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Navy Mutual Aid Association

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5 User Reviews

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.

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The Good

  • Life Insurance Products
  • Accelerated Death Benefit
  • Child Benefit Rider
  • High Financial Strength Ratings
  • Free Online Quote

Life Insurance Products

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:

  • Flex Term
  • Level II Plus Term

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:

  • Guaranteed convertibility
  • Accelerated death benefit option
  • Child benefit rider

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:

  • 5 year guaranteed convertibility feature
  • Extended guaranteed convertibility rider
  • Accelerated death benefit option
  • Child benefit rider

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:

  • Guaranteed insurability option
  • Long-term care option
  • Plan change flexibility
  • Options for insurance payouts
  • Permanent life insurance for the children in your life
  • Accelerated death benefit option
  • Child benefit rider

Accelerated Death Benefit

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.

Child Benefit Rider

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.

High Financial Strength Ratings

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.

Free Online Quote

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.

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The Bad

  • No Universal Life or Variable Life Policies
  • No Email Address or Instant Chat Options

No Universal Life Or Variable Life Policies

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.

No Email Address Or Instant Chat Options

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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The Bottom Line

Life insurance offers financial stability to the insured's beneficiary and family because the death benefit money helps pay for remaining debt and funeral expenses.

Navy Mutual is a great option for military families because its policies are designed to offer coverage for active-duty members of the armed forces. The fact that it is not a commercial insurance agency means that it does not charge commission or sales fees; and because it is not focused on representatives, the company can keep its rates affordable.

Navy Mutual Aid Association does not operate on a war clause and does not place restrictions on policies even in times of war. Navy Mutual Aid Association also offers term life insurance coverage that does not require a medical exam for military members preparing for deployment. Not only that, but the company does not have any military restrictions or fees for military members.

This company is hard to find negatives on, and if anything, the main criticism is that it lacks a few key features. Navy Mutual does not offer a universal life or a variable life policy. While these are missed, the loss is cushioned by the countless other features the company offers for military members.

Navy Mutual also does not offer an email address or an online chat option. However, potential clients can call the company directly if they have questions or want further information about policies.

The bottom line is that this is a company is worth looking into for military families. It offers more than just life insurance. Those interested in life insurance and annuity products or financial planning services, will find Navy Mutual a great resource. It offers counseling for survivors, free financial protection planning services, and is an all around smart bet for good insurance coverage.

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5 Reviews

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Andrea Fredericks Edmond, OK

If you are eligible for coverage from Navy Mutual sign up as soon as possible. It is a great company and offers military families life insurance policies at the lowest rate on the market. I have gotten quotes from the top 5 insurance companies on the market and no one even came close to Navy Mutual. I have yet to find a whole life policy that will return all your premiums if you choose to leave the company but Navy Mutual does. I have signed up my entire family including my grandkids for their whole life policies.

1 year ago

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tommy binford Pointblank, TX

Was contacted 2-12-19 by Bill W of Navy Mutual. We discussed the whole life policy and I decided to move forward. Had to pay them 155.00 and was told at this point i would have to take a medical exam. No where on their web site is this ever mentioned. I took the exam and there were a couple issues and they scheduled 2 follow ups, which I took. It is now 4-2-19 and no decision and out the money. They have communicated very well, however I have lost all faith and belief in what they tell me. I am now wondering if I got scammed.

2 years ago

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Bob G. Orange Park, FL

I saw the commercials on television and since our term policy was at the end, I was actively looking for insurance. I received an extremely low quote based on other quotes we had received. Only after my exam did it get ugly. by the end of it all, we were quoted very simular pricing to other companies. This really smells like a scam.

1 year ago

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Frankie Peppers Luray, VA

I got my rate quote for my wife and myself.Did the blood and urine tests and received the test results.Paid 3 months of premiums on my wife and myself.Two weeks from the time I submitted our applications and I can't get any answers as to why our applications have not been approved or denied.I have placed several calls to cancel this and have my money returned and I keep getting the run around to speak with a different person.Buyer beware.

1 year ago

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Susan Powers Chesapeake, VA

Great value for money, eaxy to reach, quick to respond, have the insurance products I need

3 years ago

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