A bill to amend title 38, United States Code, to allow beneficiaries of United States Government life insurance policies to elect to receive such insurance in a lump sum, rather than in monthly installments, when the insured has not specified the method of payment of such insurance.

Provides that Government life insurance shall be paid in accordance with any election of the insured. States that, if at the time of death no such election has been made, the Administrator of Veterans' Affairs shall notify the beneficiary who shall elect whether to receive payment in a lump sum or in installments.

Directs the Administrator to notify all insured individuals who have not made such election concerning the effect of this Act.