The journal. (Caldwell, Ohio) 1934-1961, 1946-08-22

tended and liberaliZed today when
President Truman signed the Con-
gressional Act amending the Ma
tional Service Life Act of 1910,
it was announced by the Veterans
Administration.
They offer endowment types of
policies which were not included
j in the original law; permit the
naming of beneficiaries outside the
restricted classes included in the
original bill, offer lump sum pay
ments and total disability benefits
which were not previously in
cluded.
The VA, said that holders of
about six million NSLI policies
now in force are eligible provided
by these new amendments. In ad-
dition, those veterans who former
ly held some 10 million policies
that have lapsed may still be en-
titled to reinstate them and take
advantage of the low cost protec-
ton provided for their families by
CT insurance.
Types of Policies
Those veterans who are now
holding term insurance policies
need feel no compulsion to make
an immediate change in the insur-
ance they are carrying, as they
have ample time to give mature
consideration to their insurance
program. Term insurance policies
issued before January l, 1945 may
be continued without change for
eight years from the date they
were issued and policies issued
s. after December 81, 1945 are good
for five years without the necess-
ity of converting to any of the
more permanent types of insur-
ance.
AS originally issued the perman
ent policies provided in National
Service Life Insurance were: ord
mary life, on which the policy
holder pays for as long as he lives
at level premium; 20-payment
life, on which premiums are paid
for 20 years and after which no
more premiums are required; and
30-payment life, on which pre-
miums are paid for 80 years.
In addition to these types of pol
icies the amendments provide for
20-year endowment policies, en-
dowment at age of go and endow-
ment at age of IS. On all of these
endowment policies, the premiums
must be paid for the indicated
length of time, at the expiration of
which the face of the policy may
be paid to the veteran. Those vet
eranS who have converted their
term insurance to one of the pre-
viously authorized plans are per-
mitted under the amendments to
change to one of the endowment
plans if they wish.
Beneficiaries
All restrictions on the choice of
beneficiaries which were imposed
by the original Act have been re-
moved. Formerly the insured was
permitted to designate beneficiar-
les who were near relatives. He
now may designate any person or
persons, a corporation or his es-
tate as beneficiary in his insurance
policy.
Modes of Settlement
The only method of settlement
previously provided was monthly
income or annuity payments
which were provided for guar
anteed period of 100 months or as
a refund life income, paid in equal
monthly installments with the
guarantee that the face of the pol
icy would be repaid. Those forms
of payment are still available.
In addition to them the amend
ments provide an option under
which the insured may have his
insurance paid in a single lump
sum to beneficiaries, or he may
elect for payments to be made in
equal monthly installments rang
ing from SO to 240 months.
Total Disability Benefits
A new feature added to the in
surance by these amendments is
the payment of benefits to an in
sured who is totally disabled for
as long as six months. These pay
ments are at the rate of $5
month for each $1,000 of insurance
and are payable as long as the
disability exists. The insurance it
self is not affected by the pay
ments so that beneficiaries enjoy
the full face value of the policy
upon the death of the insured. The
new total disability feature may
be added to any form of NSL1, in
Guiding term insurance. 1t is only
necessary that the insured meet
specified health requirements and
pay the extra premium that is re-
quired for this additional benefit.
Application For New Insurance
ALI persons who served in the
armed forces between October q,
1910 and September 2, 1945 are en-
titled to apply for NSLI. The total
amount which may be carried by
any applicant may not exceed
$4,000. The application may be
II kNA