MARINE CORPS AIR STATION BEAUFORT, S.C. - The Servicemembers Group Life Insurance program is scheduled to increase monthly premium rates, according to Marine Administrative Message 275/14, effective July 1.
The premiums previously decreased in July 2008 in an effort to decrease the contingency reserve. The increase will prevent further decline.
Service members with the maximum $400,000 of life insurance will see an increase of two dollars, while lower coverages will have smaller increases.
“Life insurance is meant to replace a lifetime of income,” said Dale Wilkes, personal financial manager aboard Marine Corps Air Station Beaufort. “The SGLI will offset a loss of income if something happens.”
Marines are able to see the increase by accessing their Leave and Earnings Statement through MyPay.
Service members with Traumatic Servicemembers Group Life Insurance will continue to pay one dollar per month.
“You need to start getting life insurance while you’re young, because the cost is less significant [at a younger age],” said Wilkes.