Navy Mutual Aid Association has an exceptionally long record of providing life insurance options to those who are currently in or retired from the U.S. Armed Forces, U.S. Public Health Service, or the National Oceanic and Atmospheric Administration, having offered coverage since 1879.
Specific qualifications for becoming a Navy Mutual member and securing a life insurance policy include current service in the uniformed services, reserves or National Guard, or obtaining coverage within 120 days of separation from a service branch.
Additionally, honorably discharged veterans living in 11 states are eligible for membership, no matter when they ended their uniformed service for the federal government.
The insurance provider is headquartered in Arlington, Virginia, which is also home to the Pentagon, among a variety of other U.S. government and military offices.
Navy Mutual is known for providing coverage options and an overall culture that aligns with the needs of active service members and veterans, such as refusing to include war clauses or military service restrictions in its life insurance policies.
As a nonprofit organization dedicated to support for current and past uniformed service members, it offers exceptionally low costs. Navy Mutual underwrites its own policies.
Navy Mutual Life Insurance Quotes and Application Process
Navy Mutual Aid Association is built around a strong base of members to distribute costs and keep prices related to life insurance and annuities, its two major offerings, low.
Therefore, prospective members must apply to join the organization, then submit an application for the specific life insurance policy in which they’re interested. Members can apply for Navy Mutual life insurance policies online or over the phone.
The organization offers an online form for requesting a quote in addition to a variety of resources that potential and current customers can use to assess their current situation and potential needs.
Those helpful tools include a life insurance needs calculator and a dedicated education section covering man relevant topics.
While Navy Mutual keeps many more specific pieces of information gated for the exclusive use of members, certain factors can generally influence life insurance premium costs.
Applicants should keep a variety of factors in mind, such as age, overall health, habits correlated to poor health such as smoking, participation in potentially dangerous activities such as riding a motorcycle, and geographic area, the National Association of Insurance Commissioners pointed out.
Navy Mutual Life Insurance Policies
Navy Mutual offers four life insurance policies to its members, with three term options and one whole life type available. You can learn more about the difference between whole and term life insurance options here.
It also offers three annuities: one each in the immediate, deferred, and retirement categories. The potential for customization isn’t entirely clear due to Navy Mutual keeping more specific information in the password-protected, members-only section of its website.
However, the range of policy choices means many different current and former uniformed service members can find an effective policy.
Term Life Insurance Coverage
Navy Mutual has three term life insurance policies. The Flex Term policy emphasizes low costs, guaranteed coverage up to age 50, and the ability to choose a coverage level that results in a death benefit between $50,000-$1,000,000.
The Express Term Plus policy offers 10 years of coverage, with a $250,000 benefit, and the ability to secure-same day coverage after completing the application and making the payment, which is especially useful for active military members preparing to deploy.
The Level II term policy offers coverage for those who age out of the Flex Term policy, up to age 85. It features the same death benefit range and is purchased in one of three tiers based on overall health.
It can also be converted to a whole life policy without a physical exam.
Whole Life Insurance Coverage
Navy Mutual’s Flagship Whole Life policy provides death and terminal illness benefits, the choice to borrow against or cash out the policy, and the potential for dividends.
Coverage starts at $10,000 with an upper bound of $1,000,000. Navy Federal makes a point to note this whole life policy always provides at least as much as members put in to it.
Navy Mutual provides three annuity choices for members. The Single Premium Immediate Annuity offers guaranteed income over a set period or the member’s lifetime and can help retirees avoid issues with market downturns.
he Single Premium Deferred Annuity offers a secure investment, including a guaranteed minimum credited interest rate of 1%. The Flexible Premium Retirement Annuity allows for variable contributions over time, from a single-payment minimum of $25 to a total of $1,000,000, and a 1% minimum guaranteed interest rate.
Navy Mutual Life Insurance Riders
Life insurance riders add additional details and conditions to a life insurance policy, as the New York State Department of Financial Services pointed out.
They are often used to add more coverage for specific incidents or occurrences, such as offering an additional payment in the case of accidental death or to provide long-term care for policyholders. In exchange, the person purchasing the policy must pay an additional amount and agree to a variety of specific conditions that must be achieved before the rider is activated.
Unlike most well known life insurance carriers, Navy Mutual doesn’t provide a full list of its riders on the public portion of its website. However, it features some that may be of particular interest to service members.
Child Benefit Rider
Offering an additional level of coverage, the Child Benefit Rider offers a $10,000 death benefit for all covered children up to age 26 – whether born before or after the policy is issued – in return for a $2.50 monthly payment.
The coverage can be converted to $10,000 of Flagship Whole Life coverage prior to each child’s 24th birthday.
Paid Up Additions Rider
This rider is a method for increasing the total death benefit and cash value of a policy through additional payments. It is effectively an option to purchase additional insurance on top of the base policy.
Navy Mutual Life Insurance Discounts
Insurers offer a variety of discounts for everything from bundling life insurance with other types of policies to engaging in or refraining from certain behaviors. Navy Mutual doesn’t provide publicly available information about potential discounts, so the best course of action is to reach out to the provider to learn more.
Navy Mutual Life Insurance Financial Strength
- Underwriter: N/A
- Market Share: N/A
- Premiums Written: N/A
- Standard & Poor’s Financial Rating: N/A
- Moody’s Financial Rating: N/A
- AM Best Financial Rating: N/A
Financial strength is a vital measure of an insurance company’s trustworthiness.
Navy Mutual has a strong history of providing coverage to a specific group and a Fitch credit rating of A+, but many traditional measures of financial stability aren’t publicly available. Prospective members may want to ask for more information about these traditional measures of financial strength.
Navy Mutual Life Insurance Reviews and Customer Service
Navy Mutual has an A+ rating from the Better Business Bureau, although it isn’t accredited. It has zero reviews and just three complaints in the last three years, all of which have been addressed and closed based on the BBB’s guidelines.
Navy Mutual is not listed on Trustpilot. Our rating of Navy Mutual is a strong 8.5/10, falling into the “Excellent” category. Additionally, the company doesn’t have a publicly available NAIC code, which analyzes customer complaints submitted through that body impossible.
One clear indication of customer satisfaction is Navy Mutual’s 97.3% member retention rate, which shows a high level of overall approval from policyholders.
Navy Mutual has not appeared in the news in recent years, whether in terms of winning awards or facing enforcement actions or bad press.
The exclusive nature of Navy Mutual membership, similarly limited reach, and nonprofit status means it occupies an uncommon space in the world of life insurance providers.
Navy Mutual Phone Number & Contact Information
- Homepage URL: https://www.navymutual.org
- Company Phone: (800) 628-6011
- Headquarters Address: Henderson Hall, 29 Carpenter Road, Arlington, VA, 22212