Troops, Veterans Can Get Greater Life Insurance Coverage Under Biden’s Office Bill – Military Benefits
This article originally appeared on Military.com. Follow Military.com on Twitter.
Military members and veterans will be able to increase their maximum life insurance coverage by $100,000 under a bill that was recently approved by Congress.
The bill, titled Supporting Families of the Fallen Act, will increase maximum coverage for the military’s group life insurance plan and veteran’s group life insurance plan for the first time since 2005.
The measure, which passed the Senate earlier this year, was unanimously approved by the House on Thursday, sending the bill to President Joe Biden’s office for his expected signature.
“Our military families support our fighters through the dangers of battle and through the most difficult times,” said Sen. Tommy Tuberville, R-Ala., the bill’s sponsor, in a statement. video statement Last week. “We hope they never get that horrible call, but when one of our service members pays the ultimate sacrifice, their family must be taken care of.”
Under the bill, the maximum coverage for military group life insurance and veterans group life insurance will increase from $400,000 to $500,000.
Both insurance policies are administered by the Department of Veterans Affairs and, while neither is free, they do offer service members and veterans a low-cost life insurance option.
Service members and veterans who choose the new $500,000 coverage will pay about $6 more per month for their premium than under the $400,000 plan, the Tuberville office told Military.com in March. The $400,000 coverage is $25 per month for military members and ranges from $28 per month for veterans age 29 or younger to $1,800 per month for veterans age 80 or older.
Military Group Life Insurance automatically enrolls qualified troops, including all active duty members, military academy cadets, and some reserve members and National Guard, although troops may choose to decline cover. The Ministry of Defense reimburses the premium when a soldier is in a combat zone.
Veterans Group Life Insurance is open to veterans who had the service member plan and are within one year and 120 days of leaving the military.
In an interview with Military.com in March, Tuberville said increased coverage is especially important now that inflation is driving up the cost of living. The former college football coach also said he may consider increased payments to help families pay for higher education.
“Sometimes it’s the little things that really help,” Tuberville said. “There are not a lot of savings for these military families, there is not a big savings account, and therefore there is not much to fall back on in the event of death. in the family. So I think that gives us another opportunity to give some families peace of mind.