Navy Mutual Insurance Review & Complaints: Life Insurance

Navy Mutual Insurance Company has several options for life insurance coverage and annuities for members of the navy and military branches. Navy Mutual life insurance rates up to age 50 are $6.80/mo for $100,000 in coverage and $41.00/mo for $1,000,000 in coverage.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: May 5, 2021

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Navy Mutual Insurance

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The Navy Mutual Aid Association is a long-standing organization that provides life insurance and annuities to members of the U.S. navy and several other related branches of the military and government. They operate as a membership-based non-profit organization across the country.

What is Navy Mutual?

Navy Mutual was founded in 1879 by a group of naval officers, and initially offered products only to active duty officers in the Navy and Marine Corps. In 1920 the rules were changed, opening membership to temporary and reserve officers, and in 1925 further expansion made Coast Guard officers eligible. Over the following decades Navy Mutual continued to open its doors to a more diverse membership. The website offers a tool to check eligibility for membership.

Navy Mutual is a chartered Veteran Service Organization and can assist members with Department of Veteran’s Affairs services. They also provide several other benefits to members including free document storage and financial planning assistance. Since they cater to military members, their products are designed to meet specific needs and do not include war clauses or anything else that would restrict a member from collecting benefits.

Navy Mutual has its headquarters in Arlington, Virginia, but offers products across the nation and also to those stationed outside of the U.S.

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What products does Navy Mutual offer?

Navy Mutual has a basic list of products, with several life insurance and annuity options to choose from.

Life Insurance

Life insurance products are mainly term life insurance, although there is one whole life insurance plan available as well.

Flex Term is a budget term life insurance plan that has level premiums based on the amount of coverage selected. The coverage lasts until age 50, or until 40 for tobacco users, with no premium increases. The plan can be converted to any other life insurance product up until 2 years before the end of the term without a medical exam. Death benefits amounts range from $50,000 up to $1,000,000. An accelerated death benefit and child rider can be added to this policy.

Express Term Plus is a simplified issue policy with no medical exam required. It is a 10-year term policy with a death benefit of $250,000. Issue age is between 18 and 55. This policy can also have the accelerated benefit rider added.

Level II Plus provides term coverage from age 45 up to age 85, with terms starting at 5 years and increasing by one-year increments from there. Coverage is again available from $50,000 up to $1,000,000 in increments of $10,000. There are three levels of premium rates based on health. Several riders can be added to this plan, including two different convertibility riders, a child rider, and the accelerated death benefit option.

Flagship Whole Life is the one permanent coverage option and can be issued between the ages of 18 to 80. Death benefit amounts start at $10,000 and go up to $1,000,000. This plan has the potential to pay dividends to the policyholder, and also has a cash accumulation account. There are several rider options include chronic/terminal illness and paid up additions, and the plan is also available as a child policy.

Annuities

Navy Mutual offers three annuity choices to provide retirement income.

The Single Premium Immediate Annuity requires one lump sum deposit between $10,000 and $1,000,000. Payment options are flexible, and can be monthly, quarterly, semi-annually, or annually.

The Single Premium Deferred option is also a one-time deposit with an interest rate lock-in period of either 5, 7, or 10 years. There is a minimum guaranteed annual interest rate of 1% and several payout options.

The third annuity option is the Flexible Premium Retirement Annuity. There is a minimum initial contribution of $100, and after that contributions may be made in amounts of $25 and above. The interest rate is variable, but again 1% is guaranteed.

Are the rates competitive?

While there online quoting is not offered, the website does provide rate charts for several of the policy options that are based on the amount of the death benefit. For the Flex Term policy, $100,000 in coverage has a rate of $6.80 up to age 50. For $1,000,000 in coverage, the rate is $41.00. Rates are the same for male or female.

These rates are reasonable considering the term length could be more than 30 years if issued at age 18, although if issued later in life a different option may be more affordable, but even at a 10-year term for $100,000 in coverage the rate here is low. Considering the simplicity and straightforward nature of the term policies, these are good rates.

Level Term Plus II rates are also listed, and these do differ for male or female applicants. A 45-yar-old male can take out $100,000 in coverage up to age 85 for $14.40 a month, and $1,000,000 for $70 a month. These rates are again reasonable given the age of issue and the length of the term.

How are claims processed?

There is a basic form online for reporting the death of an insured. After submission of this form, a representative will be in contact to proceed with the claim.

Aside from this page, there is not much in terms of claim information. A general toll-free phone number is available where, presumably, members can call with claim questions or to report over the phone. A member login area is also offered, and may have more information for the member once logged in.

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What are the financial strength ratings and consumer reviews?

Navy Mutual is not Better Business Bureau (BBB) accredited, but has an A+ rating with only three complaints on file in the past three years. There have been no reviews left on the BBB page.

There are six reviews on Yelp with an overall 3.5-star rating. The two negative ratings both have the same complaint – a low rate quote followed by an increase in rates after the underwriting process was completed. The other ratings are all five-star and cite great customer service – only one was from a policyholder that had filed a claim and had a good experience.

The overall complaint volume is really low, and we did not find further reviews of this company on any of the other usual websites.

What is the bottom line?

Navy Mutual has some basic products available at reasonable rates, and they cater to the needs of their members by removing some of the clauses and exclusions that can make life insurance policies difficult for military members. If you are among those that qualify for membership with Navy Mutual and have simple life insurance coverage needs, they are well worth considering.

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