24 May 2014

Life insurance rate to increase for older veterans | RallyPoint.com

By Karen Jowers, Staff writer
Copyright: www.militarytimes.com

Older veterans will be paying higher premiums for Veterans Group Life Insurance as of July 1, said officials with the Veterans Affairs Department.

The 2.2 percent increase will apply only to veterans 70 and older; it is the first premium increase for this group in 21 years, officials said.

The cost will increase by 5 cents per $1,000 of monthly coverage.

Veterans 70 and older who have $50,000 of VGLI coverage will pay $2.50 more a month — increasing from $112.50 to $115.

For those 75 and older, the monthly cost for $50,000 of coverage will increase by $5, going from $225 to $230.

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