S.1063: A bill to amend title 10, United States Code, to improve certain death and survivor benefits with respect to members of the Armed Forces, and for other purposes.

Protecting Military Family Financial Benefits Act of 2007 - Allows an unmarried member of the Armed Forces with one or more dependent children, upon becoming eligible to participate in the Survivor Benefit Plan (SBP), to elect to provide an SBP annuity to an individual who acts as a guardian or caretaker to the dependent child or children.

Directs the Secretary of Defense to appoint a panel to review and identify best practices among pre-deployment counseling and services provided by the military departments to unmarried members of the Armed Forces with dependent children.