Navy Mutual Aid Association at a Glance
- Founded in 1879
- Specializes in life insurance
- Also offers annuities
- Offers coverage for veterans
- Offers educational services for military members
- Not rated by A.M. Best
- “A+” (excellent) rating by Better Business Bureau (BBB)
- The nation’s oldest federally recognized veterans service organization
- Good customer feedback
Navy Mutual pros: Nearly a century and a half’s worth of experience in the insurance industry. Offers life insurance, annuities, and other benefits for active service members. High rating through the BBB. Good customer feedback.
Navy Mutual cons: Not a BBB accredited company. Not rated by A.M. Best. No online claims reporting.
What Type of Insurance Does Navy Mutual Offer?
Navy Mutual is a specialized insurance company with a focus on life insurance. Their coverage offerings include:
- Flex Term Life Insurance Plan
- Level II Plus Term Life Insurance Plan
- Express Term Life Insurance Plan
- Flagship Whole Life Insurance Plan
If you’re on the market for life insurance or annuities, Navy Mutual may have just the type of product you’re looking for.
What to Know about Navy Mutual
Navy Mutual Aid Association was founded in 1879, giving the carrier nearly a century and a half’s worth of experience in the insurance industry. The carrier’s original mission was to provide life insurance for naval officers, who were often denied coverage due to their profession. Today, the insurance company has expanded their original vision to offer coverage to customers belonging to every branch of the military.
Currently, Navy Mutual offers term and whole life insurance options, as well as annuities and estate planning services for military members and their families. Navy Mutual is a nonprofit organization and the nation’s first federally recognized veterans service organization. The carrier provides survivor benefits to military members, such as educational services, at no cost.
Navy Mutual has not been rated by A.M. Best, the leading global credit rating agency monitoring the insurance industry. While ratings through this organization are not a requirement for an insurance company, they do help to solidify a carrier’s credibility and financial strength ratings and potentially influence prospective customers’ decisions about whether to trust the carrier with their coverage needs.
However, Navy Mutual has received an excellent rating through the BBB, an “A+.” Ratings from the BBB are based on several criteria, including the business’s complaint history, the type of business, the length of time in business, transparent business practices, and any advertising issues. Prospective customers and partners are able to gain insight into an insurance company’s values by reviewing its rating from the BBB.
What Discounts Does Navy Mutual Offer?
While Navy Mutual does not make information about their specific discounts readily available, most life insurance companies today offer several common discounts on comparable coverages. These discounts often include:
- Young applicant discount: When signing up for life insurance, considerable discounts are often awarded to applicants who purchase coverage when they are younger, such as in their 20s or 30s.
- Non-tobacco user discount: Life insurance companies tend to reward customers who do not use tobacco products with cheaper premiums.
- Safe hobbies discount: Life insurance companies often award customers who practice safe, non-life-threatening habits (e.g., no skydiving) with cheaper premiums.
- Annual premium discount: Insurance companies often award discounts to customers who pay their premiums annually instead of monthly.
- Healthy family history discount: Life insurance companies also reward applicants with healthy genetics or a good family health history.
Your independent insurance agent can help you find more information on exact discounts offered by Navy Mutual and additional ways to save money through the insurance company, helping you to get the most bang out of your buck on coverage.
Navy Mutual Customer Service
Navy Mutual offers just one phone line for all customer inquiries. The carrier provides the following customer service options:
- Fax contact option available
- Email contact option available
- Main customer service and claims reporting hotline has the following hours restrictions:
|Monday-Friday||8:30 am - 6 pm|
The best way to ensure a smooth customer service experience is through working with an independent insurance agent. Independent insurance agents can help make customer service easier for you by handling claims and other concerns.
Navy Mutual FAQ
What is Navy Mutual's average claim response time frame?
Navy Mutual allows customers to file claims via email, fax, or through regular mail. The official website states that claims should be processed and available to view within seven to 10 business days.
What is Navy Mutual's customer service availability?
