VA Announces Insurance Premium Holiday To Save 457,000 Veterans Nearly $150 million – Military.com

VA Announces Insurance Premium Holiday To Save 457,000 Veterans Nearly $150 million  Military.com

VA said eligible veterans will save an average of $330 through the three-month break. The Department of Veterans Affairs (VA) announced an insurance premium holiday they say will save veterans a collective sum of nearly $150 million. Beginning this November, eligible veterans enrolled in the Veterans' Group Life Insurance program (VGLI) will not have to pay insurance premiums for three months. VGLI is the VA's life insurance program which veterans pay in to when they leave the military to maintain life insurance. The VA oversees the program and the Office of Servicemembers' Group Life Insurance administers. More than 457,000 veterans, including service members who were on active duty for more than 30 days, are enrolled in the program, which offers coverage in multiples of $10,000 up to a maximum of $500,000.

Their monthly premiums vary depending on age and insurance coverage but, on average, pay around $110 per month. The holiday will save veterans an average of $330 through this three-month break, the VA said, adding that veterans nationwide will save nearly $150 million in insurance payments as a collective. “VA is all about making life better and more affordable for Veterans, and this premium holiday will help the men and women who served this nation keep more of their hard-earned money,” VA Secretary Doug Collins said in a statement.