OCR Text |
Show Vets Contact Office Explains New G. I. Insurance Plan In response to numerous request; for clarification of the lump-sun payment plan for Q. I. Insurance which Congress recently established, establish-ed, Mr. Howard C. Cromar of thi Veterans Administration contact office at Beaver, this week pointed out that under the new provision; ill beneficiaries will not be eligible for the cash settlement in case o) leath of the insured. According to details Just receiver lump sum payments will be madi only on policies In force after th iate of passage of the Act, Aug us. I, 1946. In other words, those beneficiaries bene-ficiaries of men killed In service or it any time before the date of tht Act, must still be paid on the ol plan of monthly payments. Still another restriction to tht .'ash settlement plan is a provlsloi n the amended act which require: .hat the insured, before his death must personally indicate his choice of a lump sum as the method o payment. If this Is not done,' hi: beneficiaries must select one of the monthly payment plans. Mr. Cromar points out that thi last provision Insures that the veteran vet-eran himself shall have a choice li how he wishes his Insurance to b paid in the case of his death. ThL will prevent large sums of mone from falling Into the hands of lr responsible bcneflcaries, who mighi "live a life of Riley" for a time anc then become public charges. Ex- xrlence following World War I irought this situation to light time md again. Mr. Cromar cautions veteans that the cash settlement plan should be chosen only with a specific purpose in mind, and that wdinarlly, beneflcarles have been far better provided for under a life )r extended Income plan. |