Congress has recently passed a bill that will allow service members and veterans to increase maximum life insurance coverage by $100,000, Military.com reported.
The Supporting Families of the Fallen Act – it passed the Senate and was unanimously supported by the House Sep. 29 – will raise maximum coverage from $400,000 to $500,000 for the Servicemembers' Group Life Insurance plan and the Veterans' Group Life Insurance plan.
"Our military families support our war fighters in dangers of battle and through the most difficult times," Sen. Tommy Tuberville, R-Ala., the bill's sponsor, said in a video statement. "We hope they never receive that horrible call, but when one of our service members pays the ultimate sacrifice, their family should be taken care of."
Those who choose the new coverage will pay approximately $6 more each month for their premium, Tuberville's office said. Under the $400,000 coverage, service members pay $25/month, and veterans pay a cost ranging from $28/month for those 29 years or younger to $1,800/month for those 80 years or older.
"Sometimes, it's the little things that really help," Tuberville said. "There's not a lot being saved by these military families, there's not a big savings account, and so there's not a lot to lean on if there's a death in the family. So I think this gives us another opportunity to give peace of mind to some of the families."