House Sends Rep. Mike Levin’s Bill Strengthening Servicemembers’ Life Insurance to President’s Desk
The Supporting Families of the Fallen Act will become Rep. Levin’s 19th Bipartisan Bill for Military Families Signed Into Law
Washington, D.C. – Today, the House of Representatives passed Rep. Mike Levin’s (D-CA) Supporting Families of the Fallen Act to increase the maximum coverage amount available under life insurance programs for military families. The bill, which Rep. Levin introduced with Reps. Chip Roy (R-TX), Elissa Slotkin (D-MI), and Mariannette Miller-Meeks (R-IA), now goes to President Biden’s desk and will become the 19th bipartisan bill for veterans and servicemembers that Rep. Levin has led and had signed into law.
The Supporting Families of the Fallen Act updates the antiquated Servicemember Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI) policy coverage options that haven’t changed since 2005. The bill increases the SGLI/VGLI maximum coverage amount from $400,000 to $500,000 to address inflation, giving families peace of mind. This legislation supports servicemembers’ and veterans’ families by giving them the option to increase their policy coverage to an amount that best fits their needs.
“Those who serve our country deserve to know their families will be taken care of when they’re gone, but the life insurance they rely on hasn’t been updated in more than 15 years,” said Rep. Levin. “That’s wrong, and we must do better for military families. I’m proud this bipartisan bill is now heading to the President’s desk to make long overdue increases to life insurance for servicemembers and veterans.”
The Department of Veterans Affairs (VA) SGLI and VGLI coverage amounts have not been updated since 2005. Almost two decades later, this outdated policy leaves many military families worried about what will happen to their loved ones if tragedy strikes. The Supporting Families of the Fallen Act is a straightforward solution that simply increases the SGLI/VGLI maximum coverage amount from $400,000 to $500,000 to better reflect inflation levels.
The Department of Veterans Affairs administers and supervises the SGLI/VGLI programs, both of which are administered by the Office of Servicemembers’ Group Life Insurance (OSGLI), a division of Prudential Insurance Company of America. Servicemembers may have their SGLI/VGLI proceeds paid over the course of 36 months or in the form of a single check. A servicemember can reduce coverage in decrements of $50,000 to customize a policy that fits their needs. Free financial counseling is available to beneficiaries.