U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Ted Cruz (R-TX), and Angus King (I-ME) announced that their bipartisan Fairness for Servicemembers and their Families Act has passed the Senate and is now headed to the President’s desk. The legislation aims to ensure that life insurance packages for service members and veterans reflect increases in cost of living and inflation.
Senator Cornyn stated, “We need to make sure service members, veterans, and their families have the financial support they need and deserve. Our bill will help ensure the Veterans Affairs Department can offer competitive life insurance packages that keep pace with the current cost of living.”
Senator Hassan commented, “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. This bipartisan legislation will help ensure that the life insurance offered for our veterans and servicemembers is keeping pace with real-world costs to help protect the financial security of the families of those who serve.”
Senator Cruz added, “Our nation’s service members and veterans put their lives on the line to protect America and defend our freedom. I am proud to partner with my colleagues to honor and provide for those who bravely sacrificed to serve the United States of America. Adjusting the value of the life insurance policies of servicemembers and veterans in line with inflation will ensure that America rightly honors their memory and cares for their loved ones after they are gone.”
Senator King said, “Abraham Lincoln himself said that America ‘must care for him who shall have borne the battle;’ 150 years later we must keep that promise to the brave men and women who served out country in uniform. Our servicemembers, veterans, and their families make incredible sacrifices every day to protect our nation, and it is our responsibility to support them. I am proud to see the bipartisan Fairness for Servicemembers and their Families Act pass the Senate, ensuring that life insurance packages for military members keep up with the rising cost of living. This legislation will give more peace of mind to military families in the midst of turbulent economic times, and I look forward to seeing it signed into law.”
The bill is also cosponsored by Senators Thom Tillis (R-NC), Pete Ricketts (R-NE), Mark Kelly (D-AZ), and Mazie Hirono (D-HI). In addition, Representatives Marilyn Strickland (WA-10) and Keith Self (TX-03) are leading companion legislation in the House.
The Fairness for Servicemembers and their Families Act addresses a period from 2006 through 2023 when maximum group insurance values available for service members did not increase despite inflation. The new measure requires a report every five years from relevant agencies on cost-of-living adjustments so future policy values remain aligned with economic changes.
John Cornyn has a history of electoral success in Texas Senate races: he won against MJ Hegar in 2020 with 53.5% of votes compared to Hegar’s 43.9%, defeated David Alameel in 2014 by securing 61.6% over Alameel’s 34.3%, prevailed over Ron Kirk in 2002 with a margin of 55% versus Kirk’s 43%, and overcame Rick Noriega in 2008 by winning 54.8% against Noriega’s 42.8%.
