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Navy Mutual is honored to serve those who serve our country. As a show of thanks, we are offering a permanent life insurance alternative to SGLI to recently separated servicemembers and their families without requiring a medical exam or underwriting.
Life insurance coverage under SGLI does not continue after your spouse leaves the military, so it’s important to think about your family’s post-military life insurance options before they separate. Your spouse does have the option to convert their SGLI coverage to Veterans Group Life Insurance (VGLI); however, the premium costs for that renewable term insurance product increase every five years – and rather steeply at older ages. In addition, there is no family coverage associated with VGLI, meaning that while your spouse may be covered, you and your children would need individual coverage outside of any military benefits.
The need for life insurance coverage does end because you are no longer affiliated with the military, so we have created a product and process tailored to your needs.
If your spouse is within 120 days of separation:
- They may be eligible for up to $400,000 of Flagship Whole Life coverage without having to undergo a medical examination or underwriter review if they were covered by SGLI while in service.
- You may be eligible for up to $100,000 of Flagship Whole Life coverage without having to undergo a medical examination or underwriter review if you were covered under the Family SGLI (FSGLI) program.
- Your children may be eligible for a $10,000 Family Benefit Rider without underwriter review provided they are under the age of 21 years old at the time of issue.
What is Flagship Whole Life insurance?
Our Flagship Whole Life product is a permanent life insurance product, meaning that it provides coverage for the duration of your life. So long as the fixed level premiums are paid on time, your loved ones are guaranteed a payout upon your passing.
The policy owner can choose between several different funding durations, from 10 years to lifelong payments. The longer the duration of payments, the lower the premium amount – which allows you to tailor your premium to your budget or retirement income strategy. Best of all, premium payments are guaranteed to remain level throughout the selected funding duration.
Flagship Whole Life also includes a Paid-Up Additions Rider, which in exchange for extra premium contributions, allows the owner to increase the death benefit and guaranteed cash value at their discretion throughout the life of the policy.
The living benefit of cash value in a Flagship Whole Life policy accumulates slowly over time, but can generate an annual dividend. You can then use these dividends according to your changing needs over time: as a cash payment, applied to your outstanding premium balance, or to repay policy loans.
What are policy loans?
As a feature of Flagship Whole Life insurance, you can borrow up to 75% of your policy’s available cash value at a variable loan interest rate. Any outstanding loan amount and accrued interest are subtracted from the death benefit at settlement or from the policy’s cash value upon surrender during the insured’s lifetime.
How much does it cost?
Premiums are based on your age, coverage amount, and your status as a nicotine or non-nicotine user.
Is a medical exam or underwriting necessary for this life insurance offer?
Due to your status as a recently separated servicemember’s spouse, and as thanks for your service, Navy Mutual does not require a medical exam or medical underwriting for you to obtain Flagship Whole Life coverage.
Once you are verified as eligible to participate in this program, premium pricing is offered at our standard risk ratings. However, you may still choose to go through the full underwriting process if you wish to be considered for a discounted premium rate. If you choose to go through underwriting (and an associated medical exam) and are declined or made an offer higher than our standard rate, you are guaranteed premiums for a new Flagship Whole Life policy at our standard risk rating.
To apply for coverage, the following is required:
- Confirmation that you are only applying for this guaranteed privilege with Navy Mutual.
If you’re interested in learning more, schedule an appointment with one of our representatives or request a quote here.
