Sens. Cruz, Cornyn Bipartisan Bill to Modernize Military Life Insurance Signed into Law
WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), John Cornyn (R-Texas), Maggie Hassan (D-N.H.), and Angus King (I-Maine), and U.S. Reps. Keith Self (R-Texas-03) and Marilyn Strickland (D-Wash.-10) released the following statements after their bipartisan Fairness for Servicemembers and their Families Act was signed into law by President Trump. Law will ensure life insurance packages for servicemembers and veterans account for increases in cost of living.
Sen. Cruz said, “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. This bill brings us one step closer to fulfilling that goal, and I’m thankful to President Trump for signing it into law.”
Sen. Cornyn said, “We need to make sure service members, veterans, and their families have the financial support they need and deserve. 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.”
Sen. Hassan said, “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. 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.”
Sen. King said, “Our servicemembers, veterans and their families make countless sacrifices every day to protect our nation, and we are indebted to their selfless service. 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.”
Rep. Keith Self said, “I’m grateful to President Trump for standing with our military families and signing the Fairness for Servicemembers and Their Families Act into law. 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.”
Rep. Strickland said, “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. This new law makes it clear that our nation will always stand by our military families.”
This legislation is also cosponsored by Senators Thom Tillis (R-N.C.), Pete Ricketts (R-Neb.), Mark Kelly (D-Ariz.), and Mazie Hirono (D-Hawaii).
Click here to read the full bill text.
BACKGROUND
The Fairness for Servicemembers and their Families Act will 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 law strengthens the financial security of veterans, servicemembers, and their families by requiring the U.S. Veterans Affairs Department to report to the Senate Committee on Veterans’ Affairs and the House Committee on Veterans’ Affairs regarding increased costs of living every five years.