Life Insurance

Navy Mutual Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 6 minute read

Premiums are determined by a multitude of criteria, including your age and health status, the duration of your plan, and the quantity of coverage you chose. Navy Mutual, like a large number of other insurers, will not increase your premiums based on your work title or duties. Here’s our Navy Mutual Life Insurance Review for you.

What affects my rate with Navy Mutual?

Navy Mutual Life Insurance Review - Navy Mutual Life Insurance Logo

It considers the following elements while making underwriting decisions:

  • Tobacco use. To qualify for the best rate, you must demonstrate that you have not smoked in the preceding five years.
  • Age. Applicants who are young, healthy, and otherwise in good health may be eligible for a fee discount.
  • Gender. Women pay less for insurance than men do because they live longer.
    You’ve established a strong reputation as a driver. If your driving record is spotless and devoid of serious traffic violations and DUIs, you will have a better chance of obtaining a lower premium.
  • Criminal activity has existed throughout history. Individuals with a criminal record may have a harder time acquiring health insurance.
  • Health.
  • Participate in activities that may be harmful. Navy Mutual recognizes the constraints imposed by military service, aviation, and travel. If you engage in high-risk activities such as deep diving or auto racing, your insurance premiums may be affected.
  • The use of alcoholic drinks and illegal substances are inextricably linked. Navy Mutual will not insure you if you have a recent history of substance addiction.

How to get a quote from Navy Mutual life insurance

To begin, click the Go To Site icon in the upper-right corner of the screen and follow the on-screen instructions:

  1. Kindly provide us with a method of contacting you.
  2. You may select the sort of coverage you want based on who you’re insuring, when you were born, and whether or not you smoke.
  3. Prepare your life insurance requirements in advance, including the kind of coverage, the amount of coverage, and the duration of coverage.
  4. After that, click the Submit button to complete and submit your application.

To speak with a customer service representative about your choices, call Navy Mutual at 800-628-6011. (toll-free).

Navy Mutual offers a variety of life insurance products.

Individuals purchasing term life insurance or whole life insurance have the choice of selecting one of these two alternatives. These are your available selections.

Term life

  • Flex Term. Navy Mutual’s policies are all priced the same, regardless of the amount of coverage selected by the policyholder. Flex Term covers you until the age of 50 if you smoke, and until the age of 40 if you do not. Whole life insurance can be purchased up to two years ahead to the expiration date of your term insurance policy.
  • Convertibility is 100% Guaranteed If your current insurance coverage is set to expire, you have the option of renewing it or letting it lapse. Your insurance coverage will continue in force regardless of whether you retire or leave your employment. When a loved one dies, the death benefit sum can vary from $50,000 to $1,000,000, with the option of an expedited death benefit or a child rider.

You will be able to do more in less time with the aid given by Term Plus. Due to the policy’s clarity, no medical evaluation is required. Individuals who want urgent coverage, such as military members ready to deploy, can obtain a ten-year policy with a $250,000 death benefit and a fixed monthly price. To apply, you must be at least 18 years old. Because this plan is not exclusive to military personnel, you may continue to use it after you have separated from active service. You can tailor your insurance solely by adding an expedited death benefit rider.

  • This is a supplement to Level II. This degree of protection Individuals between the ages of 45 and 85 can acquire fixed-premium term life insurance policies. Insurance is required for the first five years; after that, an additional year of coverage may be purchased. Each year, the cost of $100,000 coverage increases by $10,000 to $1,000,000. Three distinct pricing categories are available based on your health status:
    • Standard: For those with average health.
    • Select: A 30-year or shorter payment plan is preferable, as is a healthier lifestyle than the norm.
    • Super-Select: It is advised that persons in good health make payments over a period of 30 years or fewer. A healthy family history, abstinence from smoking, and the lack of a high-risk lifestyle are all prerequisites for eligibility.
  • Without the necessity for a medical exam, this policy can be updated to incorporate riders for whole-life insurance. Your beneficiaries will get a death benefit if you die before the term expires.

Whole life

  • The company’s flagship product is Whole Life. Individuals aged 18 to 80 years old may acquire Navy Mutual’s sole long-term insurance policy. For a single, fixed payment, coverage for the remainder of one’s life. When a business is profitable, it may opt to send dividends to policyholders, boosting the policy’s monetary value. Your policy’s cash value may be used as collateral for a loan to help you pay for expenses such as college tuition or a down payment on a home purchase.

The maximum amount that may be spent is 75% of the available funds. Coverage levels range from $10,000 to $1 million, with a minimum and maximum amount in between. You have the option of an accumulating death benefit or a lump-sum death benefit with the paid-up additional rider. If your children are under the age of 26, it is possible to get Flagship Whole Life insurance in their names. If you die, your beneficiaries will get both a death benefit and the cash value accumulation on your life insurance policy (ies).

What is the Guaranteed Convertibility Feature?

Individuals aged 18 to 80 years old may acquire Navy Mutual’s sole long-term insurance policy. For a single, fixed payment, coverage for the remainder of one’s life. When a business is profitable, it may opt to send dividends to policyholders, boosting the policy’s monetary value. Your policy’s cash value may be used as collateral for a loan to help you pay for expenses such as college tuition or a down payment on a home purchase.

What riders can I add to my policy?

By adding the following riders to your Navy Mutual insurance policy, you may further tailor and improve your coverage:

  • Riders gain from accelerated death. If you are diagnosed with a chronic or terminal condition, you may decide to receive a lump sum death benefit in lieu of monthly payments. This benefit is available to patients who have been insured by health insurance for at least five years prior to diagnosis.
  • Riders accompanied by a child If you are diagnosed with a chronic or terminal condition, you may decide to receive a lump sum death benefit in lieu of monthly payments. This benefit is available to patients who have been insured by health insurance for at least five years prior to diagnosis.
  • The conversion procedure’s rider. If you are under the age of 70 and hold a term life insurance policy, you may convert it to a whole life insurance policy before the term life insurance policy ends.
  • In the event of an accident, you may be assured that the Rider will protect you. In some circumstances, it is possible to receive supplemental insurance without having to pass a medical exam.

Reviews and complaints

Navy Mutual, a non-accredited insurance firm that sells life insurance, has received an A+ rating from the Better Business Bureau for its operations and client satisfaction (BBB). The insurance firm resolved three complaints with the Better Business Bureau in the preceding three years.

Users have given positive evaluations on personal blogs and military-focused websites like Military.com, despite the fact that Navy Mutual currently lacks TrustPilot and Feefo ratings. Customers have expressed their gratitude that their insurance provider tailors coverage for military personnel and waives policy limits on conflict and travel. Several consumers have noticed that the listed price may differ from the final pricing.

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