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Navy Mutual Life Insurance

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Highlights
Financial Strength Rating A+

Navy Mutual Life Insurance Review

Navy Mutual life insurance 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 life insurance 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 life insurance 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 They have a tax deferred cash value, meaning the cash value will not be taxed until funds are withdrawn.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 types mentioned above, Navy Mutual life insurance company also offers the following life insurance policies:

  • 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 Issue Life Insurance - 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.

These include:

What is SuperMoney's financial rating of Navy Mutual life insurance?

The financial strength rating of life insurance companies scores its ability to pay contracts and life insurance policies. SuperMoney gives Navy Mutual life insurance 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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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About Navy Mutual Life Insurance

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Max. Coverage $1,000,000
Financial Strength Rating A+
Policy Discounts
  • Full Payment
  • Good Credit
  • Military
  • Retired
  • Senior
Life Insurance Features
  • Cash Value Loans
  • Five-Year Policies Available
  • High Risk Applicants Accepted
  • No Medical Exam Policies
  • Online Quotes
Term Length 1 - 30
Term Life Death Benefit Range $50,000 - $1,000,000
Term Options
  • Term Life
  • Level Term
  • Decreasing Term
  • Annual Renewable
Whole / Permanent Life Options
  • Whole Life (Traditional)
  • Variable Life
Whole Life Death Benefit Range $10,000 - $1,000,000
Group Life Options
  • Group Basic Term Life Benefit
  • Group Supplemental Term Life Benefit
  • Group Whole Life Benefit
  • Group Basic Coverage Guaranteed
Life Insurance Riders
  • Accelerated Death Benefit (Critical or Chronic Illnesses)
  • Accelerated Death Benefit (Terminal Illnesses)
  • Accidental Death or Dismemberment / Double Indemnity
  • Additional Term Rider
  • Child Term Rider
  • Long-Term Care
  • Spouse Insurance
  • Term Conversion
  • Waiver of Premium Due to Illness / Disability

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