Rep. Mike Levin Introduces Bipartisan Bill to Strengthen Life Insurance Support for Military Families
Washington, DC — U.S. Representative Mike Levin (D-CA), Chair of the House Veterans’ Affairs Subcommittee on Economic Opportunity, introduced bipartisan legislation to support servicemembers’ and veterans’ families across the country by increasing the maximum coverage amount available under the Servicemember Group Life Insurance (SGLI) and Veterans Group Life Insurance (VGLI) programs. Reps. Chip Roy (R-TX), Elissa Slotkin (D-MI), and Mariannette Miller-Meeks (R-IA) also introduced the bill with Rep. Levin.
The Supporting Families of the Fallen Act updates the antiquated SGLI/VGLI policy coverage options that haven’t been changed since 2005. This legislation increases the SGLI/VGLI maximum coverage amount from $400,000 to $500,000 to reflect inflation levels, giving families across the country 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.
“We owe it to our fallen servicemembers to properly support the families these brave warriors leave behind,” said Rep. Levin. “The bipartisan Supporting Families of the Fallen Act provides a long overdue increase in death benefits to ease financial hardships for our Gold Star Families and other military families. I am proud to introduce this bill with Rep. Roy to expand monetary relief for the loved ones of those who give their lives for our nation. We must honor their service and sacrifice by passing this bill as soon as possible.”
“Veterans and active duty servicemembers across the country should rest assured that if anything happens to them their families will be supported. That is why as the representative for thousands of military and veterans families across TX-21, I introduced the Supporting Families of the Fallen Act to update the decades old life insurance policy and give families across the country peace of mind.” said Rep. Roy.
“We need to make sure that our military members and veterans have access to quality life insurance. As a 24-year Army veteran, I know that many families rely on these programs for peace of mind,” said Rep. Miller-Meeks. “I am proud to support this commonsense legislation to raise the maximum life insurance coverage for servicemembers and veterans. We have to do more for our veterans, there is simply no other option.”
“When we make the decision to send our men and women to fight for our country, we make the decision to support them and their families for the rest of their lives. But right now, too many military families are concerned about their financial security if they lose a loved one over the course of their service,” said Rep. Slotkin. “The Supporting Families of the Fallen Act will help relieve that fear by raising the maximum coverage amount offered through the VA’s Servicemembers’ Group Life Insurance and Veterans’ Group Life Insurance policies. Our military families make enormous sacrifices on behalf of our country, and this bill will help ensure they don’t have to worry about their financial future if tragedy strikes.”
Veterans and active duty servicemembers across the country should rest assured that if anything happens to them their families will be supported. Unfortunately, the Department of Veterans Affairs Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI) coverage amounts have not been updated since 2005. Almost two decades later, this outdated policy leaves many military families and veterans 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 reflect inflation levels giving families across the country peace of mind.
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.