Navy Mutual has just one phone line for customer service and all other inquiries. The toll-free phone line contact option is offered at restricted hours, Monday-Friday. The insurance company also has a social media presence on Facebook, LinkedIn, and Twitter, which makes them more accessible to customers.
What is Navy Mutual's claims process?
Navy Mutual provides snail mail claims reporting as well as fax and email claims reporting options for their customers. While the carrier does provide a nice claims FAQ for its customers on the official website, it does not detail a specific claims process. If customers have questions about the claims process or how to file, they can contact the carrier or their agent.
Does Navy Mutual create a user-friendly experience for customers?
Navy Mutual’s official website is fairly well done. The layout is intuitive and easy to navigate. However, the insurance company could benefit from including more detail about their claims process. The carrier also does not provide phone or online claims reporting, which leaves them far behind other modern insurance companies, in the way of user-friendliness.
Does Navy Mutual have good term life insurance?
Navy Mutual specializes in life insurance. Their Flex Term life insurance policies come with the following perks:
- Low cost premiums
- $50,000-$1,000,000 in coverage
- Flexible coverage
- Guaranteed premiums
- No military service restrictions
- Accelerated death benefits
- Child benefit riders (up to $10,000 in coverage for children under age 26)
- Guaranteed convertibility
Your independent insurance agent can help you find out more about Navy Mutual’s Flex Term life insurance policies, as well as their other products and services available.
Is Navy Mutual a good insurance company?
Navy Mutual has been around for well over a century now. While the carrier is not rated by A.M. Best, they do have a very high rating through the BBB, and only three complaints filed through the latter organization in recent years. However, the carrier is not accredited by the BBB. Navy Mutual could benefit from adding more claims reporting options for its customers. There are only a handful of customer reviews found about the insurance company, but the vast majority are very positive. Overall, Navy Mutual can certainly be considered a good insurance company.
Navy Mutual Customer Reviews
|“Great nonprofit that provides life insurance products to Veterans and their families. Best rates without hidden fees or clauses that catch you by surprise later on. Also, super easy sales process with a caring staff to walk you through it all. Recommend for active duty folks looking to supplement their SGLI and Veterans looking for a company they can trust to provide financial protection to their families.”|
|“Exceptional customer service and value. NMAA consistently offered lower premiums for term and whole life solutions than their competitors (to include USAA, Navy Federal).”|
|“I appreciated the call well in advance of aging out of previous policy. The NMAA representative answered all of my questions and provided many options, leading me to opt for a new NMAA policy with confidence. Customer representative was very proactive and really helped me through the process. I have had low-cost, easy to manage and reliable insurance with NMAA for 20 years and I am looking forward to the next 20!”|
|“Best military insurance out there! Great rates and no military/deployment exclusions. Been with them since 2010, and have had nothing but a good experience.”|
|“Very disappointed in Navy Mutual. They quoted me an excellent rate, and I'm in great shape, but had to get a medical exam. It took two months to get an answer. The rate skyrocketed without any explanation. I don't recommend this company at all.”|
TrustedChoice.com's Final Review
We award Navy Mutual Aid Association a final rating of 4 out of 5 stars. For starters, the insurance company has been around for more than 140 years now, which is both noteworthy and impressive for the industry today. While the insurance company loses some points for not being rated through A.M. Best, they have an excellent rating and very low volume of complaints through the BBB. The carrier provides life insurance, annuities, and other benefits for active service members in need, which is a highly necessary niche of the insurance market. Although there aren’t a ton of customer reviews about the carrier, almost all of the reviews that can be spotted on the web are very positive about the carrier and the coverage provided. The insurance company falls behind other modern carriers in terms of claims reporting services, with an absence of phone or online options for customers. That being said, the high level of customer satisfaction is certainly the main factor in our books. So, if you’re in need of their coverage or services provided, we say don’t hesitate to look into Navy Mutual with your independent insurance agent to be your next trusted carrier.
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