI

What: SGLI premiums will drop from 6 cents per $1,000 of coverage to 5 cents, with the new maximum payment of $25 (plus $1 for traumatic injury protection coverage) for a $500,000 policy. FSGLI coverage will fall between 11% and 22% across age brackets, with an average cut of 13%.

How: The lower premiums will be applied automatically for all policyholders. Servicemembers will see the new rates applied in their Leave and Earnings Statements. 

Details: Learn more about the discounts at this link. See the full SGLI and FSGLI premium charts at this link.