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Show VETERANS HERE'S YOUR ANSWER Q. I presently have a loan on my 30-pay National Service Life Insurance Policy. Is it possible to make an additional loan on this policy? A The amount you may borrow bor-row is limited to 94 of the present cash value of your policy. If your present loan is in an amount less than 94 of the cash value, you may make an additional loan up to that limit. . Q. My husband, a World War II veteran, died recently. I applied for the proceeds of his National Service Life Insurance, In-surance, only to be informed by the Veterans Administration Administra-tion that I was not the beneficiary. bene-ficiary. I need this money badly as I have three children to support and educate. Is this money lost to me? A It may be. The VA must pay the proceeds of NSLI policies poli-cies to the beneficiary last designated des-ignated by the insured, even when this results in an obvious inequity. It is sad but true that many veterans neglect to keep this beneficiary designation designa-tion up to date. In your case the situation can be resolved in your favor only if the named beneficiary recognizes the unfairness un-fairness and can be persuaded to assign all or part of the proceeds pro-ceeds to you. Q I was in service from October, 1953, to Sept., 1957. I plan to purchase a home with a GI loan. I have heard something some-thing about a funding fee, What is this? A This applies only to veterans vet-erans who have eligibility for GI loan arising out of military service performed since Jan. 31, 1955. These veterans must pay a fee of one-half of 1 percent per-cent of the amount of the loan to the lender. The lender then submits it to the VA. Since you had service in the Korean Conflict, you will not be required re-quired to pay this fee. |