Fairness for Servicemembers and their Families Act of 2023 This bill requires the Department of Veterans Affairs (VA) to periodically review and report on the maximum coverage available under the Servicemembers' Group Life Insurance and Veterans' Group Life Insurance programs. Specifically, the VA must review such coverage amount every three years, taking into account the percentage increase in the average of the Consumer Price Index for All Urban Consumers (CPI-U) for the fiscal year ending during the preceding calendar year compared to the average of the CPI-U for FY2005.