Show t I gets Administration I I Information Service Veterans Administration Administration this week urged veterans veterans' and servicemen holding National Service Life Lire Insurance to re- re review review view their or GI Insurance In policies records i or correspondence i VA advised veterans and servicemen as asi had designated M I to be sure they beneficiary or beneficiaries the person i or persons they wished to receive the benefits of or the OI 01 policy i Many veterans have never named a a. beneficiary VA said and many others may want to change their beneficiaries because their marital and family status has changed since taking out Vie the policy him him- himself himself I I Only the veteran or serviceman I IH self has the right to name nam or change Ii a beneficiary During World War II n he heI i H I I was restricted In his choice of or bene- bene benei I bene-I fl i VA said but since August 1 1 i j 1946 1948 he has had the privilege of or naming any person or persons Or he be can now 3 ji Ij name a firm finn corporation or other ther legal it I I entity Including his estate as the prin- prin PrIn 1 principal S cipal beneficiary I In addition to the principal bene bene- I bene-I he may also name na e one on or r more I contingent beneficiaries to receive I payment of or the balance should the principal beneficiary die before full payment of the proceeds has been been made no If-no It no beneficiary Is named the en en- entire en- en tire tiri tir proceeds of or the policy polley are paid In Ina ina ina a lump sum to the veterans veteran's estate VA I pointed out that this could cause hard hard- hardships hardships hard I ships because of or the following 1 Only Only the veterans veteran's heirs heirs and and not necessarily those he would have chosen I could could be entitled to any part of his I estate e. e ta te I 2 Once 2 Once the tho Insurance proceeds are part of the estate they are arc subject to state laws covering Inheritance 3 3 To To administer an estate costs money i 4 The 4 The heirs may not be able to get settled settled- the money until the estate Is sometimes for several months and 5 When When settled the heirs would re- re reI I I tho the money In a lump sum de- de depriving I the widow or first beneficiary of selecting an optional settlement that would have given her an nn income for life through monthly payments I Veterans and servicemen should also also Investigate the advisability of having a common disaster clause on record VA said This Is for the protection of the secondary beneficiary should tho the first beneficiary die following the veterans veteran's death and the Insurance was paid In a n lump sum Unless this clause Is on record with VA the first beneficiary even though surviving the Insured by only a few hours would be legally entitled to the lump sum payment Following her death the Insurance would go Into her estate Instead of or to the secondary beneficiary chosen by the Insured VA urged veterans to check their insurance to bring it up to date to see If 1 It meets their present day needs to see if It they have told VA how they want the money paid to their beneficiaries beneficiaries beneficiaries aries and to whom and In what amounts It should be paid |