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Navy Mutual Final Expense Insurance Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Navy Mutual sells life insurance and annuities to current, reserve, and retired members of all branches of the military and their immediate family members. The company is based in Arlington, Virginia, and has been in business since 1879.
 
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How is Navy Mutual rated?

Breakdown

4.0/5
Policy Features
4.0/5
Qualifications
4.0/5
Financial Strength
4.0/5
Customer Experience

Overall Rating: 4 / 5 (Very good)

Navy Mutual doesn't offer a standalone final expense insurance policy, but its flexible whole life insurance policies, with limits as low as $10,000, can function as final expense insurance policies for those who are interested in this coverage. You will have to sign up before age 80 and consent to a medical exam in order to get approved, but healthy individuals may be able to secure a more affordable rate this way than they could with other final expense insurers that don't require a medical exam.

Navy Mutual Policy Features

Policy Features - 4 / 5

Navy Mutual sells whole life insurance policies ranging from $10,000 to $1 million. You can use these funds for whatever you wish, so you could effectively turn one of these policies into a final expense insurance policy if you choose. The low minimum policy amount gives you a lot of flexibility to decide how much coverage you need and ensures there are plenty of options to suit every budget.

Policy Coverage Maximum

$1,000,000

Expenses Benefits Help Cover

  • Caskets
  • Funeral
  • Flowers
  • Cremation
  • Post-Funeral Reception
  • Newspaper Obituaries
  • Burial Plots
  • Headstone

Types of Insurance Products

  • Whole Life
Types of Premiums
Fixed
Restrictions on Benefit Usage
No
Accidental Death Coverage
Yes
Cash Value Accumulates
Yes

Navy Mutual Qualifications

Qualifications - 4 / 5

Any active duty, reserve, or retired military member or a family member of one of these groups can purchase a whole life insurance policy from Navy Mutual to help them cover their final expenses as long as they are between the ages of 18 and 80. A medical exam is required for approval, which isn't typical of most final expense insurance policies, but it might enable you to secure a lower rate than you could with some other final expense insurance companies if you're pretty healthy.
Age Range
18 to 80
Medical Exam Required
Yes
Disqualifying Factors
Age

Navy Mutual Financial Strength

Financial Strength - 4 / 5

Navy Mutual has been around for close to 150 years and it maintains an A+ rating with Fitch Ratings, indicating that it's more than capable of paying out its claims when necessary. High financial strength ratings are important when dealing with any insurance product and especially with whole life insurance, where the claim will definitely get paid out at some point. Navy Mutual customers can feel confident that, no matter when that might be, they will receive the payout they're owed.
Year Founded
1879
Company Type
Underwriter
Underwriter
Navy Mutual Aid Association

Navy Mutual Customer Experience

Customer Experience - 4 / 5

Navy Mutual maintains an A+ rating with the Better Business Bureau, but there aren't a lot of reviews of its service online. This isn't that surprising given that its membership is limited, so it doesn't have as large of a customer base as some of its competitors. If you have any questions about its customer service or its policies, you can always reach out to the company by phone or email before you sign up.
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
0
Date Collected
2020-04-24

Company Profile

Full Name
Navy Mutual Final Expense Insurance
Company Website
https://www.navymutual.org/
Headquarters
29 Carpenter Rd., Arlington, VA, 22212

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Top Rated
  • $5,000 to $100,000 in coverage
  • No medical exam - simple application
  • No waiting period – fast approval process
  • Buy direct from Globe Life 
  • 4.2 million current policyholders
  • Life insurance that fits your budget
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