Austin News

U.S. Senators John Cornyn, Maggie Hassan, Ted Cruz, and Angus King, along with Representatives Marilyn Strickland and Keith Self, have introduced the Fairness for Servicemembers and their Families Act. The bill aims to adjust military life insurance packages to account for inflation and increases in the cost of living.

Senator Cornyn emphasized the need for financial support for service members, veterans, and their families amid ongoing inflation. "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 Hassan highlighted the importance of delivering benefits to those who serve the country. She noted that "this bipartisan legislation will help ensure that the life insurance offered for our veterans and servicemembers is keeping pace with real-world costs."

Senator Cruz expressed pride in collaborating with colleagues to honor service members' sacrifices. He remarked on adjusting life insurance policy values in line with inflation as a way to care for veterans' loved ones after they are gone.

Senator King pointed out that military families deserve peace of mind regarding their financial security during difficult times. He acknowledged his gratitude towards colleagues from both parties coming together for this cause.

Representative Strickland stressed Congress's responsibility toward military families: "This bill makes it clear that Congress stands by our military families."

Representative Self focused on ensuring veterans receive earned benefits by requiring adjustments in maximum coverage to match rising costs due to inflation.

The act addresses stagnant maximum group insurance values available since 2006 by mandating reports on cost-of-living increases every five years from relevant committees within U.S. Veterans Affairs departments—ensuring these assessments do not go unchecked over extended periods.