Honoring Fallen Heroes Act of 2005 - Increases from $12,000 to $100,000 the death gratuity payable to survivors of members of the Armed Forces who die: (1) while on active duty or inactive duty training; or (2) within 120 days after discharge or release from such duty or training, if the death resulted from an injury or disease incurred or aggravated during such duty or training.
Increases from $250,000 to $400,000 the maximum coverage amount under the Servicemembers' Group Life Insurance program. Provides retroactive applicability of such increase with respect to members who died in the performance of duty between the period beginning on October 1, 2000, and ending 120 days after the enactment of this Act and who, on the date of death, were insured for the maximum coverage available.