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Faster Life Insurance Payments for Veterans' Families

This act shortens the waiting period for life insurance benefit payments to deceased veterans' families. It also simplifies the beneficiary designation process and improves the tracing of individuals entitled to undisbursed benefits, ensuring quicker access to due funds.
Key points
Reduces the timeframe for claims and payments of veterans' life insurance benefits from two years to one year, and in some cases from four to two years.
Simplifies rules for designating life insurance beneficiaries, with a clear order of inheritance if no beneficiary is named.
Introduces measures to find and disburse undisbursed insurance benefits, including improving search tools and increasing dedicated staff.
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Additional Information
Print number: 117_S_4646
Sponsor: Sen. Brown, Sherrod [D-OH]
Process start date: 2022-07-27