WASHINGTON, D.C. - U.S. Senators Angus King (I-ME), a member of both the Senate Armed Services Committee (SASC) and Senate Veterans' Affairs Committee (SVAC), John Cornyn (R-TX), Maggie Hassan (D-NH) and Ted Cruz (R-TX) are celebrating the signing into law of their bipartisan bill, which to help adjust military life insurance for servicemembers and their families to account for cost-of-living increases and inflation.

The Fairness for Servicemembers and their Families Act will help ensure the maximum group insurance available to servicemembers and veterans account for increases in cost of living. From 2006 to 2023, the maximum insurance value available for servicemembers and veterans remained static, lagging far behind inflation rates. This law will strengthen the financial safety net for veterans, servicemembers, and their families by requiring a report to the U.S. Veterans' Affairs Department, the Senate Committee on Veterans' Affairs, and the House Committee on Veterans' Affairs regarding cost-of-living increases and inflation rates every five years to ensure they don't go 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 as they increasingly face the difficulties of an unstable economy. I'm grateful to my colleagues, and the President for signing a bill into law that honors our commitment to the brave men and women who have given so much to our country."

"We need to make sure service members, veterans, and their families have the financial support they need and deserve," said Senator Cornyn. "I'm grateful to President Trump for his unwavering support of our brave men and women in uniform and for signing this bill into law, which will help ensure the Veterans Affairs Department can offer competitive life insurance packages that keep pace with the current cost of living."

"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," said Senator Hassan. "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."

"We owe our servicemembers and their families a debt we can never repay, and we have a straightforward obligation to ensure they are financially secure," said Senator Cruz. "This bill brings us one step closer to fulfilling that goal, and I'm thankful to President Trump for signing into law."

Representing one of the states with the highest rates of military families and veterans per capita, Senator King is a staunch advocate for America's servicemembers and veterans. A member of the Senate Veterans' Affairs Committee (SVAC), he works to ensure American veterans receive their earned benefits and that the VA is properly implementing various programs such as the PACT Act, the State Veterans Homes Domiciliary Care Flexibility Act, and the John Scott Hannon Act. In addition, he helped pass the Veterans COLA Act, which increased benefits for 30,000 Maine veterans and their families. This fall, President Trump also signed his bipartisan Improving Veteran Experience Act into law.

Senator King has introduced bipartisan legislation alongside SVAC Chairman Senator Jerry Moran (R-KS) to improve care coordination for veterans who rely on both VA health care and Medicare. In February, Senator King was honored by the Disabled American Veterans as its 2025 Legislator of the Year. Last year, he was recognized by the Wounded Warrior Project as the 2024 Legislator of the Year for his "outstanding legislative effort and achievement to improve the lives of the wounded, ill, and injured veterans."

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