Austin News

U.S. Senators John Cornyn, Ted Cruz, Angus King, Mazie Hirono, and Mark Kelly have announced the Senate's passage of the Fairness for Servicemembers and their Families Act. This legislation aims to adjust military life insurance policies to account for inflation and increases in the cost of living.

Senator Cornyn emphasized the importance of providing financial support that aligns with current economic conditions. "Our bill would help ensure the Veterans Affairs Department can offer competitive life insurance packages that keep pace with the current cost of living," he stated.

Senator Cruz highlighted the commitment to honoring servicemembers and veterans who have sacrificed for their country. He said, "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."

Senator King noted that this bipartisan effort is a step toward ensuring military families receive adequate financial protection. He expressed gratitude to his colleagues for supporting this initiative.

According to Senator Hirono, as living costs rise nationwide, it is crucial that veterans access life insurance plans reflecting these changes. She expressed pride in seeing this bill pass through the Senate.

Senator Kelly shared his perspective as a veteran on the necessity of aligning military benefits with inflation rates. "For too long, life insurance coverage for servicemembers and their families has failed to keep up with the rising cost of living," he remarked.

The bill also received cosponsorship from Senators Mike Braun and Maggie Hassan. In parallel, Representatives Don Bacon and Marilyn Strickland introduced companion legislation in the House.

The act seeks to update maximum group insurance values available since 2006 by incorporating mechanisms to assess inflation regularly. It aims to prevent stagnation in coverage amounts amid increasing costs while enhancing reporting requirements within relevant committees.