Bipartisan Bill Advances to Support Military Families
A significant legislative development has occurred with the passage of the Fairness for Servicemembers and their Families Act in the House of Representatives. This bipartisan bill, sponsored by Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Ted Cruz (R-TX), and Angus King (I-ME), along with Representatives Marilyn Strickland (WA-10) and Keith Self (TX-03), aims to adjust military life insurance benefits to keep pace with inflation.
The legislation addresses a critical issue: since 2006, the maximum insurance value available to service members and veterans has remained static, failing to keep up with rising costs of living. This stagnation has resulted in a significant gap between the insurance coverage and the actual financial needs of military families.
“We need to make sure service members, veterans, and their families have the financial support they need and deserve,” said Sen. Cornyn. “Our bill would help ensure the Veterans Affairs Department can offer competitive life insurance packages that keep pace with the current cost of living.”
Sen. Hassan emphasized the importance of honoring the sacrifices made by service members and their families. “While we can never fully repay the debt that we owe to those who serve our country, we should work each and every day to get them the benefits that they deserve. This bipartisan legislation will help ensure that the life insurance offered for our veterans and servicemembers is keeping pace with real-world costs to help protect the financial security of the families of those who serve.”
The bill mandates that the Department of Veterans Affairs review and adjust the maximum coverage for servicemembers’ and Veterans’ Group Life Insurance programs every five years to account for cost of living increases and inflation rates. This adjustment will strengthen the financial safety net for veterans, service members, and their families.
Rep. Strickland highlighted the importance of securing the well-being of military families. “Our servicemembers put their lives on the line for their country, and we must secure the well-being of their families and loved ones in the event of a tragedy. The passage of this bill makes it clear that Congress continues to stand by our military families.”
The bill has garnered significant bipartisan support, with additional cosponsors including Senators Thom Tillis (R-NC), Pete Ricketts (R-NE), Mark Kelly (D-AZ), and Mazie Hirono (D-HI). The unanimous passage in the House demonstrates a strong commitment to supporting those who serve and their families.
As the legislation moves forward, it is expected to provide much-needed relief and financial security to military families, ensuring that their life insurance coverage remains relevant and effective in the face of rising living costs.
