Austin News

April 8, 2025

An essential piece of legislation aimed at adjusting life insurance benefits for service members and veterans to account for inflation has passed the U.S. House of Representatives. The Fairness for Servicemembers and their Families Act, introduced by Senators John Cornyn, Maggie Hassan, Ted Cruz, Angus King, and Representatives Marilyn Strickland and Keith Self, proposes updates to the Veterans Affairs Department's life insurance packages to keep pace with inflation and help ensure financial security for military families.

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

Senator Hassan noted the ongoing responsibility to provide benefits to service members. "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," she commented on the act’s purpose to align life insurance with real-world costs.

The measure received strong bipartisan support, with Senator Cruz expressing pride in working collaboratively to adjust life insurance policy values in accordance with inflation. "Our nation’s service members and veterans put their lives on the line to protect America and defend our freedom," Cruz affirmed.

Senator King highlighted the act's ability to provide reassurance to military families amid economic instability. "We are indebted to their selfless service," King said, emphasizing the act’s role in easing financial pressures for military families.

Representative Strickland underscored the significance of securing the well-being of military families in the event of tragedy. She remarked on Congress's ongoing commitment, as demonstrated by the bill's passage.

Representative Self celebrated the unanimous passage of the bill. "This commonsense legislation ensures that our veterans and their families receive the full value of the benefits they’ve earned," he stated, underscoring the importance of adjusting benefits to inflation.

The bill is supported by additional cosponsors, including Senators Thom Tillis, Pete Ricketts, Mark Kelly, and Mazie Hirono.

To help address the inflation gap, the legislation mandates the U.S. Veterans Affairs Department to report on cost-of-living increases and inflation rates every five years to ensure the maximum group insurance remains relevant. __