Kelly’s Bill to Help Adjust Military Life Insurance for Inflation Set to Become Law

This week, the Fairness for Servicemembers and their Families Act introduced by Senators Mark Kelly (D-AZ), John Cornyn (R-TX), Mike Braun (R-IN), Ted Cruz (R-TX), Angus King (I-ME), and Mazie Hirono (D-HI) to help ensure life insurance packages for servicemembers and veterans account for increases in cost of living and inflation passed the U.S Senate. The bill now heads to the president’s desk to be signed into law.   

From 2006 to 2023, the maximum insurance value available for servicemembers and veterans remained static, lagging far behind inflation rates. This bill will improve the financial safety net for veterans, servicemembers, and their families by ensuring 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. 

“As a veteran myself, I’ve seen firsthand the sacrifices service members and their families make,” said Kelly. “For too long, life insurance coverage for servicemembers and their families has failed to keep up with the rising cost of living, leaving them without the financial security they deserve. That’s going to change with our bipartisan bill that ensures these military benefits keep pace with inflation, honoring their service and sacrifice.”

“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 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.” 

“Our nation’s service members and veterans put their lives on the line to protect America and defend our freedom,” said 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 selflessly dedicated their lives in service to our nation, and for that we are forever indebted,” said King. “The bipartisan Fairness for Servicemembers and their Families Act will ensure military life insurance coverage can keep up with the current cost of living. Providing this simple financial safety net is the least we can do for the brave men and women who serve. This bill makes clear our commitment to standing by military families, and I am grateful to my colleagues for helping to pass this important legislation in the Senate.”           

“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 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’m proud to see this bill pass the Senate and I’ll keep fighting to ensure all of our veterans and their loved ones receive the support they deserve.”