Cornyn, Colleagues Introduce Bill to Help Adjust Military Life Insurance for Inflation
U.S. Senators John Cornyn (R-TX), Mike Braun (R-IN), Ted Cruz (R-TX), Angus King (I-ME), Mazie Hirono (D-HI), and Mark Kelly (D-AZ) today introduced the Fairness for Servicemembers and their Families Act, a bipartisan, bicameral bill that would help ensure life insurance packages for servicemembers and veterans account for increases in cost of living and inflation:
“As the nation continues to feel the effects of record-high inflation, we need to make sure servicemembers, veterans, and their family members 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, and I urge my colleagues in the House and Senate to support it.”
“Our servicemembers, veterans, and military families make life-changing sacrifices every day to serve our nation,” said Sen. Braun. “We must honor our commitment to support these brave men and women and their families by ensuring that their life insurance policies keep up with soaring inflation.”
“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.”
“Servicemembers, veterans, and their families have devoted their lives in service to our nation—and for that we are forever indebted,” said Sen. King. “With the bipartisan, bicameral Fairness for Servicemembers and their Families Act, we can ensure that military families’ life insurance coverage adapts to the rising cost of living. This financial safety net is the least we can do for these brave men and women and I am glad that a bipartisan group of my colleagues in the House and Senate agree.”
“As the cost of living increases for people across the country, it is crucial our veterans are able to access life insurance plans that keep pace with rising costs,” said Sen. Hirono. “The Fairness for Servicemembers and their Families Act will help improve life insurance options for servicemembers, veterans, and their families. As a member of the Senate Veterans’ Affairs Committee, I’ll keep fighting to ensure all of our veterans and their loved ones receive the support they deserve.”
“After serving 25 years in the U.S. Navy, one of my missions in the Senate is to ensure we uphold our commitment to supporting military servicemembers and their families,” said Sen. Kelly.“By guaranteeing life insurance benefits keep up with rising costs of living, we honor that commitment and their sacrifice to our country.”
This legislation was also cosponsored by Senator Maggie Hassan (D-NH), and companion legislation was introduced in the House by Representatives Don Bacon (NE-02) and Marilyn Strickland (WA-10).
The Fairness for Servicemembers and their Families Act would help ensure the maximum group insurance available to servicemembers and veterans account for increases in cost of living. From 2006 to 2023, the maximum insurance value available for servicemembers and veterans remained static, lagging far behind inflation rates. This bill would improve the financial safety net for veterans, servicemembers, and their families by helping to ensure coverage amounts don’t remain static when cost of living goes up. It would also improve reporting requirements to prevent the U.S. Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans’ Affairs from going years without assessing inflation rates.