This bill mandates the New Jersey Department of Military Affairs (DMA) to collaborate with the National Guard Association of New Jersey (NGANJ) to establish a State-sponsored life insurance program for members of the New Jersey National Guard (NJNG). Currently, the NJNG, which comprises over 8,300 servicemembers, lacks access to a low-cost life insurance benefit, despite the commitment to support these individuals and their families. The bill addresses previous concerns regarding federal, legal, and ethical issues related to such a program, while also referencing federal provisions that allow National Guard members to participate in state-sponsored life insurance programs.

Under the proposed legislation, the NGANJ will serve as the designated provider of life insurance products through licensed insurers in New Jersey, and the program will be named the New Jersey National Guard State-Sponsored Life Insurance Program. The DMA, through the Adjutant General, will be responsible for facilitating and coordinating the program's availability to NJNG members and their dependents, as well as managing allotments with the appropriate federal offices. Importantly, the bill stipulates that it will not impose any additional financial burden on the State.