This bill says that every five years, the people in charge of taking care of soldiers' insurance have to check if the amount of money being offered is still enough, and they do this by seeing how much stuff costs these days compared to before.

The "Fairness for Servicemembers and their Families Act of 2024" is a plan to make sure the life insurance for soldiers is always fair by checking the amount every few years and adjusting it based on how much prices are going up. This helps keep the insurance money helpful and updated so families get enough support if needed.

The bill wants to check every few years if the insurance money given to soldiers and veterans is still a good amount by looking at how much things cost to buy, like food and toys. This helps make sure they have enough money to help their families if they need it.

The bill wants to make sure that every five years, the government checks if the money that soldiers get for their life insurance is still fair and enough when things cost more over time, using something called the Consumer Price Index. This helps soldiers and their families have the right amount of money they might need if things get more expensive.