Supporting Families of the Fallen Act

Floor Speech

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Mr. TAKANO. Madam Speaker, I move to suspend the rules and pass the bill (S. 2794) to amend title 38, United States Code, to increase automatic maximum coverage under the Servicemembers' Group Life Insurance program and the Veterans' Group Life Insurance program, and for other purposes.

The Clerk read the title of the bill.

The text of the bill is as follows: S. 2794

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the ``Supporting Families of the Fallen Act''. SEC. 2. INCREASE IN AUTOMATIC MAXIMUM COVERAGE UNDER SERVICEMEMBERS' GROUP LIFE INSURANCE AND VETERANS' GROUP LIFE INSURANCE.

(a) In General.--Section 1967(a)(3)(A)(i) of title 38, United States Code, is amended by striking ``$400,000'' and inserting ``$500,000''.

(b) Effective Date.--The amendment made by subsection (a) shall take effect on the later of--

(1) the date that is 60 days after the date of the enactment of this Act; or

(2) the date on which the Secretary of Veterans Affairs determines that--

(A) the amount for which a member will be insured pursuant to the amendment made by subsection (a) and the premiums for such amount are administratively and actuarially sound for the Servicemembers' Group Life Insurance program under subchapter III of chapter 19 of title 38, United States Code, and the Veterans' Group Life Insurance program under section 1977 of such title; and

(B) the increase in such amount carried out pursuant to the amendment will not result in such programs operating at a loss.

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Mr. TAKANO. 2794.

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Mr. TAKANO. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, life insurance is designed to offer protection from loss and serves as a death benefit. For a veteran or servicemember, VA's Veterans' Group Life Insurance offers security and confidence that loved ones will be covered and made financially whole in the event a source of income is lost.

While no amount of money can replace the life of a beloved family member, VA's Servicemembers' and Veterans' Group Life Insurance exists to provide an affordable option to provide a fiscal shield for survivors.

Neither insurance program has experienced a coverage limit increase since 2005. This bill increases the maximum amount of coverage for Servicemembers' and Veterans' Group Life Insurance by $100,000, which means expanded coverage of up to $500,000 for each option.

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Mr. TAKANO. Madam Speaker, I thank all the folks that came together for this bill, and I ask all my colleagues to join me in passing S. 2794, which upon passage today will be sent on to the President's desk for signature.

Madam Speaker, I yield back the balance of my time.

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