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Permanent Life Insurance

Coverage Requirement Permanent PlusTMis sold in $10,000 increments with a minimum required amount of$20,000. Service members and their spouses can each purchase andmaintain up to $1,000,000 of total initial death benefit with NavyMutual. Children and grandchildren between the ages of 6 months and 24years may have up to $250,000 of coverage. Get a fast, no-obligation quote or Permanent Life Premiums Premiumrates are calculated on the insured's issue age, amount of coverage,elected premium payment duration, and nicotine use(i.e., nicotine useris an individual who has used any nicotine products within the past 12months). Premiums are fixed and will not extend beyond the number ofpayment years elected. Payment durations ranging from a single paymentto premiums being paid to age 100 can be elected to meet your budget.Premiums paid over a shorter period of time require larger monthlypayments compared to premiums paid over a longer period of time. (Seethe premium tables on following pages). Plans which are paid up in ashorter period of time will generally realize greater cash value growththan a policy which is being paid over a longer period of time.    To receive an immediate premium quote, please click here.      Tax-Deferred Savings   Permanent PlusTMbenefit plans provide a cash value to our military service andgovernment members which can be viewed as a type of savings account.Premium payments are added to the cash value which accumulatestax-deferred interest on amounts in excess of the cost of insurance.Navy Mutual invests the premiums in very high quality, soundinvestments such as high grade corporate bonds, federal securities andfederally backed mortgages. Navy Mutual compares most favorably toother insurers who have similar policies by providing a high creditingrate (interest rate paid on the cash value) and low costs of insurancewhich maximizes the growth of your cash value and death benefit. Inaddition, Permanent PlusTM has no surrender fees, no commissions, and guarantees the return of 100% of your premiums!   Loans against Your Permanent Life Policy   Permanent PlusTMbenefit plan owners may elect to borrow up to 75% of the available cashvalue at any time. Loan interest will be billed to the owner  each year30 days prior to the plan's anniversary month. 1/2 of 1% will bededucted from the loan interest rate to pay for the cost of maintainingthe loan while the remaining interest will be credited back to the cashvalue. For example: assuming a loan interest rate of 7.5% - the cashvalue will be credited with 7.0% while the remaining 0.5% goes to NMAAfor the cost of administering the loan. The unborrowed cash value willcontinue to be credited with the current crediting rate. Anyoutstanding loan with accrued interest will be subtracted from thedeath benefit or cash value upon death or surrender, respectively. Inthe event that a  premium payment is not received within 31 days afterthe premium due date, an Automatic Premium Loan (APL) will beestablished against the plan so that the policy will not lapse. If thetotal loan should ever exceed the cash value, the policy will lapsecreating an immediate taxable event.   Guaranteed Insurability Option   An insured service member who is covered under a Permanent PlusTM plan may purchase, without taking a physical, an additional $20,000 of Permanent PlusTMwithin 90 days after turning age 25, 30, 35, 40, and 45 or  uponmarriage or the birth of a child.  Up to a maximum of $80,000 ofadditional coverage may be elected under the guaranteed insurabilityoption over the member's lifetime.  There is no additional cost to you  for this option!   Long Term Care Option   Any insured age 60 or older who has had the Permanent PlusTMbenefit plan in force for at least 2 years and who qualifies medicallycan elect to have the death benefit paid out over a period of 48 to 60months to help defray any long term care expenses. There is no additional cost to you for this option!   Accelerated Death Benefit Option   Insured'swho have maintained the plan for more than five years and areterminally ill may receive a majority of the death benefit as a lumpsum. There is no additional cost to you for this option! Get a fast, no-obligation quote   Plan Change Flexibility   Permanent PlusTMpolicy owners have the flexibility of modifying their policy in thefuture to meet their changing needs. Below is an explanation of thevarious types of policy changes which may be available to you.   Discounted Single Premium: ADiscounted Single Premium (DSP) is a prepayment of all future premiumsat a discount. The advantages of paying the policy off with a DSP isthe increased growth potential of both the cash value and death benefitin addition to the fact that you will have paid fewer premiums into thepolicy over the long run.  The disadvantage is that the policy maybecome classified as a Modified Endowment Contract if the policy ispaid up within seven years from the policy effective date (see theModified Endowment Contract (MEC) Considerations section for moredetails).   Reduced Paid-Up Benefit: AReduced Paid Up Benefit (RPU Minimum Projected) is the option ofstopping all future premiums and reducing the death benefit MinimumProjected.    Once this option is elected, no further premiums can everbe paid into the plan. This is a favorable option for those who are notable to pay anymore premiums and do not wish to lose all of theircoverage.   