Bill > H5053

This bill modifies existing Rhode Island state law to increase the amount of life insurance premiums the state will reimburse for National Guard members called up for federal duty lasting more than 30 days. Specifically, the bill raises the maximum reimbursement threshold from $400,000 to $500,000 of life insurance coverage. Under this legislation, if a National Guard member is mobilized for over 30 days and chooses a federal term life insurance policy, the state will fully reimburse the premiums for up to $500,000 in coverage. If the member selects a policy with coverage exceeding $500,000, the state will only reimburse premiums for the first $500,000 of the policy. The bill is designed to provide enhanced financial protection for National Guard members who are called to federal service, ensuring they can obtain comprehensive life insurance coverage without bearing the full cost of premiums. The legislation will take effect immediately upon its passage.

Budget and Finance

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