Servicemembers and Military Families Financial Protection Act of 2001

Servicemembers and Military Families Financial Protection Act of 2001 - Amends the Soldiers' and Sailors' Civil Relief Act of 1940 to prohibit the eviction or distress during a member's period of military service of the spouse, child, or other dependent of such member from any premises for which the rent does not exceed $1,950 (currently $1,250).

Allows a member to elect in writing to be insured under the Servicemembers' Group Life Insurance or Veterans' Group Life Insurance programs in amounts in excess of the current $250,000 limit ($500,000, $750,000, or $1 million). Authorizes military pay deductions to cover appropriate insurance premiums.