U.S. Senator Mazie K. Hirono (D-HI), introduced a bill that would help ensure life insurance packages for service members and veterans that account for increases in cost of living and inflation.
The Fairness for Servicemembers and their Families Act, a bipartisan, bicameral bill, would protest against the cost of living increases.
“As the cost of living increases for people across the country, it is crucial our veterans are able to access life insurance plans that keep pace with rising costs,” Hirono said in a release from her office. “The Fairness for Servicemembers and their Families Act will help improve life insurance options for service members, veterans, and their families.
According to a release, from 2006 to 2023, the maximum insurance value available for service members and veterans remained static, lagging far behind inflation rates. The Fairness for Servicemembers and their Families Act,” would improve their financial safety net and ensure coverage amounts don’t increase when the cost of living goes up.
It would also strengthen reporting requirements to ensure the U.S. Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans’ Affairs regularly assess inflation rates.
In addition to Senator Hirono, the legislation was also cosponsored by U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Mike Braun (R-IN), Ted Cruz (R-TX), Angus King (I-ME), and Mark Kelly (D-AZ). Companion legislation was introduced in the House by Representatives Don Bacon (R-NE) and Marilyn Strickland (D-WA).
Hirono, a member of the Senate Veterans Affairs Committee, is committed to ensuring all veterans and their loved ones receive the support needed.