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Show Policies Need Checking For Beneficiaries Contrary to a misconception held by many, wills cannot change beneficiaries named on life Insurance policies issued by the Veterans Administration. Director Elmer J. Smith, of the VA's Salt Lake City Regional Office, stressed that point while reminding veterans to make certain that persons whom they want to receive their insurance are named on their policies. Veterans who fail to do so, he explained, could add unnecessary additional emotional stress to survivors and cause unwarranted financial hardship, especially for their mates and minor children, when it is discovered the intended beneficiaries were not named. Most of the agency's policyholders are World War II veterans who carry National Service Life Insurance. The problem of insurance benefits going to unintended recipients has arisen in most instances because the veteran simply never got around to changing an earlier listing of beneficiaries and the agency is obligated by law to pay insurance proceeds to the beneficiaries of record. In a typical case, the veteran named his mother as beneficiary when he took out his policy. Later, when he married, he forgot to notify the VA to change his beneficiary. Another case involved a veteran who made his wife beneficiary. Later they divorced after a childless marriage. He remarried, and had three children by his second wife. But he neglected to name his new wife as beneficiary. He died while married to his second wife but the first wife received all the proceeds from his insurance. Mr. Smith urged any veteran who wishes to check on or change beneficiaries to contact the VA insurance center where premiums are paid either in Philadelphia or St. Paul. The veteran should be sure to provide as much information as possible, including policy number, full name and address. |