Show Vets Administration I I Information Service I Veterans holding National Service Life LUe Insurance and those persons now enter enter- entering enterIng entering ing service who take take out should file with the Veterans Administration a I form or statement Indicating how the I proceeds of at their polices should be bet beI t I paid to their beneficiaries V-A V advises Under existing laws those In service today are entitled to National Service Life Insurance on the same basis as servicemen of World War II V-A V said The Tho Insured may select any one of four optional settlements of his Ills policy designating how he wants his Insurance proceeds paid to his Ills beneficiaries at his death Or he may elect that a 0 part of the tho proceeds s be paid under one option and the balance paid under another option V-A V said For example under a n. policy he may choose to have his beneficiary receive 1000 In a n. lump sum under Option 1 and the remaining In equal monthly Installments under one on of the other three options Under Option 1 the insurance pro pro- proceeds proceeds proceeds will wUl be payable in one lump sum at the death of ot the insured If he falls fails to designate Option 1 or if he tails falls to tomake tomake tomake make any designation his beneficiaries have havo to accept the proceeds of the policy polley under Options 2 3 or 4 in equal monthly Installments The Tho amount of at these monthly Installments will vary with the age of at the beneficiary b at the death of the veteran or under Option 2 the number of ot monthly Installments selected The designated first beneficiary may elect under certain ce conditions to re receive re- re calve payment under any Installment 2 option option 2 3 or 4 provided 4 the num num- number number number ber of installments so selected are payable pay pay- payable payable able over a longer period than the selection made by the Insured But the beneficiary cannot select Option 1 1 lump sum payment unless payment unless the Insured has designated It Under Option 2 either the Insured or 01 the beneficiary may select equal monthly Installments ranging from tram 36 3 6 months to months in multiples of i 12 That Is they can select that th t the proceeds I be paid in 3 years 4 5 5 or up upI to 20 years V-A V pointed out I Under Option 3 the monthly Install Install- Installments installments I ments will wUl be paid throughout the remaining lifetime of the designated I first beneficiary with monthly pay pay- payments payments I ments guaranteed If the designated designate d first beneficiary dies before these 1201 I I payments have been made the remain remain- remainIng remaining lIng Ing guaranteed monthly payments will I be paid to the contingent beneficiary or o r to the Insured's estate I Option 4 also guarantees that the designated first beneficiary will receive monthly Installments throughout her he r remaining lifetime If It the designated first beneficiary should die before re receiving re- re receiving the th face amount of the policy polley the contingent beneficiary or the estate I |