A bill to amend title 38, United States Code, to improve the death and disability pension program for veterans and their dependents.

Increases the pension paid to the surviving spouse of a veteran or to the child of a veteran whenever there is no surviving spouse. Increases the disability pension payable to veterans who meet certain disability and service requirements.

Prohibits proceeds from certain Government life insurance policies from being considered annual income for purposes of the determination of veterans' death and disability benefits.