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) released the following statements after their Fairness for Servicemembers and their Families Act, which will help ensure life insurance packages for service members and veterans account for increases in cost of living and inflation, was signed into law by President Trump: 

“We need to make sure service members, veterans, and their families have the financial support they need and deserve,” said Sen. Cornyn. “I’m grateful to President Trump for his unwavering support of our brave men and women in uniform and for signing this bill into law, which 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.”

“We owe our servicemembers and their families a debt we can never repay, and we have a straightforward obligation to ensure they are financially secure,” said Sen. Cruz. “This bill brings us one step closer to fulfilling that goal, and I’m thankful to President Trump for signing into law.”

“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 as they increasingly face the difficulties of an unstable economy. I’m grateful to my colleagues, and the President for signing a bill into law that honors our commitment to the brave men and women who have given so much to our country.”

“Our servicemembers put their lives on the line for their country and we must protect the well-being of their families in the event of a tragedy,” said Rep. Strickland. “This new law makes it clear that our nation will always stand by our military families.”

“I’m grateful to President Trump for standing with our military families and signing the Fairness for Servicemembers and Their Families Act into law,” said Rep. Self. “This commonsense bill ensures our veterans and their families receive the full value of the benefits they’ve earned by requiring the Department of Veterans Affairs to regularly review and adjust the maximum coverage for servicemembers’ and Veterans’ Group Life Insurance programs to keep pace with inflation—so these hard-earned benefits never lose value to rising costs.”

This legislation is also cosponsored by Senators Thom Tillis (R-NC), Pete Ricketts (R-NE), Mark Kelly (D-AZ), and Mazie Hirono (D-HI).

Background:

The Fairness for Servicemembers and their Families Act will 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 law will 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.