House Sends Rep. Mike Levin’s Bill Strengthening Military Life Insurance to President’s Desk – InsuranceNewsNet

0


Targeted News Service (Press Releases)

WASHINGTON, September 30 — Rep. mike levinD-Californiaissued the following press release:

The House of Representatives past the representative by Mike Levin (D-CA) Supporting Families of the Fallen Act to increase the maximum amount of coverage available under military family life insurance programs. The bill, which Rep. Wine featured with Reps. Chipie Roy (R-TX), Elissa Slotkin (D-MI), and Marianne Miller Meeks (R-IA), now go to of President Biden office and will become the 19th bipartisan veterans and military bill that Rep. Wine led and signed the law.

The Supporting Families of the Fallen Act updates the old Military group life insurance (SGLI) and Group life insurance for veterans (VGLI) policy coverage options that have not changed since 2005. The bill increases the maximum SGLI/VGLI coverage amount from $400,000 at $500,000 to fight inflation, giving families peace of mind. This legislation supports military and veteran families by giving them the ability to increase their policy coverage to an amount that best suits their needs.

“Those who serve our country deserve to know that their families will be taken care of after they are gone, but the life insurance they rely on has not been updated in over 15 years,” said Rep. Wine. “This is wrong, and we need to do better for military families. I’m proud that this bipartisan bill is now heading to the president’s desk to bring long overdue increases to military life insurance and veterans.”

The Department of Veterans Affairs (VA) SGLI and VGLI coverage amounts have not been updated since 2005. Nearly two decades later, this outdated policy leaves many military families worried about what will happen to their loved ones in the event of a tragedy. The Supporting Families of the Fallen Act is a simple solution that simply increases the maximum amount of SGLI/VGLI coverage by $400,000 at $500,000 to better reflect inflation levels.

The Department of Veterans Affairs administers and oversees the SGLI/VGLI programs, both administered by the Military Group Life Insurance Office (OSGLI), a division of Prudential Assurance Company of America. Service members can have their SGLI/VGLI product paid for over a 36 month period or as a one-time check. A member may reduce coverage in increments of $50,000 to customize a policy that fits their needs. Free financial advice is available to beneficiaries.

* * *

Original text here: https://mikelevin.house.gov/media/press-releases/house-sends-rep-mike-levins-bill-strengthening-servicemembers-life-insurance-to-presidents-desk

Share.

About Author

Comments are closed.