WASHINGTON, D.C. — U.S. Senator Angus King, a member of the Senate Veterans Affairs and Armed Services Committees, is introducing bipartisan, bicameral legislation to improve financial security for servicemembers, veterans, and their families. The Fairness for Servicemembers and their Families Act would ensure life insurance packages for servicemembers and veterans adjust for increases in cost of living and inflation.

From 2006 to 2023, the maximum insurance value available for service members and veterans remained fixed, sliding behind inflation rates. King’s legislation would improve the financial safety net for veterans, service members and their families by helping to ensure coverage rates keep up with the rising cost of living. It would also improve reporting requirements to prevent the U.S. Department of Veterans’ Affairs, the Senate Committee on Veterans’ Affairs and the House Committee on Veterans’ Affairs from going years without assessing inflation rates.

“Our servicemembers, veterans and their families make countless sacrifices every day to protect our nation, and we are indebted to their selfless service,” said Senator King. “With the bipartisan Fairness for Servicemembers and their Families Act, we can ensure life insurance packages for military members adjust with the rising cost of living — giving more peace of mind to military families when they face difficult times. I’m grateful to my colleagues on both sides of the aisle for coming together to honor our commitment to the brave men and women who have given so much to our country.”

This legislation is cosponsored by U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Ted Cruz (R-TX), and U.S. Representatives Marilyn Strickland (D-WA) and Keith Self (R-TX).

Representing one of the states with the highest rates of military families and veterans per capita, Senator King has been a staunch advocate for America’s servicemembers and veterans. Last year, he led the bipartisan Military Spouse Employment Act — pieces of which passed into law in the FY2024 NDAA — which allows military spouses to have a remote work career with any federal agency and helps them to maintain consistent employment should they move with their spouse. He also introduced the Improving Access to Prenatal Care for Military Families Act to expand military family care to cover critical health care during pregnancies.

###