Product FAQs

For Level II Plus term life insurance policies, your term length options are 10, 15, 20, 25, or 30 years.

Term policies do not automatically renew upon the completion of the term. If you are near the end of the term on your policy and would like to speak to a representative, contact us at 888-300-9331.

Yes, you must be under 76 years old to apply for term insurance.

If you are applying for Flagship Whole Life insurance, you must under 81 years old. If you are applying for term insurance, you must be under 76 years old.

No, this type of policy does not have a cash value.

A Level Term conversion is an opportunity to convert a Level II Plus Term policy to a Flagship Whole Life policy.

You can convert Level II Plus Term coverage to Flagship Whole Life coverage at a guaranteed rate with no medical exam provided that 1) your term duration has five or more years remaining and 2) the insured is under the age of 71 and the policy’s anniversary date has not passed. The premiums for your Flagship Whole Life coverage will be based on the insured’s age at the time of conversion.

You may call 888-300-9331 to confirm your conversion deadline.

Premiums remain in effect at their set price for the duration of the policy’s term.

For Flagship Whole Life policies, this means that premiums will never change.

For Level Term policies, the premiums will remain the same for the duration of the Level Term period. After the Level Term period, renewal premiums will be computed annually based on the insured’s attained age, gender, nicotine use, and face amount of insurance.

Paid-Up Additions (PUA) are subject to a maximum of three times the base annual standard premium after the issue date per policy. Paid-Up Additions can be used to increase your policy’s total death benefit and cash value by up to a total lifetime maximum of $500,000 for all combined policies.

You can withdraw up to 10% of the annuity’s accumulated value annually. Withdrawals can be taken freely from settlement options (excluding the life income option) as long as the accumulated value remains over $10,000.

The 10% annual free withdrawal amount resets on the annuity’s contract anniversary.

Members can contribute additional funds to Flexible Premium Retirement Annuities only. Funds can be sent to Navy Mutual via check, bank draft, or wire transfer.

Withdrawals from annuities are taxable to the extent of any gain on the contract.

You can contribute up to $5,000,000 to a Single Premium Deferred Annuity. You can contribute up to $1,000,000 to a Flexible Premium Retirement Annuity.

You can view current annuity rates here.

Yes, an absolute assignment and transfer of ownership can be executed on annuities during the life of the annuitant. Absolute Assignments do not change the annuitant of the contract.