ANNOUNCEMENT OF PREMIUM RATE INCREASE FOR SERVICEMEMBERS GROUP LIFE INSURANCE (SGLI)

Date Signed: 6/05/2014
MARADMINS Active Number: 275/14

R 051943Z JUN 14
MARADMIN 275/14
UNCLASSIFIED//
MSGID/GENADMIN,USMTF,2007/CMC WASHINGTON DC MRA MF(UC)/F002//
SUBJ/ANNOUNCEMENT OF PREMIUM RATE INCREASE FOR SERVICEMEMBERS GROUP /LIFE INSURANCE (SGLI)//
REF/A/MSGID:DOC/CMC MRC/YMD:19981217//
REF/B/MSGID:DOC/CMC MFPC/YMD:20110301//
REF/C/MSGID:DOC/DVA/YMD:20140318//
NARR/REF A IS MCO P1741.8D, MARINE CORPS GOVERNMENT LIFE INSURANCE MANUAL. REF B IS MCO 3040.4, THE MARINE CORPS CASUALTY ASSISTANCE PROGRAM. REF C IS THE DVA NOTIFICATION TO DOD REGARDING THE DIRECTED INCREASE IN SGLI PREMIUMS.//
POC/L. FEAMAN/CAPT/UNIT:MFPC/-/TEL:703-784-9512//
GENTEXT/REMARKS/1. THIS MARADMIN ANNOUNCES AN INCREASE OF PREMIUM RATES FOR THE SGLI PROGRAM.
2. BACKGROUND: ON 1 JULY 2008, THE SGLI PREMIUM RATE DECREASED 2 DOLLARS PER MONTH FOR SERVICEMEMBERS WITH A MAXIMUM 400,000 DOLLARS OF LIFE INSURANCE IN ORDER TO DECREASE THE SGLI CONTINGENCY RESERVE TO ITS TARGET LEVEL. AS A RESULT OF THE PREMIUM DEDUCTION, THE CONTINGENCY RESERVE TARGET LEVEL HAS NOW BEEN REACHED. A RATE INCREASE WILL PREVENT THE CONTINGENCY RESERVE LEVEL FROM CONTINUING TO DECLINE.
3. EFFECTIVE 1 JULY 2014, THE SGLI PROGRAM WILL BE ADJUSTING THE SGLI MONTHLY PREMIUM RATE. THIS WILL MEAN A PREMIUM INCREASE OF 2 DOLLARS A MONTH FOR SERVICEMEMBERS WITH THE MAXIMUM 400,000 DOLLARS OF LIFE INSURANCE. SERVICEMEMBERS WITH LOWER AMOUNTS OF COVERAGE WILL HAVE LESS OF A PREMIUM INCREASE. MARINES WILL BE ABLE TO VIEW THIS INCREASE BY ACCESSING THEIR LEAVE AND EARNINGS STATEMENT (LES) AT HTTPS:(SLASH)(SLASH)WWW.MYPAY.DFAS.MIL(SLASH)MYPAY.ASPX.
4. ALL SERVICEMEMBERS WILL CONTINUE TO PAY 1 DOLLAR A MONTH FOR TRAUMATIC SERVICEMEMBERS GROUP LIFE INSURANCE (TSGLI). MORE INFORMATION IS AVAILABLE AT HTTP:(SLASH)(SLASH)WWW.BENEFITS.VA.GOV(SLASH)INSURANCE(SLASH).
5. QUESTIONS REGARDING THIS MATTER MAY BE DIRECTED TO CAPTAIN LOUIS FEAMAN, ADMINISTRATION OFFICER, HQMC CASUALTY SECTION AT (703)784-9512.
6. RELEASE AUTHORIZED BY BGEN R. A. C. SANBORN, DIRECTOR MARINE AND FAMILY PROGRAMS DIVISION.//