Introducing Guaranteed Issue Life Insurance for Separating Service Members

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Navy Mutual is now offering a permanent life insurance alternative to SGLI for recently separated service members and their families without requiring a medical exam or underwriting.

Disclosure: This article is sponsored by Navy Mutual.

Navy Mutual is honored to serve those who serve our country. As a show of thanks for all that you do, we are offering a permanent life insurance alternative to SGLI for recently separated service members and their families without requiring a medical exam or underwriting.

As a “group insurance” product, coverage under SGLI does not continue after you leave the military, so it’s important to think about your post-military life insurance options before you separate. You have the option to convert your SGLI coverage to Veterans Group Life Insurance (VGLI). However, VGLI is a renewable term insurance product, so its premiums increase every five years – and rather steeply the older you get.

The need for life insurance coverage does not end with your service with the military so we have created a product and process tailored to your needs.

If you are within 180 days of separation:

  • You may be eligible for up to $400,000 of Flagship Whole Life coverage without having to undergo a medical examination or underwriter review if you were covered by SGLI while in service.
  • Your spouse may be eligible for up to $100,000 of Flagship Whole Life coverage without having to undergo a medical examination or underwriter review if they 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 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 pay for life.  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 during 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?

Navy Mutual honors your service and, as thanks for that service, will not require a medical exam or medical underwriting for a recently separated service member or their spouse 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.

Note: You can contact Navy Mutual to learn more or to get a quote for a no-exam life insurance policy. Simply click this link to schedule an appointment.

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About Ryan Guina

Ryan Guina is the founder and editor of The Military Wallet. He is a writer, small business owner, and entrepreneur. He served over 6 years on active duty in the USAF and is a current member of the IL Air National Guard.

Ryan started The Military Wallet in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about personal finance and investing at Cash Money Life.

Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free Personal Capital account here.

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