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Navy Mutual Life Insurance Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
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Established in 1879 and headquartered in Arlington, Virginia, Navy Mutual offers term and whole life insurance policies for service members in all branches of the US Military, as well as in the U.S. Public Health Service and the National Oceanic and Atmospheric Administration (NOAA). To be eligible, applicants must be on active duty, in the reserves, or retired. Honorably discharged former members living in 11 states may also be eligible.
 
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How is Navy Mutual rated?

Breakdown

4.0/5
Company Stability
4.5/5
Reputation
4.5/5
Policies & Coverage

Overall Rating: 4.3 / 5 (Excellent)

Navy Mutual offers a set of term life and whole life insurance policies, which are a great option for service members who feel the SGLI and VGLI policies are simply not enough to protect their families. Their Flex Term policy is an especially attractive policy, due to the generous coverage amounts and relatively inexpensive premiums. Members of the military and other eligible services would do well to consider a Navy Mutual policy.

Financial Strength

Company Stability - 4 / 5

Since Navy Mutual's NAIC code is not publicly available, it is impossible to verify their marketshare through NAIC's website. The only other indicator of financial strength we could find was their Fitch credit rating, which is A+. This means that, according to Fitch, their financial outlook is stable. However, potential customers may wish there were more sources to back this prediction up.

Reputation & Customer Experience

Customer Ratings

BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
0
Date Collected
2018-02-08

Reputation - 4.5 / 5

Navy Mutual's NAIC code is not publicly available, so there is no way to search for how many complaints they have received through the National Association of Insurance Commissioners. This is one of the few ways to measure policyholder satisfaction with the company.

Navy Mutual Policies

Navy Mutual offers customers the following life insurance policies: Term, Whole Life.

Term Life Insurance

Minimum Age
18
Maximum Age
55
Minimum Death Benefit
$50,000
Maximum Death Benefit
$10,000,000
Available Terms
10 year

Key Term Policy Features

  • Term-Permanent Conversions
  • Guaranteed Level Premiums
  • Accelerated Death Benefit

Policies & Coverage - 4.5 / 5

Navy Mutual offers three term life insurance policies and one whole life insurance policy. These policies are very robust and offer a lot of variety to fit consumers' needs.

With the Flex Term policy, policyholders can select between $100,000 and $1 million in $100,000 increments in coverage for a lower cost. The policy lasts until age 50. The Express Term policy is for people who want to avoid the hassle of paperwork and physical exams and get a policy fast. The benefit is the same for everyone: $250,000 for 10 years. Policyholders must be between 18 and 55. The Level II Term policy is for older service members, and it offers coverage up to age 85. Policyholders can select between $50,000 and $1 million in $10,000 increments. As for whole life, their Flagship Whole Life policy is available for service members under the age of 85. They can select between $10,000 and $1 million in increments of $10,000. This policy can also be purchased for children under the age of 24.

Every Navy Mutual policy stays with the policyholder after they leave the military, and there are no military service, aviation or travel restrictions. There are also no war or terrorism clauses that may bar many beneficiaries from receiving the death benefit.

Flexibility and Available Riders

Available Term Life Riders

  • Child Protection Rider
  • Terminal, Chronic, and Critical illness Accelerated Benefit Riders

Flexibility & Available Riders - 0 / 5

Additional Company Information

Homepage URL
https://www.navymutual.org
Company Phone
(800) 628-6011
Headquarters Address
Henderson Hall, 29 Carpenter Road, Arlington, VA, 22212
Year Founded
1879

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Top Rated
Our Partner
  • The only 100% no medical exam term life insurance
  • Ages 18 to 60 are eligible to apply
  • Term life policies $50,000-$1.5 million in coverage
  • Company offers 10, 15, 20, 25, and 30-year terms
  • Monthly premiums as low as $10
  • Featured in WSJ, CNN, Forbes, TechCrunch & Money.com
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