Reduction of Coverage: Deathbenefits may be reduced in unit increments to a minimum of $20,000. When the coverage is reduced, a refund of cash value may be given alongwith a reduction of the monthly premium.    Payment Duration Change Premiumpayment durations may be changed to either a longer period with lowermonthly premiums or a shorter period with larger monthly premiums.Extending your payment duration will reduce the amount of monthlypremium but will require the insured to provide proof of insurability.Reducing your payment duration will require the owner to pay a higherpremium for the remainder of the newly elected period.     Allof the above plan change options require Navy Mutual Aid to providespecial calculations.  The policy change calculations and possible taxramifications will be provided to the owner through correspondence. Policy changes will require a change of premium and a signed letter ofauthorization.   How Permanent 'Plus' Life Insurance Works   Whenyour premium payment is received, it is deposited in your cash valueaccount.  Every month, three separate transactions take place involvingthe cash value account: 1. The account is charged for the cost of insurance for the next month.  Costof insurance is the mortality cost for each plan plus that plans shareof the Associations administrative expenses. Mortality cost changesmonthly, depending on the current accumulated cash value and deathbenefit and on the issue age and attained age of the insured. 2. A portion of the cash value funds are transferred to the Members Equity Account.  TheMember's Equity Account is the individual member's portion of theAssociation's Contingency Fund, which is in place to absorb short termfluctuations in investment return and mortality experience that mightotherwise adversely affect the insurance reserves.  The Member's EquityAccount, less the unamortized cost of establishing the plan (if any),will be returned to the member as part of the cash surrender value oradded to any death proceeds.  The Member's Equity Account is notguaranteed and the account value may fluctuate from year to year basedon the Association's operating experience. 3. The balance ofthe individual's cash value account earns interest compounded monthlyat the Association's full Crediting Rate, assuming no outstanding loanbalance.   Shortly after the anniversary of the effective date of your Permanent PlusTMplan, you will receive an annual statement showing in detail eachmonthly transaction that took place during the year, including allcharges, credits, transfers and changes in values and death benefits.When the cash value builds to an amount sufficient to meet higherinsurance values, the death benefit increases without additionalpremium.   Cash value returned to the owner at surrender will never be less than the sum of premiums paid into the plan.   Simplified Permanent 'Plus' Illustrations Below are two examples of a 30 year old non-tobacco user  who is purchasing $40,000 of Permanent PlusTM.The top illustration assumes that a payment plan of 7 years is electedwhile the bottom illustration assumes a payment plan of 20 years.Please refer to your own personalized projections to determine how yourpolicy may perform.   Pay For 7 Year Plan Guaranteed Minimum Projected Amounts at 7.00% Annual Cumulative Cash Death Cash Death Age Premium Premiums Value Benefits Value Benefits 31 $1,044.00 $1,044 $1,044  $40,000  $1,044 $40,000 32 $1,044.00 $2,088 $2,088 $40,000  $2,088 $40,045 33 $1,044.00 $3,132 $3,132 $40,000  $3,151 $40,177 34 $1,044.00 $4,176 $4,176 $40,000  $4,439 $40,319 35 $1,044.00 $5,220 $5,220 $40,000 $5,814  $40,475 36 $1,044.00 $6,264 $6,264 $40,000  $7,280  $40,644 37 $1,044.00 $7,308 $7,308 $40,000 $8,844  $40,829 38 $0 $7,308 $7,308 $40,000 $9,398  $40,908 39 $0 $7,308 $7,308 $40,000  $9,986  $40,996 40 $0 $7,308 $7,308 $40,000  $10,613  $41,091 50 $0 $7,308 $10,636 $40,000  $19,437  $51,869 60 $0 $7,308 $15,925 $40,000  $35,044  $68,342 70 $0 $7,308 $22,292 $40,000  $61,431  $92,642 80 $0 $7,308 $28,414 $40,000  $104,893  $131,836 90 $0 $7,308 $33,047 $40,000  $175,401  $197,195 100 $0 $7,308 $40,000 $40,000  $304,662  $304,662                                                      Average tax-deferred 10 Year Return On Cash Value = 5.22% Theabove return assumes annual payments for 7 years, a projected creditingrate of 7.00%, and mortality & administrative charges.   Pay For 20 Year Plan Guaranteed Minimum Projected Amounts at 7.00% Annual Cumulative Cash Death Cash Death Age Premium Premiums Value Benefits Value Benefits 31 $412.80 $413 $413  $40,000  $413 $40,000 32 $412.80 $826 $826 $40,000  $826 $40,000 33 $412.80 $1,238 $1,238 $40,000  $1,238 $40,000 34 $412.80 $1,651 $1,651 $40,000  $1,651 $40,000 35 $412.80 $2,064 $2,064 $40,000 $2,064  $40,043 36 $412.80 $2,477 $2,477 $40,000  $2,480  $40,101 37 $412.80 $2,890 $2,890 $40,000 $3,042  $40,160 38 $412.80 $3,302 $3,302 $40,000 $3,640  $40,225 39 $412.80 $3,715 $3,715 $40,000  $4,276  $40,295 40 $412.80 $4,128 $4,128 $40,000  $4,952  $40,371 50 $412.80 $8,256 $10,636 $40,000  $14,565  $41,493 60 $0 $8,256 $15,925 $40,000  $26,109  $50,918 70 $0 $8,256 $22,292 $40,000  $45,577  $68,733 80 $0 $8,256 $28,414 $40,000  $77,533  $97,449 90 $0 $8,256 $33,047 $40,000  $129,166  $145,215 100 $0 $8,256 $40,000 $40,000  $223,430  $223,430    Average tax-deferred 10 Year Return On Cash Value = 3.28% Theabove return assumes annual payments for 20 years, a projectedcrediting rate of 7.00%, and mortality and administrative charges.  Get a fast, no-obligation quote

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