AUSTIN – U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Ted Cruz (R-TX), and Angus King (I-ME) released the following statements after their 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, passed the Senate and now heads to the President’s desk:

“We need to make sure service members, veterans, and their families have the financial support they need and deserve,” said Sen. Cornyn. “Our bill will 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.”

“Abraham Lincoln himself said that America ‘must care for him who shall have borne the battle;’ 150 years later we must keep that promise to the brave men and women who served out country in uniform,” said Sen. King. “Our servicemembers, veterans, and their families make incredible sacrifices every day to protect our nation, and it is our responsibility to support them. I am proud to see the bipartisan Fairness for Servicemembers and their Families Act pass the Senate, ensuring that life insurance packages for military members keep up with the rising cost of living. This legislation will give more peace of mind to military families in the midst of turbulent economic times, and I look forward to seeing it signed into law.”

This legislation is also cosponsored by Senators Thom Tillis (R-NC), Pete Ricketts (R-NE), Mark Kelly (D-AZ), and Mazie Hirono (D-HI). Representatives Marilyn Strickland (WA-10) and Keith Self (TX-03) are leading the legislation in the House.

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.