Show vets urged to check insurance policies world war II 11 veterans who took out national service lite life to 10 ul 1 I are advised by veterans administration to check on the present status of their policies term insurance is 15 issued for a five year term period although congress extended to eight years those policies taken out before jan 1 1946 congress further has authorized the renewal of term ins insurance drance issued before jari jan 1 1948 for an additional 5 year term at the expiration of the original term period all term policies issued in 1943 or 1946 therefore unless converted or renewed will expire on the policies anniversary dates this year if policies are not renewed or converted a physical examination would be necessary to obtain new VA V A will try its best to adviss advise veterans whose term insurance is about to expire however through change of address or other reasons sons veterans sometimes fail to receive these notices in time expiration of term insurance VA V V A explained is not the same as lapse if the policy has only lapsed veterans generally can reinstate within three months by simply signing a comparative health statement saying their health is as good as when the policy lapsed but the three months reinstatement privilege does not apply to the policy after its expiration date when a term policy is ab t expire the veteran vetera n is faced face bened d r j a two way choice to rene renekka e KyA term lerm insurance two to convert ie to some form of permanent GI insurance renewed term insurance will carry a higher premium figured on the veterans Vete rates age at the time he renews it his new term policy like his old one does not build any cash or loan value as time goes on if the veteran wishes to convert to a permanent form of insurance su rance there are six plans to choose from ordinary life 20 payment life 30 payment life and three different endowment plans or any combination of the six all permanent GI insurance builds up cash loan values and the premiums remain the sarie same through out the life of the policy y IF application for conversion conversion 0 oj F newal together with the first premium payment must be made before the old policas poli cys expiration date VA V A reminded that premiums must be continued also on 01 the old policy until its expiration date otherwise it will lapse and cannot be renewed or converted even though the veteran may have an application or renewal with his first premium in the VA V A office |