Navy Mutual Life Insurance
Whole Life Insurance

What Is Whole Life Insurance?


Whole life insurance is the most common type of permanent life insurance protection. It combines a lifelong death benefit, accelerated death benefit options, and a cash value component that increases over time. So long as premiums are paid, the death benefit will pay out, regardless of how long the insured lives. People who choose whole life insurance appreciate the stability and added benefits that come with this type of policy.

Navy Mutual trusts and supports military members and veterans with very competitive rates for whole life policies and many options for payment timelines. Thanks, Navy Mutual!

- Member since 2018

Cash value provides a living benefit to the policy owner.


Cash value generates dividends that can be utilized according to the policy owner’s needs.

The policy owner can borrow from their cash value and these outstanding policy loans still earn dividends, so any loan balance will not impact the growth of your death benefit.

Navy Mutual has no active duty military service restrictions.


Premiums will not be higher for those who serve in dangerous conditions (e.g., aviation, deployments) than they otherwise would be for that individual based on their age and medical history.

Flagship Whole Life


Ideal for individuals up to age 80, policy owners can lock in up to $1,500,000 of permanent life insurance coverage for a fixed premium that is based upon the age and health of the insured, the coverage amount chosen, and the policy’s funding duration. This policy guarantees:

  1. Lifetime coverage so long as premiums are paid on time,
  2. Level premiums that will not change for the duration of the policy, and
  3. An accelerated death benefit that may be accessed if the insured develops a chronic or terminal illness.

Guaranteed Issue Flagship Whole Life


Flagship Whole Life typically requires medical underwriting. However, for servicemembers who are within 120 days of separation and who were covered by SGLI while in the service, we offer up to $400,000 of Guaranteed Issue Flagship Whole Life coverage without underwriting – meaning that the insured does not need to undergo a medical exam to obtain coverage. A servicemember’s spouse and/or children may also be eligible for Guaranteed Issue coverage provided that Family SGLI was in place prior to the military member’s separation.

Accelerated Death Benefit


Navy Mutual’s Flagship Whole Life plan features a two-part accelerated death benefit at no additional cost.

(1) Chronic Illness Option: If the insured is at least 60 years old and develops a need for assistance with two or more activities of daily living or supervision due to cognitive impairment, the plan’s death benefit can be paid out over 48 or 60 months. This can help offset any costs associated with a chronic illness, including long-term care.

  • A chronic illness is one that causes an individual to require assistance with at least two activities of daily living (bathing, dressing, eating, transferring from a bed to a chair, continence, or toileting) or a significant cognitive impairment lasting for at least 90 days.
    To receive tax-free payments under the Chronic Illness Option settlement, the condition must be expected to be permanent and must be reverified annually.

(2) Terminal Illness Option: If the insured is diagnosed with a terminal illness resulting in a remaining life expectancy of 24 months or less, a one-time, lump-sum payment of up to 100% of the plan’s death benefit can be paid.

  • The Terminal Illness Option is available to an insured who has been covered by the Flagship Whole Life plan for five or more years.

Additional Member Benefits


  • Paid-Up Additions: This included feature can be used to increase the policy’s total death benefit and cash value. There is a lifetime maximum of $500,000 in added death benefit funds from paid-up additions for all policies. Purchased at guaranteed rates, the rider premium may earn dividends and can be surrendered at any point without impacting the base coverage amount.
  • Participating Dividends: Accumulated cash value can generate an annual dividend to be used by the policy owner as they wish.
  • Generations Coverage: For a small monthly charge, a Member can add an initial policy for a child and/or grandchild up to their 26th birthday, securing for them the lowest premiums possible, the security of permanent life insurance protection, and future access to Navy Mutual products.
  • Cash Value Policy Loans: You can borrow up to 75% of your policy’s available cash value. The outstanding loan amount and any accrued interest are subtracted from the death benefit at settlement or from the policy’s cash value upon surrender during the insured’s lifetime.

Questions? Call 800-628-6011.

Life Insurance Needs Calculator

Find out how much life insurance may be right for you. Simply input your age, current income, future income and cash needs, and available resources and let our calculator do the rest.

Life Insurance FAQs

You may have questions about life insurance, so we created a list of our most frequently asked questions for you to search through. If you need help, you can always call.