WASHINGTON — U.S. Sen. Mazie Hirono introduced legislation last week that would adjust life insurance packages for U.S. service members and veterans to account for the cost of living and inflation.

The bipartisan, bicameral Fairness for Servicemembers and their Families Act would ensure coverage amounts for the Servicemembers’ Group Life Insurance and Veterans Group Life Insurance to account for changes in the economy. The measure would require the secretary of veterans’ affairs to submit a report to Congress indicating the buying power of the current maximum coverage against 2006 dollars using data from the Bureau of Labor and Statistics.

“As the cost of living increases for people across the country, it is crucial our veterans are able to access life insurance plans that keep pace with rising costs,” Hirono said. “The Fairness for Servicemembers and their Families Act will help improve life insurance options for service members, veterans, and their families. As a member of the Senate Veterans’ Affairs Committee, I’ll keep fighting to ensure all of our veterans and their loved ones receive the support they deserve.”

From 2006 to 2023, the maximum insurance value available for service members and veterans remained static, lagging far behind inflation rates. Hirono and her co-sponsors said the bill would improve the financial safety net for veterans, service members, and their families by helping to ensure coverage amounts don’t remain static when the cost of living goes up. The annual reporting requirements would also prevent the U.S. Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans Affairs from going years without assessing inflation rates.

In addition to Hirono, the legislation was co-sponsored by U.S. Sens. John Cornyn, R-Tex.; Maggie Hassan, D-N.H.; Mike Braun, R-Ind.; Ted Cruz; R-Tex.; Angus King, I-Maine; and Mark Kelly, D-Ariz. Companion legislation was introduced in the House by Reps. Don Bacon, R-Neb., and Marilyn Strickland, D-Wash.

Michael Tsai covers local and state politics for Spectrum News Hawaii.