Fairness for Servicemembers and their Families Act of 2024

The Fairness for Servicemembers and their Families Act of 2024 requires the Department of Veterans Affairs to review the automatic maximum coverage amount for Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI) every three years, starting January 1, 2024. The review compares the current coverage amount to a new inflation-adjusted figure calculated as $400,000 multiplied by the cumulative increase in the Consumer Price Index (CPI) since 2005. The results of each review must be submitted to Congress. This provision directly affects active-duty service members and veterans enrolled in SGLI or VGLI by establishing a process to potentially increase their automatic coverage to keep pace with inflation.