A bill to amend title 38 of the United States Code to provide that the proceeds of National Service Life Insurance and U.S. Government Life Insurance be paid, under certain circumstances, to the estate of the insured if payment thereof to the estate of the beneficiary would escheat.

Provides that the proceeds of National Service Life Insurance and United States Government Life Insurance be paid, under specified circumstances, to the estate of the insured if payment to the estate of the insured veteran if payment to the estate of the beneficiary would escheat. Provides that an application for insurance benefits must be made within two years of the date of the enactment of this Act or two years from the date or death of the insured whichever is later. (Amends 38 U.S.C. 717, 750)