Rep. Cole Votes for Increased Life Insurance for Vets and Military Personnel
Washington, D.C. – Congressman Tom Cole voted today for the Servicemembers’ Group Life Insurance Enhancement Act of 2005, H.R. 3200, which increases the maximum coverage available under the Servicemembers' Group Life Insurance and Veterans' Group Life Insurance programs from the current $250,000 ceiling to $400,000. Ninety-eight percent of all active duty personnel, including mobilized reservists, participate in the SGLI program.
"The purpose of these programs is to provide affordable life insurance to servicemembers and veterans who, given the inherent risks of military service, may not be able to get insurance. These men and women have dedicated their lives to our country and we need to make sure we take care of them and their families," Congressman Tom Cole said.
These increases for servicemembers and veterans were enacted earlier this year in FY2005 Emergency Supplemental Appropriations Act (P.L. 109-13) and expire on September 30, 2005. H.R. 3200 will make them permanent. Additionally, the bill boosts the incremental increases in both of these life insurance programs from the current $10,000 to $50,000. The new maximums will go into effect on September 1, 2005. The coverage of all policies in force, regardless of coverage amount, would immediately be changed to the maximum $400,000. Policyholders will then have the opportunity to decrease coverage if they choose.
H.R. 3200 must now pass in the Senate.