A bill by U.S. Sen. Tommy Tuberville (R-Auburn) that would increase the maximum life insurance benefit for military families by $100,000 is expected to be signed into law this week.
"Biden is in Puerto Rico and Florida," Tuberville told 1819 News in an interview Tuesday. "He won't be back for a day or so. It's on his desk, so, hopefully, he'll sign it when he gets back. You know, it's pretty important. It's the little things that count. A lot of people overlook the little things but adding $100,000 to life insurance plans for military people that die in active duty … that's huge. Hopefully, we'll get it across the goal line today or tomorrow."
The bill raises the maximum life insurance benefit for military families from $400,000 to $500,000.
It's the first coverage boost to the Servicemembers' Group Life Insurance plan and the Veterans' Group Life Insurance since 2005.
According to Yahoo! News, the Servicemembers' Group Life Insurance automatically enrolls qualified troops, including all active-duty members, cadets at military academies and certain members of the reserves and National Guard. However, troops can choose to decline coverage. The Defense Department reimburses the premium when a service member is in a combat zone. The Veterans' Group Life Insurance is open to veterans who had the service members' plan and are within one year and 120 days of leaving the military.
According to Military.com, 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 $400,000 coverage is $25 per month for service members and ranges anywhere from $28 per month for veterans 29 years or younger to $1,800 per month for veterans 80 years or older.
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