Faster Payments to Veterans' Survivors Act of 2022
This act modifies policies and procedures related to the payment of benefits under certain life insurance programs administered by the Department of Veterans Affairs (VA).
If a primary beneficiary has not made a claim for payment within one year (currently two years) after the death of the insured under the National Service Life Insurance (NSLI) program or the United States Government Life Insurance (USGLI) program, the VA is authorized to make payment to another designated beneficiary as if the primary beneficiary had predeceased the insured. If no designated beneficiary makes a claim within two years (currently four years) after the death of the insured, the VA is authorized to make a payment to a person the VA deems to be equitably entitled to such benefit.
The act also modifies the beneficiary designation process under NSLI and USGLI. Specifically, if a person does not designate a beneficiary for insurance, or if the designated beneficiary predeceases the insured person, the VA must determine the beneficiary in a specified order of succession.
Additionally, the act requires the VA to improve its processes and procedures with respect to identifying, locating, and paying hard-to-find beneficiaries of life insurance policies, including by improving its website search tools.