WASHINGTON – U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Ted Cruz (R-TX), and Angus King (I-ME) and Representatives Marilyn Strickland (WA-10) and Keith Self (TX-03) today introduced the Fairness for Servicemembers and their Families Act, which would help ensure life insurance packages for service members and veterans account for increases in cost of living and inflation: 

“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,” 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.”

“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,” said Sen. Hassan. “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.”

“Our nation’s service members and veterans put their lives on the line to protect America and defend our freedom,” said Sen. Cruz. “I am proud to partner with my colleagues to honor and provide for those who bravely sacrificed to serve the United States of America. 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.”

“Our servicemembers, veterans and their families make countless sacrifices every day to protect our nation, and we are indebted to their selfless service,” said Sen. King. “With the bipartisan Fairness for Servicemembers and their Families Act, we can ensure life insurance packages for military members adjust with the rising cost of living — giving more peace of mind to military families when they face difficult times. I’m grateful to my colleagues on both sides of the aisle for coming together to honor our commitment to the brave men and women who have given so much to our country.”

“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,” said Rep. Strickland. “This bill makes it clear that Congress stands by our military families.”

“We must ensure our veterans receive the benefits they’ve rightfully earned,” said Rep. Self. “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.”

Background:

The Fairness for Servicemembers and their Families Act would help ensure the maximum group insurance available to service members and veterans account for increases in cost of living. From 2006 to 2023, the maximum insurance value available for service members and veterans remained static, lagging far behind inflation rates. This bill would strengthen the financial safety net for veterans, service members, and their families by requiring a report to the U.S. Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans’ Affairs regarding cost of living increases and inflation rates every five years to ensure they don’t go years without assessing inflation rates.