Disclosure: This article is sponsored by Navy Mutual.
Here at The Military Wallet, we like to help our readers achieve the financial stability they deserve. Often, this means connecting service members, veterans, and their families with unique discounts, services, and privileges that they have earned through their service.
One of these services is life insurance for servicemembers and veterans. Today we would like to tell you about the leading provider of affordable and comprehensive life insurance and annuities for families that serve. Navy Mutual, the nation’s oldest federally recognized Veterans Service Organization (VSO) which has served and supported military families for over 140 years.
A History of Service
In July of 1879, a group of naval officers met in the old Navy Department building with an important mission in mind: how to better provide for widow and orphans of naval officers who died in the service. They had seen how the Army’s normal method of “passing the hat” had been insufficient to provide for the families of those killed at the Battle of Little Big Horn three years earlier. There had to be a better way.
So, the officers formed the first-ever insurance organization dedicated to coverage for officers in the Sea Services. Since its beginning in 1879, the Navy Mutual Aid Association has been privileged to serve those who have chosen to serve this Nation in uniform, now offering coverage to members and families of any of the military or uniformed services of this county.
Today, all officers and enlisted members or veterans of all five branches of the U.S. Military, the Public Health Service, and the National Oceanic and Atmospheric Administration are eligible to apply for life insurance through Navy Mutual.
What Sets Navy Mutual Apart from Other Insurers?
As a mutual association, Navy Mutual exists for the benefit of its members. Its members are its only “shareholders,” and the CEO and Chairman of the Board are both retired flag officers. Every member of its all-volunteer board has served in uniform, many with decades of senior leadership experience.
Navy Mutual’s enduring mission is to provide its Members with quality life insurance at or as near the actual net cost as possible, and to assist members of the uniformed services, including veterans, and their families in securing the government survivor benefits to which they may be legally entitled.
As a nonprofit insurer for those who serve, Navy Mutual provides affordable life insurance and annuities with no sales commissions, hidden fees, active duty restrictions, or war clauses for those on active duty.
Navy Mutual even expedites applications if you are preparing to deploy, so you can be sure that your family is taken care of, no matter what. Great customer service and financial strength are the main reasons Navy Mutual holds a 98.4% Member retention rate. Holding an A+ Fitch Insurer Financial Strength Rating for the past 16 years shows how committed Navy Mutual is to be there for their Members.
Navy Mutual also gives back to the military community by providing education on survivor and other benefits and general financial education to tens of thousands of servicemembers each year at no cost to the government.
Navy Mutual is there to help guide service members through every step of military life, including deploying, raising a family, planning for retirement, and leaving the service. The Education team also helps Members, beneficiaries, eligible survivors, and veterans understand and secure the federal survivor benefits to which they may be entitled.
If you or your spouse have served this nation in uniform, you EARNED the right to take advantage of the benefits of being a Member of Navy Mutual. Take advantage of it.
Whether you are a veteran or are currently serving, Navy Mutual helps you Protect What Matters Most.