Beneficiary Services FAQs

 


 

What is the general time frame to process a claim?

Once all required documents are received by Navy Mutual, your claim should be processed and available to view electronically within seven to 10 business days. The most efficient way to receive a benefit is via direct deposit.

If you would like confirmation that all documents have been received, please reach out to Claims@NavyMutual.org.

Does a certified original death certificate need to be sent?

Yes, a certified original death certificate must be mailed to Navy Mutual for us to process your claim. You can mail documents to:

Navy Mutual
Henderson Hall
29 Carpenter Road
Arlington, VA 22204

If a policy has multiple beneficiaries, are all beneficiaries required to submit a certified copy of the death certificate?

We only require one certified death certificate per policy. It can be submitted by mail to:

Navy Mutual
Henderson Hall
29 Carpenter Road
Arlington, VA 22204

Where do I send claim documents?

You can mail documents to:

Navy Mutual
Henderson Hall
29 Carpenter Road
Arlington, VA 22204

You can email* documents to:

Claims@NavyMutual.org

You can fax documents to:

703-945-1441 or 703-945-1442

*A certified death certificate must be mailed.

How do I report a death?

Our condolences for your loss. You may report a death using this form.

Is a life insurance policy death benefit taxable?

Normally, no. However, we suggest you consult a tax advisor to confirm the taxable status of your benefit.

How do I change a beneficiary?

Keeping your beneficiary designation up to date is important. Log in to your Customer Portal change your beneficiary online or download a Change of Beneficiary Form.

What is the processing time for a Change of Beneficiary form?

You will receive notification within 30 days of submitting a Change of Beneficiary form.

Can I submit documentation for a claim over email?

While some forms can be submitted via email, we do require that a certified copy of the death certificate be submitted by mail to:

Navy Mutual
Henderson Hall
29 Carpenter Road
Arlington, VA 22204

What payout options are available? Is there a minimum payout amount?

In the event of your death, your beneficiaries have four payout options:

  • Lump-sum payment: Full or partial payment of the death benefit will be distributed to the beneficiary by electronic funds transfer (EFT) or check.
  • Fixed payments: The beneficiary can choose to have funds distributed as monthly payments over 1–30 years. A lump-sum distribution can be requested at any time as long as the remaining balance is above $10,000.
  • Quarterly interest payments: The death benefit is held by Navy Mutual, and any interest accumulated on that death benefit will be distributed to the beneficiary each quarter. A lump-sum distribution can be requested at any time as long as the remaining balance is above $10,000.
  • Life payments: The beneficiary may elect to convert the death benefit into monthly income for life with a guaranteed “Period Certain” of 0, 5, 10, 15, or 20 years. With this option, the beneficiary will receive payments for life, but if they pass away before the end of the Period Certain, payments will continue to a second beneficiary until the Period Certain is completed. A 0-year period certain means payments will stop at the original beneficiary’s death. A 20-year period certain means that if the original beneficiary passes away at year 10, payments will continue to their beneficiary until the end of year 20. This is an irrevocable option.

Fixed payments, quarterly interest payments, and life payments require a minimum benefit amount of $20,000.

Please review your payout options carefully and note that each has tax implications. To learn more, contact us at Claims@NavyMutual.org or at 800-628-6011.

If the beneficiary of a life insurance policy is a minor, can Navy Mutual hold the death benefit until the minor reaches adulthood?

Yes, there are settlement options in which funds can be left at Navy Mutual until the minor beneficiary reaches adulthood. We suggest that you speak to a financial advisor to determine the best course of action for your specific needs.

If you are active duty military, you have access to financial advisors at no cost through the Department of Defense Office of Financial Readiness.

How do I change an address for a beneficiary?

Complete an updated Change of Beneficiary form, or send an email to Claims@NavyMutual.org referencing your policy number.

Note that while it is important that we have an up-to-date address on file, it is more important that we know the Social Security number and date of birth for each beneficiary. This is the best way for Navy Mutual to locate beneficiaries after the insured’s death.

Where can I find contact information for organizations that help with military survivor benefits?

You can start by downloading our Survivor Checklist. You can also find information in the Survivor Benefits Tools section of this site.

If you prefer to speak with a representative, our Veterans Services team can assist you in understanding and applying for any benefits to which you may be entitled.

Can I choose the settlement option for my policy’s beneficiary?

