Navy Mutual Life Insurance Review
Navy Mutual life insurance Pros & Cons
- Offers life insurance policies that don’t require medical exams.
- Life policy terms of up to 30 years.
- Strong financial rating
- Available in all 50 states.
- Access to multiple life insurance policy types.
- Offers multiple policy discount options.
Navy Mutual is a life insurance carrier based in Arlington, VA. The company was founded in 1879 and offers life insurance products in 50 states (and Washington, DC).
Navy Mutual life insurance FAQ
What types of life insurance products does Navy Mutual offer?
Life insurance companies typically offer a wide variety of life insurance options. One of the best ways to save money on life insurance products is to avoid unnecessary coverage. Only purchase life insurance policies and riders you actually need.
Here is a brief description of life insurance options Navy Mutual offers.
- Term Life Insurance – This is the simplest type of life insurance policy. Term life insurance policies are payable if the insured person dies within a specific period of time, such as 5, 10, or 30 years. Navy Mutual life insurance offers term lengths ranging from 1 to 30 years. Death benefit amounts range from $50,000 to $1,000,000.
- Level Term Life Insurance – These are term life insurance policies that have the same fixed premium and payment amount through the duration of the life insurance policy.
- Decreasing Term Life Insurance- These types of term life insurance policies has fixed premiums but the death benefit decreases over the duration of the term life insurance policy.
- Annual Renewable Term Life Insurance – Annual renewable term life insurance policies provide a constant death benefit for the duration of the term life insurance policy but the premiums are reassessed every year.
- Whole Life Insurance – Whole life insurance policies remain in force for the policyholder’s entire life, provided premiums are paid. They have a tax deferred cash value, meaning the cash value will not be taxed until funds are withdrawn. Whole life insurance death benefit payments range from $10,000 to $1,000,000.
- Variable Life Insurance – Variable life insurance are types of whole life insurance policies where the entire cash value of the life insurance policy is invested in several accounts. Therefore, the cash value of these whole life insurance policies rises and falls depending on the performance of the investments.
As well as the basic coverage mentioned above, Navy Mutual Life Insurance also offers the following features:
- Group Life Insurance – Navy Mutual life insurance offers some of its life insurance policies as a group benefit to employees who meet certain eligibility requirements, such as having worked for a month in the company. Typically, these term life insurance policies can only be adjusted or purchased after a qualifying life event, such as marriage or the birth of a child, or during an open enrollment period.
- Guaranteed acceptance – These whole life insurance policies offer a cash death benefit to the beneficiary. All coverage applications are approved regardless of health concerns. The catch is that these life insurance policies usually have lower death benefits and higher than normal premiums.
- Survivorship Life Insurance – These types of joint universal life insurance policies cover two individuals and pays a death benefit to a beneficiary after both have died.
- Final Expense – Even bare-bones funerals can cost thousands of dollars. These whole life insurance policies, also known as burial insurance, cover funeral and burial costs.
How can you save money on a Navy Mutual life insurance life insurance policy?
When you ask for a life insurance quote with Navy Mutual life insurance, ask what discounts are available for various life insurance options.
What is SuperMoney’s financial rating of Navy Mutual?
The financial strength rating of life insurance companies scores its ability to pay contracts and life insurance policies. SuperMoney gives Navy Mutual an A+, which is the highest available rating we give to life insurance companies.
SuperMoney’s financial strength rating is primarily based on the average score from independent insurance rating agencies.