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October 2, 2021 | 4 Minute Read
Based at Joint Base Myers-Henderson in Arlington, Virginia, Navy Mutual provides life insurance and annuities to current and former members of the U.S. military and uniformed services. The products include term and whole life that complement an existing Servicemembers’ Group Life Insurance (SGLI) policy, as well as policies that pick up where SGLI leaves off. Non-guaranteed quotes are available online or by phone, and telephone consultations are also available.
Affordable rates for current and former members of the armed and uniformed services
No war, aviation, terrorism or travel clauses for those on active duty
Guaranteed-issue whole life available to those with SGLI nearing separation
Application reviews could take up to six weeks
Medical exams usually required
Honorably discharged veterans must reside in one of 11 specified states to be eligible
Flex Term/Level II Plus Term
Separate term life products, with policies available in 10- to 30-year terms, in five-year increments, with no war clauses or military service restrictions for those on active duty.
Flagship Whole Life
As a participating mutual life insurance plan, Navy Federals’ Flagship Whole Life offers dividends, when financial performance allows.
Eligible individuals start off by completing a questionnaire, online or by phone, to get a non-guaranteed quote. If you like the coverage and rates, you can proceed to a lengthier application, which requires information about your health history and lifestyle. Plans usually require a medical exam within 30 days of the application.The application review can take four to six weeks.
Navy Mutual invites eligible individuals aged 18 to 49 (up to 39 for nicotine users) to apply for Flex Term and those 20 to 75 to apply for Level II Plus Term. The policies’ accelerated death benefit riders, which kick in at no additional cost after five years, provide access to most of the death benefit, if you are diagnosed with a terminal illness. You can convert a Flex Term plan to Flagship Whole Life at any time up to your 48th birthday (or 38th birthday if you are a nicotine user).Level II Plus policyholders can convert up to age 71.
The Flagship Whole Life plan provides lifetime coverage, with death benefits up to $1.5 million. Medical exams are usually required, but service members covered by SGLI within 120 days of separation can get up to $400,000 in guaranteed-issue whole life, with no medical exam required. The policy also yields dividends in profitable years, which you can use to bump up your coverage, apply to premiums or policy loans, or receive in cash. The two-part accelerated death benefit rider, available at no additional cost, gives you access to most of your death benefit if you develop a qualifying chronic illness after you turn 60, or if you are diagnosed with a terminal illness after five years’ coverage.
Navy Mutual was formed in 1879 to insure naval officers at a time when commercial insurers would not cover them, due to the risks of their profession. It is the nation’s oldest service organization. The organization describes its mission as educating and assisting its members and their survivors on the government services and benefits they are eligible to receive. The organization boasts more than $3 billion in assets and an A+ rating from Fitch Ratings.