WASHINGTON, D.C. – U.S. Senator Angus King (I-ME), today introduced legislation to make sure military families have sufficient financial safety nets. The Fairness for Servicemembers and their Families Act is a bipartisan, bicameral bill that would adjust life insurance packages for servicemembers and veterans to meet increases in the cost of living.

“Servicemembers, veterans, and their families have devoted their lives in service to our nation—and for that we are forever indebted,” said Sen. King. “With the bipartisan, bicameral Fairness for Servicemembers and their Families Act, we can ensure that military families’ life insurance coverage adapts to the rising cost of living. This financial safety net is the least we can do for these brave men and women and I am glad that a bipartisan group of my colleagues in the House and Senate agree.”

From 2006 to 2023, the maximum insurance value available for servicemembers and veterans remained static, lagging far behind inflation rates. This bill would improve the financial safety net for veterans, servicemembers, and their families by helping to ensure coverage amounts adjust to the cost of living. It would also improve reporting requirements to prevent the U.S. Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans’ Affairs from avoiding the assessment of inflation rates.

U.S. Senators John Cornyn (R-TX), Mike Braun (R-IN), Ted Cruz (R-TX), Mazie Hirono (D-HI), and Mark Kelly (D-AZ) joined King on this legislation. This legislation was also cosponsored by Senator Maggie Hassan (D-NH). Companion legislation was introduced in the House by Representatives Don Bacon (NE-02) and Marilyn Strickland (WA-10).

Representing one of the states with the highest rates of veterans per capita, Senator King is a staunch advocate for America’s servicemembers and veterans. As a member of the Senate Armed Services Committee and the Senate Veterans’ Affairs Committee, he has worked to properly honor and recognize the sacrifices of Purple Heart medal recipients, protect veterans from fraud, and expand veteran assisted living services.

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