On the recordAugust 5, 2010
I rise today to introduce the ``Securing America's Veterans Insurance Needs and Goals Act of 2010 or the SAVINGS Act of 2010. This bill ensures that beneficiaries of the Servicemembers' Group Life Insurance, SGLI, program receive financial counseling and full disclosure information regarding life insurance payments. Active duty members of the Armed Forces will be given more information as they decide on disbursement options for their beneficiaries. The SAVINGS Act offers specific protections and alternatives to life insurance policy beneficiaries. This bill requires an explanation of how the retained- asset accounts differ from traditional checking accounts and leaves flexibility for the Secretary of the Department of Veterans Affairs to add more disclosure guidelines as he sees fit. My concern is that what has become a common industry practice, may not be an appropriate solution for every family. The SAVINGS Act addresses this challenge by requiring a greater level of disclosure and financial counseling to beneficiaries. This bill helps families make sound financial decisions during a most difficult time.
