Navy Mutual Aid Association has been in business since 1879, and is committed to providing military families with integrity, value and stability. It specializes in life insurance, annuity products, and financial planning for current and retired military members, veterans, and their families. It is based in Arlington, Virginia, and provides strong reserves and secure investments for affordable prices.
People like this company because it offers a variety of policy options and because it caters to a niche market--the armed forces and their families. Few life insurance carriers offer life insurance to military members.
Since Navy Mutual is not a commercial life insurance company, members do not have to pay commissions or sales fees. Not only that, but because Navy Mutual is not a representative based company, it can keep rates lower and more affordable.
Navy Mutual offers a variety of life insurance products designed to met the needs of military personnel and their families. These policies are advantageous because they don't end when you leave the military like Servicemembers' Group Life Insurance (SGLI) does if you don't convert it to Veterans' Group Life Insurance (VGLI).
For those interested in a term life insurance policy, Navy Mutual has three options:
The Flex Term plan is for people up to age 45, where the maximum insurance coverage is the lowest cost. Nicotine users can purchase this policy through age 35. Premiums are guaranteed never to increase, and the death benefit can range anywhere from $50,000 to $1,000,000. People like this option, because there are no military restrictions, premium payments are consistent, and the insurance policy continues even after one has retired from the service.
Features of the Flex Term policy include:
The Level II Plus Term insurance is for people up to age 85, and offers $10,000 increments from $50,000 through $1,000,000.
Additional features of the Level II Plus Term policy include:
Navy Mutual offers a nice range of term life insurance options. It also offers whole life insurance, for those interested in purchasing permanent life insurance. Its plan is called Flagship Whole Life. It is an option for people who want permanent life insurance coverage. It offers tax-deferred cash value accumulation in addition to the death benefit lump sum.
Its features include:
The accelerated death benefit allows policyholders with a terminal illness to receive a majority of the death benefit. However, in order to access this option, they must have owned a Navy Mutual life insurance plan for at least five years.
The Child Benefit Rider policy is for unmarried, dependent children from ages 6-months to 26-years, and acts as a method of additional protection. The plan is affordable and offers level coverage of $10,000 per child. The Child Benefit Rider policy can be made a permanent plan if one chooses.
Navy Mutual Aid Association has consistently received a high financial strength rating from a rating agency called Fitch Ratings. These consistent high ratings indicate Navy Mutual's financial stability and ability to meet its claims obligations.
Navy Mutual offers charts on the company's website that people can look at to compare coverage of different plans, all on one page. Finding a Navy Mutual quote online is simple and convenient. To view life insurance quotes and a policy's premium rates you must complete a form and provide Navy Mutual with contact information.
Insurance premiums are determined with an underwriting process that evaluates the risk of insuring the applicant. It takes into consideration things like health history and age. In some cases, the underwriting process requires a medical exam before a life insurance policy can be issued.
One thing Navy Mutual is lacking is policy variety. While they have great niche options for people who are or were in the service, they do not offer a Universal Life or Variable Life policy. A Universal Life policy is convenient to offer because it is a flexible plan that people can customize, according to their circumstances.
While Navy Mutual Aid Association's permanent life insurance coverage options are not as robust as others, it does offer whole life insurance and has good term life insurance coverage plans.
Another thing to note is that Navy Mutual does not provide Disability Income insurance. People like this type of insurance because it financially protects a family in the event that the breadwinner of the family is disabled and cannot generate income.
However, if you are a military service member looking for a good life insurance policy. Navy Mutual offers several options that are tailored to military needs. The application process is conveniently online and is easy to complete.
Navy Mutual Aid Association could definitely improve in its contact options. The contact page is more basic and does not offer an email address, or method of email contact. Most life insurance sites at least offer the ability for customers to submit an email form online, but Navy Mutual does not.
There is also no instant chat option available. This option is getting increasingly more popular with the world because it is very convenient for customers who have questions, and want immediate answers.
However, Navy Mutual does provide a customer service phone number that is prominently displayed on its site. Potential clients can contact Navy Mutual this way to receive answer to their questions.
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