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The Durant News
Durant, Holmes County, Mississippi
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Veterans Administration urges periodic reviews of National Service Life Insurance (NSLI) policies to ensure alignment with current family status, incomes, and plans, covering beneficiaries, payment options, and coverage types.
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Veterans Administration advised veterans to give their National Service Life Insurance policies periodic three-way checks to make certain that their NSLI programs are consistent with their plans, obligations and incomes.
The "three-way check" should cover (1) beneficiaries, both principal and contingent; (2) manner in which proceeds are to be paid to beneficiaries; and (3) amount and type of NSLI in force.
Many veterans fail to name new beneficiaries when they marry or when a designated beneficiary dies. VA said.
If a veteran dies without naming a beneficiary, or if no designated beneficiary is alive at the time of his death, proceeds of the insurance go into his estate and are subject to inheritance taxes. Final distribution of the proceeds may not be that which the veteran would have desired.
Changes in family status or family income often require a veteran to change the method of NSLI settlement. He may elect to have his NSLI proceeds paid to his beneficiary in a lump sum or in equal monthly installments ranging from 36 to lifetime income.
The type and amount of NSLI owned by a veteran should be that which best fits his pocketbook and gives him the most coverage. VA said. NSLI policies include term, ordinary life, 30-payment life, 20-payment life, endowment at age 60, endowment at age 65, and 20-year endowment.
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Veterans Administration advised veterans to give their National Service Life Insurance policies periodic three-way checks to make certain that their NSLI programs are consistent with their plans, obligations and incomes. The "three-way check" should cover (1) beneficiaries, both principal and contingent; (2) manner in which proceeds are to be paid to beneficiaries; and (3) amount and type of NSLI in force. Many veterans fail to name new beneficiaries when they marry or when a designated beneficiary dies. VA said. If a veteran dies without naming a beneficiary, or if no designated beneficiary is alive at the time of his death, proceeds of the insurance go into his estate and are subject to inheritance taxes. Final distribution of the proceeds may not be that which the veteran would have desired. Changes in family status or family income often require a veteran to change the method of NSLI settlement. He may elect to have his NSLI proceeds paid to his beneficiary in a lump sum or in equal monthly installments ranging from 36 to lifetime income. The type and amount of NSLI owned by a veteran should be that which best fits his pocketbook and gives him the most coverage. VA said. NSLI policies include term, ordinary life, 30-payment life, 20-payment life, endowment at age 60, endowment at age 65, and 20-year endowment.