Navy Mutual
| Company type | Nonprofit |
|---|---|
| Industry | Insurance |
| Founded | July 28, 1879 in Washington, D.C., United States |
| Founder | U.S. Navy officers |
| Headquarters | Arlington, Virginia , United States |
Area served | United States |
Key people | Brian E. Luther (President and CEO), Stanley R. Szemborski (Chairman of the Board) |
| Products | Life insurance, annuities |
Navy Mutual, initially known as the Navy Mutual Aid Association (NMAA), is a nonprofit organization with federal tax-exempt status that operates as a mutual-benefit Veterans Service Organization (VSO). Established in 1879 by naval officers, its primary mission is to offer life insurance and annuities to members of the maritime services—including the United States Navy, United States Marine Corps, United States Coast Guard, U.S. Public Health Service, and National Oceanic and Atmospheric Administration—as well as their families.[1] Over the past ten years, membership has consistently hovered around 105,000 individuals, with more than 145,000 active insurance policies recorded by 2019 and a member retention rate of 98.4%. In 2019, Navy Mutual reported revenues totaling $250 million alongside assets valued at $3 billion.[1] For seventeen straight years through 2020, the organization maintained an A+ Insurer Financial Strength (IFS) rating with a Stable Outlook from Fitch.[2] The association is currently led by President and CEO Brian E. Luther and has its headquarters located at Joint Base Myer-Henderson Hall in Arlington, Virginia.[3]
History
Navy Mutual was founded on July 28, 1879, during a gathering of U.S. Navy officers held at the Navy Department in Washington, D.C. Initially, membership was restricted to active officers of the Navy and Marine Corps.[4] Over subsequent decades, eligibility criteria expanded to incorporate temporary and reserve officers in 1920, Coast Guard officers in 1925, female Navy officers in 1947, Public Health Service commissioned officers in 1963, NOAA commissioned officers in 1972, enlisted personnel within the sea services by 1980, and retired members starting in 1993. In 2020, the bylaws were amended to extend membership to active duty, retired, reserve, and honorably discharged personnel from the U.S. Army and Air Force along with their families. Membership was temporarily halted twice during World War II and the Korean War but recommenced following each conflict.[5]
Membership Eligibility
Eligibility for joining Navy Mutual Aid Association requires individuals to be active duty, part of the Reserve Component, or retired from any of these branches of the U.S. military:
- U.S. Navy (USN)
- U.S. Marine Corps (USMC)
- U.S. Coast Guard (USCG)
- U.S. Air Force (USAF)
- U.S. Public Health Service Commissioned Corps (USPHSCC)
- National Oceanic and Atmospheric Administration (NOAA)
Additionally, honorably discharged veterans from the Navy, Marine Corps, Army, Air Force, Coast Guard, NOAA, or USPHSCC who reside in specific states—including Virginia, Hawaiʻi, Maryland, North Carolina, South Carolina, Arizona, Connecticut, Florida, Texas, Oregon, and Rhode Island—are qualified for membership.
Services
Navy Mutual offers specialized life insurance and annuity solutions designed specifically for individuals connected to the military community.
Life Insurance
The life insurance products available include:
- Flagship Whole Life (Whole Life Insurance)
- Level II 'Plus' (Term Life Insurance with Level Premiums for those aged 40 and above)
- Flex Term (Group-rated Term Life Insurance for members under 40)
Annuities
Available annuity products consist of:
- Single Premium Deferred Annuities
- Flexible Premium Retirement Annuity
- Single Premium Immediate Annuity
Leadership
Since October 2020, retired Rear Admiral Brian E. Luther, USN, has held the position of President and CEO, taking over from retired Rear Admiral Bruce Engelhardt. The Board of Directors is chaired by retired Vice Admiral Stanley R. Szemborski, USN, who assumed the role in April 2020. Their experienced leadership drives Navy Mutual’s strategic growth and strengthens its presence in the military insurance market.
- ↑ 1.0 1.1 Cite error: Invalid
<ref>tag; no text was provided for refs namedcauseiq - ↑ "Navy Mutual Aid Association". FitchRatings.
- ↑ "About Navy Mutual Aid Association". TermLife2Go.
- ↑ "Navy Mutual Aid Association". 1921.