House Republicans: Let's end the congressional death benefit

"I believe members of Congress should do what other Americans do, purchase their own life insurance," Posey said. "And with so many Americans struggling to make ends meet — mostly because of bad policy coming out of Washington — this taxpayer funded 'gratuity' just adds more insult to injury. It's no wonder Americans have such a low opinion of Congress."

Another co-sponsor, Rep. Virginia Foxx (R-N.C.), said if members of Congress want to provide for their families, they will "need to look somewhere other than this taxpayer-funded perk."

The salary for rank-and-file members of the House is $174,000, but those in leadership positions earn more; House Speaker John Boehner (R-Ohio) is paid $223,500 a year.

Members of the Senate are paid on a similar scale, although Senate Majority Leader Harry Reid (D-Nev.) is paid $193,400 a year — less than Boehner.