Bacon, Strickland Introduce Bill to Help Military Life Insurance Keep Pace with Economic Trends

WASHINGTON – Reps. Don Bacon (R-NE-02) and Marilyn Strickland (D-WA-10) 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 changes in the economy. 

“Inflation has presented an enormous burden for American families, especially for our servicemembers and veterans,” said Bacon. “Having real and accurate data on inflation will assist lawmakers and help the VA make policy adjustments. When we understand the real impact of inflation, we can make improvements for the quality of life for our service members.”

"When we ask our servicemembers to put their lives on the line for their country, we promise to have their backs. That includes taking care of their families and loved ones in the event of tragedy," said Strickland. "This bill makes it clear that Congress is standing by our military families."

Companion legislation was introduced in the Senate by Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Mike Braun (R-IN), Ted Cruz (R-TX), Angus King (I-ME), Mazie Hirono (D-HI), and Mark Kelly (D-AZ).

From 2006 to 2023, the maximum insurance value available for servicemembers and veterans remained static, diminishing value for military families affected. Military families often move more frequently than civilian families. As a result, military spouses are unemployed or underemployed at a higher rate than the national average, making servicemember and veterans’ life insurance policies particularly important for the surviving families’ financial security.

The Fairness for Servicemembers and their Families Act would improve the financial safety net for veterans, servicemembers, and their families by helping to ensure coverage amounts for the Servicemembers’ Group Life Insurance (SGLI) and the Veterans Group Life Insurance (VGLI) account for changes in economic trends. It would help ensure the maximum group insurance available to servicemembers and veterans account for rising costs by requiring the Secretary of Veterans Affairs to submit a report to Congress indicating the buying power of the current maximum coverage against 2006 dollars using data from the Bureau of Labor and Statistics.