Yes. Navy Mutual offers four payout options for you to choose from: lump-sum payment, fixed payments, quarterly interest payments, and life payments.

If you elect to choose the settlement option for your beneficiaries, we encourage you to communicate your intentions with your beneficiaries for their awareness.

If I pass away, who becomes the policy owner of my minor child’s or grandchild’s life insurance policy?

Please complete the Successor Owner Designation form to define your successor.

What additional documents are required when an estate is named as the beneficiary?

If the estate is probated, we require letters of administration naming the executor. If the estate is not probated, you can apply for a small estate affidavit (depending upon your state’s laws and regulations). You will also need a Taxpayer Identification Number (TIN).

If the trust is no longer in effect, we will need the dissolution of the trust or a notarized statement from the executor 1) stating that the trust is not in effect and 2) directing payment of the benefit.

As the beneficiary of a life insurance policy, what information do I have access to?

You have access only to information regarding your portion of the death benefit after the time of death.

How is the taxable gain calculated on an annuity death benefit?

The basic formula is: Total Account Value – Cost Basis = Gain.

For example, a $25,000 investment that grows to $35,000 has a taxable gain of $10,000 upon death. If your spouse is the beneficiary, they have the option to take over the annuity rather than receive a payout. To learn more, please consult your tax advisor or contact us at Claims@NavyMutual.org or 800-628-6011.

What do I do if I cannot locate trust documents?

Check locations where you commonly store important documents, such as a fire safe box or a safety deposit box first. If you cannot find the documents in these locations, speak with the attorney who set up the trust.

How do I get a Taxpayer Identification Number (TIN)?

Taxpayer Identification Numbers include:

  • Social Security Numbers
  • Employer Identification Numbers
  • Individual Taxpayer Identification Numbers
  • Taxpayer Identification Numbers for Pending U.S. Adoptions
  • Prepared Taxpayer Identification Numbers

You can learn more and apply for a TIN here.

What do I do if the estate will not be probated?

Contact an attorney to get the appropriate affidavits.

What is the difference between a trust and an estate?

A trust is a legal agreement between an individual and another party in which the individual gives the other party permission to handle their assets for the benefit of a beneficiary. When creating a trust, the individual must specify what assets should become a part of the trust.

A person’s estate includes all of the assets they owned at their time of death.

Can I obtain a claim form on your website?

No. Claims forms are drafted specific to the beneficiary, the claim amount, and the options the beneficiary has based off of designations outlined by the policy owner. For this reason, there is not one standard form available for all beneficiaries.

Can I email my settlement paperwork to Navy Mutual?

Yes, you can contact us at Claims@NavyMutual.org.

How do I obtain Letters of Administration for an estate?

Contact an attorney for help obtaining Letters of Administration.

Will Navy Mutual return the certified death certificate after a claim is processed?

Yes, Navy Mutual will return the death certificate after a claim is processed.

What is the difference between changing ownership and changing a beneficiary?

When you change the ownership of a policy, it gives the new owner all of the rights to administer the policy. This involves being able to access policy information, make changes, name a beneficiary, and surrender the policy.

A beneficiary is involved only at the insured’s time of death. They have no administrative rights to the policy.

When would I need a small estate affidavit?

A small estate affidavit is a written statement prepared by an attorney or obtained from the county clerk’s office that authorizes a person to claim the assets of the deceased outside of probate.

Large estates are required to undergo probate and do not qualify for the use of a small estate affidavit. Different states have different thresholds for what qualifies as a small estate; refer to the laws specific to the location of the deceased’s estate for further instruction.

Can you do assignments for funeral homes?

We can only accept absolute assignments, which give full ownership rights of the policy to another party. Alternatively, you could make a funeral home a beneficiary on the policy.

How do I obtain Form 712?

You can obtain Form 712 by requesting one from Claims@NavyMutual.org or calling 800-628-6011.

Form 712 is an IRS form used for finalizing the estate of the deceased. It reports the value of a life insurance policy’s proceeds. It is also used when a life insurance policy changes ownership.

What if there is no estate established?

If the insured passed without a will, depending on the monetary amount of the assets involved, you may be able to use a small estate affidavit.

A small estate affidavit is a written statement prepared by an attorney or obtained from the county clerk’s office that authorizes a person to claim the assets of the deceased outside of probate.