Level II 'Plus' Plan - Level Term Insurance

The Level II 'Plus' Term is guaranteed level coverage with a guaranteed level premium which can be taken to age 85 or younger. This coverage is ideal for individuals wanting to lock in low premiums and not have to worry about the coverage being reduced or premiums increasing.

Coverage Amounts and Durations

The Level II 'Plus' is sold in $10,000 increments with a minimum required about of $50,000. Service members and their spouses can each purchase and maintain up to $1,000,000 of life insurance coverage with NMAA. You can select any period of coverage that best fits your needs, from a minimum of 5 years up to a termination age of 85!

Level Term Premiums

Premium rates are calculated on the insured's issue age, amount of coverage, termination age, gender, nicotine use, health, and life-style. Navy Mutual maintains three levels of premium rates:

Standard: Individuals who are of average health may qualify for coverage.
Select: Individuals with a payment plan of 30 years or less with above average health could qualify for these lower rates.

Super-Select: Non-tobacco using individuals with a payment plan of 30 years or less and who are in exceptional health and maintain low risk life-styles could qualify for this lowest rate.

To illustrate the differences in premiums, the following monthly rates would apply to a non-tobacco user, age 45 with $100,000 for 20 years.

	Standard	Select	Super-Select
Male	$23.00	$16.80	$15.20
Female	$18.20	$13.70	$12.10

Individuals who do not use tobacco products are eligible to receive any of the three rates while tobacco users will only be eligible for Standard and Select rates. Once the premiums are established, they are guaranteed to remain fixed for the elected duration.

5 Year Guaranteed Convertibility Feature

Up to 100% of the Level II Plus Term coverage may be converted to a Navy Mutual Permanent Plus life insurance policy without the requirement of a physical if the insured is under age 70 and within the first 5 policy years . There is no additional premium for this feature!

Accelerated Death Benefit Option

Insureds who have maintained the plan for more than five years and are terminally ill may receive a majority of the death benefit as a lump sum. There is no additional premium for this option!

Optional Insurance Riders for Level Term Coverage

Extended Guaranteed Convertibility Rider

This rider allows the elected Level II Plus Term coverage to be converted, without a physical, to a Permanent Plus plan anytime up to age 70 or 5 years prior to the elected termination date, whichever occurs first. To receive premium rates and details about this option, please call Navy Mutual at 1-800-628-6011.

Family Benefit Rider

Family Benefit Rider (FBR) coverage is separate coverage that provides decreasing term life insurance on the spouse who is not covered under the Level II Plus plan and level coverage on any unmarried children under the age of 21. Upon the death of a person or persons insured under the FBR, the FBR death benefit shall be paid to the spouse who is the insured under the Level II Plus plan. FBR coverage is sold in units. 1 FBR unit is available for each $50,000 of Level II Plus coverage elected, not to exceed 4 FBR units (per family). The coverage amounts and costs for each FBR rider unit are shown below.

FBR COVERAGE AMOUNTS PER UNIT

Spouse Coverage
Eligible Child's Coverage
Age
Amount
Age
Amount
Under 35
$25,000
6 months but less than 21 years

35 - 39
$15,000
$2,500
40 - 44
$12,000

45 - 49
$7,000
15 days but less than 6 months

50 - 54
$5,000
$500
55 - 59
$3,000

60 and over $0

FBR MONTHLY RATES PER UNIT

$1.00 Non-Tobacco Using Spouse $1.30 Tobacco Using Spouse

Please be aware that the above rates apply to the number of units elected, NOT the number of family members being covered. If the Level II Plus Term policy terminates due to the death of the insured, surrender, or reaching the elected termination age, all FBR Rider units attached to the plan will be terminated. Children born or adopted after the effective date of the FBR are automatically included in the family coverage, at no additional cost.

NMAA Eligibility

A service member of any of the five sea services (i.e., Navy, Marine Corps, Coast Guard, U. S. Public Health Service, and National Oceanic and Atmospheric Administration) who is either active duty, retired, a reservist or an honorably discharged veteran (who resides in Virginia, North Carolina, or South Carolina) and is under age 65 may join Navy Mutual by purchasing a life insurance policy or annuity on his/her life, the life of a spouse and/or the life of an eligible child or grandchild.

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