To amend title 38, United States Code, to increase from $50,000 to $75,000 the amount of life insurance provided to members of the Armed Forces under the Servicemen's Group Life Insurance and Veterans' Group Life Insurance programs.

Increases from $50,000 to $75,000 the amount of life insurance available to current and former military personnel under the Servicemen's Group Life Insurance and the Veterans' Group Life Insurance programs.

Expands eligibility for such insurance to include individuals who are members of the Retired Reserve on August 8, 1990 (currently, January 1, 1986).