Bipartisan Bill Aims to Protect Military Families from Inflation’s Impact
WASHINGTON – A bipartisan group of lawmakers has put forward a bill to address the impact of inflation on life insurance benefits for service members and veterans. The “Fairness for Servicemembers and their Families Act” seeks to adjust these benefits to better reflect the current cost of living.
The bill was introduced 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). The legislation aims to ensure that the life insurance packages offered by the Veterans Affairs Department (VA) remain competitive and responsive to economic changes.
“As the nation continues to feel the effects of inflation, we need to make sure service members, veterans, and their families have the financial support they need and deserve,” stated Senator 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.”
Senator Hassan emphasized the importance of supporting those who serve. “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,” she said. “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.”
Senator Cruz highlighted the bill’s significance in honoring service members. “Our nation’s service members and veterans put their lives on the line to protect America and defend our freedom,” he said. “Adjusting the value of the life insurance policies of servicemembers and veterans in line with inflation will ensure that America rightly honors their memory and cares for their loved ones after they are gone.”
Representative Strickland reinforced the commitment to military families. “When we ask servicemembers to put their lives on the line for our country, we promise to have their backs. We must take care of their families and loved ones in the event of tragedy,” she said. “This bill makes it clear that Congress stands by our military families.”
Representative Self underscored the necessity of maintaining benefit adequacy. “We must ensure our veterans receive the benefits they’ve rightfully earned,” he said. “This bill requires the Department of Veterans Affairs to review and adjust the maximum coverage for servicemembers’ and Veterans’ Group Life Insurance programs to keep pace with inflation, ensuring these benefits keep pace with rising costs.”
Addressing Stagnant Benefits
The current legislation addresses a period where the maximum life insurance value available to service members and veterans remained unchanged. From 2006 to 2023, benefits remained static despite rising inflation rates. The proposed act requires the Department of Veterans Affairs, and the relevant Senate and House Committees to issue a report every five years to assess inflation rates and make adjustments as needed, thus helping to strengthen the financial safety net for military families.
