The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1919-09-02
SERVICE MEN HAVE 80
DAYS TO REINSTATE
Some Valuable Features of Govern
ment Insurance Law Explained
by Home Agent Henry Chase.

Editor OF the Banner:-At the meet
ing of ex-service men at the Young
Woman's Club rooms last week it
seems that there were two points
relative to reinstatement of their
war risk insurance policies, and the
premiums on the new, or converted
policies. which were not clearly under
stood by all present. AS these two
points are of vital importance to the
men we ask the aid of the Banner
in making them clear now.
First. Reinstatement Any portion
of your old insurance may be reinstat
ed from $1,000 up in multipies Of $500.
For instance, If the man has been
carrying $4,000 of the term insur-
ance, and wishes reinstatement he is
not compelled to get reinstated for
that amount, but may. if he desires,
be reinstated for only $1,000. Now
II the man desires to be reinstated
and carry a $1,000 20 year endowment
policy under the converted insurance,
he would be foolish to get reinstated
for $4,000 and pay up his back prem
iums on that basis when he could get
reinstated for one-tenth of that
amount and pay on that basis. In
other words, IL the ex-seryice man
has been paying premiums of $3.50
per month on his old insurance and
wishes to get reiastated so he may
have his policy converted into $1,000
20 year endowment policy he will
only need to pay up his back prem
iums at the rate of 65 cents per
month instead of at $3.50 per month.
If man was discharged from service
prior to Jan. l, 1919, and has paid
none of the premiums on his insur-
ance since leaving the service he
now has until September 80. 1.-THE
present month"; to get reinstated by
paying up his back premiums upon
the above basis, and making the prop
er application for reinstatement. 1t
is clear then that this month is the
last good opportunity for all of the
men to get reinstated upon a very lib
eral andsimple plan.
Second.-Amount Of premiums on
new, converted policies: The old in
surance was strictly term insurance;
the term was one-year from date of
application and expired at the end OF
one year. The new policies are per-
manent insurance So the difference
in the matter of premiums under the
law is this: Under the old insurance
the amount of premiums paid increas-
ed from year to year according to the
age of the man, but under the con-
verted insurance remains permanent
and the same as paid when applica-
ton is made. In other words, what
ever premium the man pays for the
new insurance at the time he applies
for the same, which is regulated ac-
cording to his age as given in the lit
tie booklets distributed at the meet
ing last week. remains always the
same. If man is 25 years of age his
premium for $1,000 20 year endow-
ment policy would be $39.34 annually,
$19.S4 semi-annually, 1896 quarterly
and 1888 monthly, and this rate OF
premium never changes, but remains
the same for the full term of 20
years, and the man pays no more
uremium the last year than the first
one. This is where the new convert
ed insurance is radically different
from the old insurance, and we trust
the men will take this into considera-
tion, together with the very liberal
terms of reinstatement above men
toned when considering what they
will do about this question of war in
surance. Any good insurance man
will gladly acknowledge that the gov
ernment is offering its eX-service
men an opportunity Of their lifetime
to get an excellent life insurance poll
cy on liberal terms and at a Eiinimum
of expense to himself. This oppor-
tunity will not exist much longer, so
1t would seem that now is the time TO
decide the matter before too late.
Henry Chase,
Home Service Section, Bennington
Red Cross.