When was National Service Life Insurance founded?


Quick Answer

The National Service Life Insurance program was founded on Oct. 8, 1940, for individuals who served in World War II, according to the U.S. Department of Veterans Affairs. From 1940 to April 25, 1951, the program issued approximately 22 million permanent life and renewable term insurance policies.

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Full Answer

The maximum face amount of a National Service Life Insurance policy is $10,000. As of 2015, about 950,000 policies are still in force and paying annual dividends, explains the U.S. Department of Veterans Affairs. Policy holders can use the dividends to purchase additional paid-up insurance. Policyholders who become totally disabled before they reach 65 years old are eligible for disability benefits under certain policies. The average policyholder age is 81 years old.

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