Show veterans news veterans whose first period of service in the armed forces began after september 2 1945 will lose all rights to any furth er GI insurance it if they let their present term policies expire veterans administration in in making the announcement said these veterans must do olle one ot two things before their term policies expire it if they wish to retain national service seral e lite life insurance thereafter under the pre present sent law lawther they are I 1 renew for another 5 year term or 2 convert to one or more of the six available permanent plans of this requirement 13 is contain ed in the act of 1940 as amended which stipulates that after discharge only those who had active service between october 8 1940 and september 2 1945 may be granted new ins ansur ance this thi j means VA said that if a veterans first period of service began after september 2 1945 and he permits his term poli policy cy to expire without renewing or converting cog lie he cannot apply for new insurance unless inless he reenters active service term policies issued be fore january 1 1946 expire 8 bears ears from the date of issue term policies issued on or after january 1 1946 expire 5 years from the date ol of issue these expiration periods are significant for veterans whose first period of service b began an after september 2 1945 eg and nd w who ho took out term while in service it if they took out their term policies before january 1 1946 they have eight years from the tha date of issue to renew or convert before the expiration of their policies if they took out their term N SLI policies on or after january 1 1946 they have only five years from the date of issue to renew or convert before expiration there is still a third group affected by another date this group includes those who took out term policies on or at ter terL January 1 1948 these policies under the present law may not be renewed at their expiration pi ration but they rny may be converted at any time prior to their expiration VA emphasized that 1 renewal for another five year term or conversion to a plan must be ma made d e I 1 before the present term policy expires 2 the premi premium urn payment i for the last mon month th of the current te term policy must be made before the policy can be renewed otherwise the policy lapses an and d cannot be reinstated or rei i dewed 3 the first premium on the new policy should accompany the application for renewal the 31 day grace period for payment cf premiums does not apply until after the first premium has been paid and the new nev policy is in force |