Troops will get an extra $100,000 in life insurance coverage March 1

Service members will automatically receive an extra $100,000 of life insurance coverage as of March 1, increasing the maximum Servicemembers’ Group Life Insurance coverage amount to $500,000.

All service members will automatically get the increased coverage, including those who have previously reduced or declined their Servicemembers’ Group Life Insurance, known as SGLI. The boost in coverage applies to all those eligible for SGLI, including active duty, Guard and reserve members.

Troops will pay a premium of $31 per month for $500,000 worth of coverage, a $6 increase, which will be deducted from their pay. The monthly SGLI premium is the same regardless of the service member’s age or other factors. Currently, troops pay $25 a month for $400,000 of life insurance coverage. The rate hasn’t changed; the cost is still 6 cents per $1,000 of insurance. SGLI coverage is offered in increments of $50,000.

Also on March 1, the maximum coverage for Veterans’ Group Life Insurance, or VGLI, is also increasing to $500,000, up $100,000 from the current $400,000. That is not automatic. Eligible veterans must request it.

The Department of Veterans Affairs will now be providing $1.45 trillion of life insurance coverage, making it the 12th largest group life insurer in the United States, said Daniel Keenaghan, executive director of the VA insurance service. The VA administers both the SGLI and VGLI insurance programs.

This is the first time the SGLI coverage amount has increased since 2005.

“This is going to help support our service members and veterans protect those who matter most,” Keenaghan said during a media roundtable. “As costs have increased, we are increasing our overall life insurance coverage correspondingly.”

All monthly SGLI premiums include $1 for TSGLI. Servicemembers’ Group Life Insurance Traumatic Injury Protection provides short-term financial support to help eligible service members recover from a

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