Life insurance premiums for military personnel to drop
April 30, 2010, 05:47 pm
Military personnel who have life insurance through a Department of Veterans Affairs program are going to get some financial relief in July.
The VA announced that premiums for the Family Servicemembers' Group Life Insurance program will go down by 8 percent for all age groups in the program. The reduction comes after a revision of the estimated costs for the program.
Secretary of Veterans Affairs Eric Shinseki said the department hopes the reduced premiums will give more members of the armed forces a chance to insure the lives of their spouses.
"Without insurance protection, life after the loss of a spouse can be not only challenging emotionally, but can place a severe financial strain on a family," Shinseki said.
The coverage of spouses through the program has a limit of $100,000 and is based on the insured's coverage. Policies can be bought in increments of $10,000.
Regardless of whether a person is in the military, having life insurance is an important part of making sure a household is stable. Along with getting married, consumers should consider getting life insurance if they purchase a home or have children.
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