President Biden signed a bill sponsored by Sen. Tommy Tuberville into law Monday that increases the life insurance benefit for U.S. service members to $500,000, marking the first time the benefit has been raised in 17 years.
“The families of America’s heroes deserve our unwavering support and appreciation,” Alabama’s junior senator, a Republican, said in a statement. “Increasing the life insurance benefit provided to families of those who pay the ultimate sacrifice was long overdue, and I am proud to see this important legislation signed into law. We can never fully repay our service members and military families for their sacrifice, but I am committed to finding ways to show our appreciation by doing everything I can to support our troops and their loved ones.”
Under the law, the U.S. Department of Veterans’ Affairs Servicemembers’ Group Life Insurance, or SGLI, and Veterans’ Group Life Insurance, or VGLI, coverage amount increases from $400,000 to $500,000. U
Until Monday, SGLI and VGLI coverage amounts had not been raised since 2005.
The Senate passed the bill in March and the House approved it last week, paving the way for Biden to sign the legislation into law on Monday.