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Life insurance premium rate to go up this summer

Apr. 10, 2014 - 03:59PM   |  
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The premium rate for Servicemembersí Group Life Insurance will rise July 1 to 7 cents per month for every $1,000 of coverage, up from the current 6.5 cents.

The change will increase the monthly premium for a service member with the maximum coverage of $400,000 from $26 to $28.

SGLI provides low-cost term life insurance to soldiers, sailors, airmen, Marines and Coast Guardsmen. Service members automatically are enrolled for the maximum coverage of $400,000, although they can change that coverage by selecting a lesser amount of coverage or declining SGLI altogether, and designating beneficiaries.

Coverage is available in $50,000 increments up to the maximum of $400,000. Monthly premiums automatically are deducted from a service memberís base pay.

Premiums include a $1 payment each month for Traumatic Servicemembersí Group Life Insurance, a special program to help severely injured service members through their time of need with a one-time payment.

The lump-sum payments vary depending on the severity of the injury or injuries, but are capped at $100,000.

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