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Show Veterans Offered J Two New ! Insurance Plans Two new typos of low-cost Government Gov-ernment life insurance are available avail-able to eligible veterans of the U. S. Armed Forces who served anywhere in the world since the Korean campaign started on June 27, 1950. The first of the two typos is a non-convertible five-year level premium term xilicy that may be renewed every five years at the premium rate for. the then-attained then-attained age. The second type is a special form of National Service Life Insurance, In-surance, on eitrer term or permanent per-manent plans, that may be issued is-sued to disabled veterans whose disabilities have been found to be service-connected. In this article, we will discuss only the five-year level premium prem-ium term plan. The special NSLI provided for disabled veterans will be discussed in the next article. ar-ticle. To qualify for the five-year level premium term policy veterans vet-erans must have been ordered to active duty for 31 days or more; they must have served since June 27, 1950, and they must have been released from active ac-tive service. These veterans are eligible, without physical examination, for a five-year levy premium term policy in amounts ranging from $1,000 to $10,000, less any other Government life insurance in force at the time of application. They must apply in writing to Veterans Administration, Washington, Wash-ington, D. C, within 120 days after af-ter their release or separation from active service, and pay the required first premium. The premium rates for most ages under this policy are the lowest of any Government life i Insurance yet authorized by the ' Congress. While this policy may be renewed re-newed every five years at the premium rate for the then-attained age, it is not convertible to any other plan of Government life insurance, nor will it earn dividends. Because it is a term policy running for only five years, it does not have any loan value, cash surrender value, or extended extend-ed insurance value. It merely provides life insurance coverage while premiums are being paid for the five year period. Death payments made to the beneficiary are exempt from taxation, tax-ation, but the exemption does not extend to any property purchased pur-chased with this money. These payments also are fully exempt from claims of creditors against the insured veteran or his beneficiary, bene-ficiary, but this exemption does not apply against the United States. Veterans who plan to apply for this insurance may do so immediately im-mediately following separation or release from active service, but they must meet requirements within 120 days after separation or release. For further Information, veterans vet-erans should contact their nearest near-est VA office immediately after separation or release. |
