Plan Flexibility

Navy Mutual Flagship Whole Life policyholders have the flexibility of modifying their policies in the future to meet their changing needs. Policy changes include:

  • Reduced Paid-Up Benefit: A reduced paid-up benefit is an option that ceases all future premiums, thereby reducing the projected minimum death benefit. Once this option is elected, no further premiums are paid into the plan. This is an option for those who are not able to pay any more premiums and do not wish to lose all of their coverage. Dividends will be paid on policies in reduced paid-up status.
  • Extended Term Insurance: An extended term benefit is an option that ceases all future premiums, while maintaining the current coverage amount, for the number of years, months and days the cash value will support. Reinstatement of a contract in extended term insurance status is available and no dividends are paid.

In addition, Flagship Whole Life offers the flexibility to choose how any declared dividends are allocated.

  • Want to build cash value? Use your dividends to purchase additional paid up additions.
  • Want to increase your death benefits? Dividends can be used to purchase one-year term insurance.
  • Want to lower your premium costs? Use your dividends to pay your premiums.
  • Want extra income? Receive the cash value of the dividends. Or, take a loan from your cash value and let the dividends pay it back.

For more information on Navy Mutual Flagship Whole Life plan changes, please call us at 800-628-6011.