A bill to amend title 38, United States Code, to require that each person insured under a Veterans' Administration life insurance policy redeclare the beneficiary of such policy every five years and to allow a beneficiary of such a policy to change the mode of payment under such policy after the death of the insured.

Requires that each person insured under a Veterans' Administration life insurance policy redeclare the beneficiary of such policy every five years. Directs the Administrator of Veterans' Affairs to mail notice of such redesignation requirement every five years to each such insured person. Permits a beneficiary under such policy to change the mode of payment after the death of the insured. Directs the Administrator to provide notice to each beneficiary of the mode of payment provided for in such policy.