Military Life Insurance Cost Reduction: July 1 Effective Date

In this episode we dive into the news article reports on upcoming reductions in life insurance premiums for service members, veterans, and their families. The decreases, effective July 1, are attributed to the "sound financial standing" of the insurance programs. For active-duty military, Service Members' Group Life Insurance (SGLI) premiums will decrease, while Family SGLI premiums will drop by an average of 13%. Veterans Group Life Insurance (VGLI) rates will also decrease, with the amount varying by age. The article notes that SGLI doesn't automatically transfer to VGLI upon leaving the military, and it advises exploring other life insurance options as VGLI tends to be more expensive.