Claims & Beneficiary Services FAQs

     

    Claims & Beneficiary Services FAQs

    Are multiple death certificates required if there are two or more beneficiaries?
    No, we only need one death certificate per insured.
    Does a certified, original death certificate need to be sent?
    Yes.
    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.
    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

    Or, you can fax documents to:
    703-945-1441 or 703-945-1442

    *A certified death certificate must be mailed.

    What payout options are available? Is there a minimum payout amount?
    In the event of your death, your beneficiaries have four payout options:

    1. Lump-sum payment
    2. Fixed payments
    3. Quarterly interest payments
    4. Life payments

    Payout options 2, 3, and 4 require a minimum benefit amount of $20,000.

    Please review your payout options carefully and note that each has tax implications. To learn more, email us at Claims@navymutual.org or call us 800-628-6011 Monday to Friday, 8:00 a.m. to 6:00 p.m. EST.

    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, he or she has the option to take over the annuity rather than receive a payout. To learn more, please consult your tax advisor or contact us.

    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 ten business days. Keep in mind, the most efficient way to receive a benefit is via direct deposit.
    What additional documents are required when an estate is named as the beneficiary?
    If the estate is probated, letters of administration naming the executor are required. 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 (see below).
    What additional documents are required when a trust is named as the beneficiary?
    We will need a copy of the trust – specifically, the entire trust, certificate of trust, summary page or declaration, and signature pages. You will also need a taxpayer identification number (see below).

    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.

    How do I get a taxpayer ID number?
    You can find information and apply at www.irs.gov.
    How do I change a beneficiary?
    Keeping your beneficiary designation up to date is important. Log in to your to change your beneficiary online or download a Change of Beneficiary Form.
    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. Our Veteran Services team can also assist you.