Bill > HR6013

This bill, the Veteran Families Financial Support Act, aims to modernize the service-disabled veterans insurance program. The key provisions are: 1. Establishes a new service-disabled veterans insurance program starting January 1, 2023, which will allow veterans with service-connected disabilities to obtain whole-life insurance policies in amounts ranging from $10,000 to $40,000, or potentially higher if the Secretary of Veterans Affairs determines it is administratively and actuarially sound. 2. Phases out the existing Service-Disabled Veterans' Insurance (SDVI) program, allowing veterans currently enrolled to switch to the new program by December 31, 2025, after which no new SDVI policies will be issued. 3. Requires a 2-year waiting period before coverage under the new program takes effect, during which the Secretary will refund any premiums paid plus interest if the veteran dies. 4. Establishes premium rates for the new program that are consistent with guaranteed acceptance life insurance policies from private companies, and prohibits the waiving of premiums. 5. Provides flexibility in designating and updating beneficiaries for the insurance policies. The aim is to modernize and expand the service-disabled veterans insurance options to better support veteran families.

Health and Social Services, Military Affairs and Security

https://www.congress.gov/bill/116th-congress/house-bill/6013/all-info