Military service members will automatically receive an additional $100,000 in life insurance coverage beginning March 1, reaching a maximum coverage amount of $500,000. The increase comes after the Pentagon officially ended the Covid vaccine mandate earlier this year.
The increased coverage will include all service members, even those who previously decreased or rejected Servicemembers’ Group Life Insurance (SGLI).
The new plan will include a premium of $31 per month for $500,000 worth of coverage, marking a $6 per service member increase, according to the SGLI’s policy details.
A benefit update from Veterans Affairs notes that a service member can purchase $500,000 of coverage for just $31 a month under the newly updated SGLI policy coverage. The last time the SGLI coverage was updated to reflect cost of living increases was in 2005 when the policy coverage was increased from $250,000 to $400,000 of coverage.
The change is part of the Supporting Families of the Fallen Act, which was passed by Congress last year and subsequently signed by President Joe Biden.
READ MORE: WHO ‘worried’ about 2 people with bird flu; still recommend COVID masks
“Sometimes, it’s the little things that really help,” said Sen. Tommy Tuberville (R-AL), the bill’s sponsor, according to Military.com. “There’s not a lot being saved by these military families, there’s not a big savings account, and so there’s not a lot to lean on if there’s a death in the family. So I think this gives us another opportunity to give peace of mind to some of the families.”
Sen. Kevin Kramer (R-ND), a member of the Senate Veterans Affairs Committee, also commended the new act as it was considered by Congress.
“At a time when inflation is soaring to record highs, this new law will allow our veterans to better provide their families with stability