(Sec. 4) Revises Servicemembers' Group Life Insurance (SGLI) provisions to: (1) permit members to purchase a maximum of $100,000 in SGLI coverage for their spouses; and (2) extend automatically to members' children $10,000 in such coverage. Outlines provisions concerning: (1) coverage effective dates and termination; (2) premium and proceeds payments; and (3) SGLI conversion to private insurance.
(Sec. 5) Makes retroactive to October 1, 2000, the increase from $200,000 to $250,000 in the maximum SGLI member benefit for members who die on duty between such date and March 31, 2001. (April 1, 2001, is the current effective date for such increase for all members.)
(Sec. 6) Directs the Secretary of Veterans Affairs to ensure that: (1) the needs of eligible veterans' dependents are fully addressed; and (2) the availability of outreach and assistance for such dependents is made known through a variety of means, including the Internet and announcements in veterans publications and through the media.
(Sec. 7) Makes various technical amendments to Montgomery GI Bill provisions, including: (1) eligibility requirements; (2) the charging of entitlements; (3) the "buy-up" option; (4) contributions reimbursement; and (5) conversion from Veterans Educational Assistance Program coverage.