Supporting Families of the Fallen Act
Oct 17, 2022
Statute: 136 Stat. 2243
Became law: Oct 17, 2022
Oct 17, 2022
Statute: 136 Stat. 2243
Became law: Oct 17, 2022
Summary
Raises the maximum life insurance benefit for service members and veterans from $400,000 to $500,000 to provide more financial support to their families.
What problem does this solve?
The previous life insurance amount for service members was not always enough to fully support families who lost a loved one. This law raises the maximum coverage to $500,000, providing greater financial help to these families.
What does this law do?
Increased life insurance coverage
Raises the maximum automatic life insurance coverage for service members and veterans from $400,000 to $500,000.
Conditions for implementation
Requires the Secretary of Veterans Affairs to determine that the increase is financially sound for the insurance programs before it can take effect.
Who does this affect?
- U.S. service members
- Veterans
- Military families
What is the real world impact?
•
Provides greater financial security for military families
Increases the life insurance payout to help families of fallen service members and veterans better cope with financial challenges after their loss.
When does this start?
This law's changes take effect after certain conditions are met, including a review by the Secretary of Veterans Affairs.
Initial effective date window
The change can take effect no earlier than 60 days after the law was signed on October 17, 2022.
Final approval by VA Secretary
The increase will only become effective after the Secretary of Veterans Affairs confirms that it is financially sound for the SGLI and VGLI programs and will not cause them to lose money.