Servicemembers' Family Protection Act of 2005 - Directs the Secretary of the military department concerned, in the case of a member of the Armed Forces who has obtained Servicemembers' Group Life Insurance (SGLI) coverage and who serves in Iraq or Afghanistan at any time during a month, to pay to such member an allowance equal to the lesser of: (1) the amount of the pay deduction actually made for that month for SGLI coverage; or (2) the deduction made for members who select the $250,000 (highest) level of SGLI coverage.
Requires the Secretary of Defense to pay, on behalf of any member who died after September 11, 2001, as a result of a wound, injury, or illness sustained while serving or traveling to or from a mission in Iraq or Afghanistan, and who was not insured under SGLI at the $250,000 level, the difference between $250,000 and the amount of any SGLI already paid.