A bill to amend title 38 of the United States Code in order to waive the payment of premiums for national service life insurance by certain persons who have attained age 65.

Directs that the premiums on National Service Life Insurance be waived during any time after which the insured has attained the age of 65 and has paid premiums on the insurance for not less than 25 years. (Adds 38 U.S.C. 726)