Founded in 1879, Navy Mutual Aid Association specializes in helping current and former military members and their families. It offers three life insurance policy options designed to meet military needs. You'll benefit from policies that do not restrict coverage for war or military service. The insurer also offers faster processing for applicants getting ready to deploy.
Although Navy Mutual offers many beneficial features with its policies, BestCompany.com does not have much customer insight. Additional reviews would offer a better understanding of the quality Navy Mutual offers
Navy Mutual has consistently received a high financial strength rating from Fitch. Although most life insurers have ratings from A.M. Best, Navy Mutual's rating from Fitch still inspires confidence that Navy Mutual is financially stable and able to meet its claims obligations.
Since Navy Mutual serves military members, its life insurance policies have no restrictions for military service or war clauses.
In addition to these features, Navy Mutual offers its members and their families beneficiary services that include benefits counseling and veteran services recognized by the VA. Members can also find discounts on dental insurance, vision insurance, and PODS Moving and Storage.
Another advantage of working with Navy Mutual is that the company offers expedited processing if you're getting ready to deploy. This extra service makes it easier to get a life insurance policy in place before you deploy.
Navy Mutual offers two term life insurance policy options. Flex Term is geared for people ages 18 to 45 and designed to supplement your SGLI coverage.
The Level II Plus Term is geared for people ages 45 to 75 and includes additional features like the option to extend the guaranteed convertibility feature that allows you to convert the policy to Navy Mutual's whole life insurance.
With both of these term life insurance policies, you'll find the following:
You can also add a child benefit rider for children under age 26.
Navy Mutual's Flagship whole life insurance policy offers the ability to accumulate cash value over time that can be used as an asset. You can choose between a chronic and terminal illness settlement option for your policy. This option comes at no additional cost.
You can add the following riders to offer additional protection:
In many cases, you'll need to complete a medical exam for underwriting this policy. However, Navy Mutual offers up to $400,000 in guaranteed issue coverage under certain circumstances. For example, if you or your family were covered by SGLI or Family SGLI and recently separated from the military, a medical exam may be waived. Reach out to Navy Mutual for more details.
Best Company does not have many Navy Mutual reviews, so our understanding of the customer experience is limited. Although life insurance companies generally tend to have lower review counts on BestCompany.com compared to other industries, more customer insight would be beneficial in assessing Navy Mutual life insurance.
Navy Mutual only offers term and whole life insurance. If you want another type of life insurance such as universal life insurance, you'll need to find another provider.
Navy Mutual does not include disability waiver riders on its website. These riders waive premiums if the policyholder becomes disabled, which allows you to keep your policy in place and worry about one less bill. These riders are more commonly offered with permanent life insurance policies.
If you're looking for this kind of rider, you'll need to find another carrier.
Navy Mutual only serves current and former members of the U.S. military or uniformed services. If you are no longer part of the military, you must have been honorably discharged or retired.
You'll need to find another company if you do not meet Navy Mutual's eligibility requirements.
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