Navy Mutual Life Insurance Review

Military members may find purchasing life insurance is a bit more difficult than their civilian counterparts. Many life insurance policies will not provide coverage if a military member dies in the act of war. Thankfully, for military members seeking full life insurance protection, Navy Mutual is a terrific choice.

In addition, many military members are involved in hazardous duties which results in a higher premium, or, worse, not being protected at all.

Navy Mutual Life Insurance: History and Highlights

Navy Mutual Life InsuranceSince 1879, Navy Mutual has been in the business of offering insurance and annuity benefits to military members. The best part? There are no hidden exclusions and high upcharges in the policy language.

The legal name is Navy Mutual Aid Association (referred to often as Navy Mutual), is a non-profit entity offering numerous benefits to Navy and other military veterans. As a non-profit, Navy Mutual acts as a mutual insurer, with premiums going towards improving member services and reducing overall costs.

Military families need security just like every one of us. It is with great pride that Navy Mutual has been offering various life insurance and annuity products to military families for over 139 years.  Our fine military members deserve nothing less.

Compare Life Insurance Quotes from Multiple Companies
About You
Your Health

Navy Mutual also offers free education programs regarding government benefits, insurance, and financial strategies.

Navy Mutual is a chartered Veteran Services Organization that offers its members free assistance with available benefits. As we all know, support for the survivors is hugely important and a welcomed helping hand is always appreciated.

Did you know that Navy Mutual offers a free vault storage for members to secure important papers?

Navy Mutual Life Insurance Services & Benefits

Navy Mutual does more than offer insurance and financial products. They are very active in local communities and are proud of their civic activities. Military members feel confident in doing business with Navy Mutual.

Additional Highlights of Navy Mutual Life

  • Terminal Illness Options Counseling – Whether a client or not, Navy Mutual generously provides free counseling to military families when an active duty member is diagnosed with a terminal illness.
  • Active Duty vs Retirement – Whether active or retired, Navy Mutual offers several financing options for the surviving family members.
  • Help for Military Families in Need – Each year Navy Mutual proudly donates the Toys for Tots program and the Navy Marine Corps Relief Society.

Navy Mutual offers many unique advantages for military members.

  • No war clauses. Protection available where ever a member serves No fine print for members to stress over.
  • No military service restrictions. This is a key benefit of Navy Mutual. Almost all life insurance carriers add additional premiums to service members’ life insurance rates. Navy Mutual covers wartime events, as well as acts of terrorism and hazardous duty.
  • Navy Mutual offers its members up to $1 million in coverage and the member does not have to be in the USA to apply for protection.
  • Navy Mutual does not have shareholders and pays no sales fees or commissions. This helps Navy Mutual keep its costs low.
  • When a member leaves the military, they can take their coverage with them. This portability feature is very much appreciated by its members.  The benefit is rarely offered by other life insurance carriers. This is a wonderful benefit to offer their members.
  • When a military member is being deployed, time is in short supply. Thankfully, Navy Mutual has an easy and fast application process for both insurance and annuity products. It is not uncommon to secure coverage in days, not weeks. Fantastic coverage for fast deployments.
  • Convenient and fast online applications certainly help a busy service member secure coverage. Regardless of where a service member is, they are only a keyboard away from completing an online application.

The financial strength of Navy Mutual is stable. Consumers enjoy timely receipts of claims. Average annual premiums are $80 million with over $25 billion in total in-force insurance. With over 114, 000 policyholders and $2.9 billion in total cash and assets, Navy Mutual is a sound life carrier.

Better Business Bureau Ratings

With a consistent stream of new members, Navy Mutual’s financial stability has remained sound. A low overhead helps product a secure life carrier.

Policyholder claims are paid quickly from a strong financial reserve. Fitch Ratings Agency has issued an A+ rating.

The Better Business Bureau has given Navy Mutual an A+ rating. Navy Mutual is not a BBB accredited insurance carrier.

Life Insurance Products Available with Navy Mutual Life

Navy Mutual offers both term and permanent life insurance policies, including:

  • Flex Term Life Insurance
    • The Flex Term policy offers term policies with a specific time length for protection – in addition to offering low premiums. Protection for a non-smoker is guaranteed up to age 50 (age 40 if a smoker).  No restrictions and protection available even after the insured exits the military. Death benefits range from $50,000 up to $1 million.
    • Full coverage offered with no war or terrorism clauses, no travel restrictions and more.
    • Other features include guaranteed convertibility, accelerated death benefits and children’s rider (added to insured policy).
  • Express Term Life Insurance
    • Need fast protection? The Express Term plan is a term life insurance policy that can offer fast protection without a time-consuming medical exam.
    • Maximum protection is $250,000 for ten years at a level premium. This can be an excellent selection for members heading out of the country to secure financial security for their loved ones.
  • Level ll Term Life Insurance
    • Provides life insurance up to age 85 with level premiums.  Maximum protection is up to $1 million. This policy offers a minimum duration of five years (one-year increments thereafter).
    • Three distinct rate classes available: Standard, Select and Super Select. Your health will determine rate classification with Super Select the lowest rate.
    • Term Plan may be converted to a whole life insurance policy. No medical exam required.
  • Flagship Whole Life Insurance
    • Permanent (whole life) insurance is also available with Navy Mutual. Premiums are fixed for the lifetime of the contract. Coverage is available for your lifetime.
    • Cash values will accumulate and compound tax-free based on current IRS tax laws. You may borrow money from the cash accumulation at any time without a taxable event occurring.
    • Coverage is offered for as low as $10,000 and offers a maximum of $1,000,000.
    • Primary attraction of whole life insurance is lifetime protection with a stable rate while building cash accumulation (dividends may be distributed).

Additional Products and Services

In addition to competitively priced life insurance policies, Navy Mutual also offers retirement annuities to help you enjoy lifetime income during your retirement years.

Navy Mutual offers three annuity options:

  • Flexible Premium Retirement Annuity
  • Single Premium Immediate Annuity
  • Single Premium Deferred Annuity

You may transfer funds from a current retirement account (401k, IRA) into an annuity.

Here’s How to Get the Lowest Life Insurance Rates Through Navy Mutual

Shopping around for life insurance can be a stressful event. Especially if you are in a rush. We suggest you contact us today to help answer your questions. Our brokers can quickly and easily research numerous life insurance carriers to find you the best rate for your life insurance needs.

Call us at 800.277.3098 and chat with an experienced broker today. Your questions are always encouraged.

Thank you!


Susan Wright, CLU, ChFC, RHU, REBC, ADPA, CITRMS, CIPA has been in the insurance and financial field for over 27 years. Even with years of experience, she continues to create new resources for others. Everything from books to training material.

Susan received her MBA from St. Louis University and her BA from Michigan State University.

She has worked in several areas but excels in writing material for both finances and insurance. Her goal is to give professionals credibility and assist in streamlining the sales process.

She has written countless articles for a variety of websites.

This entry was posted in Life Insurance Companies. Bookmark the permalink.

Compare Life Insurance Quotes from Multiple Companies
About You

Your Health