Navy Mutual, originally established as Navy Mutual Aid Association (NMAA), is a

nonprofit A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

, federally tax-exempt, mutual-benefit Veterans Service Organization (VSO) It was established in 1879 by naval officers for the purpose of providing

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the dea ...

and

annuities In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, m ...

to members of the sea services (

United States Navy The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage ...

United States Marine Corps The United States Marine Corps (USMC), also referred to as the United States Marines, is the maritime land force service branch of the United States Armed Forces responsible for conducting expeditionary and amphibious operations through c ...

United States Coast Guard The United States Coast Guard (USCG) is the maritime security, search and rescue, and law enforcement service branch of the United States Armed Forces and one of the country's eight uniformed services. The service is a maritime, military, m ...

, U.S. Public Health Service, and the

National Oceanic and Atmospheric Administration The National Oceanic and Atmospheric Administration (abbreviated as NOAA ) is an United States scientific and regulatory agency within the United States Department of Commerce that forecasts weather, monitors oceanic and atmospheric conditi ...

), and their families. Membership for the past decade has averaged 105,000 members. In 2016, Navy Mutual had over 141,000 military members (active, reserve, and retired) and families insured under various plans; by 2019, the number of insurance plans increased to over 145,000 with a member retention rate of 98.4%. For seventeen consecutive years through 2020, Navy Mutual has earned a Fitch Insurer Financial Strength (IFS) rating of A+, with a Stable Rating Outlook.

History

Navy Mutual was established on July 28, 1879, during a meeting of U.S. Navy officers at the Navy Department in Washington, D.C. Until 1920, only those officers of the Navy and Marine Corps on the active list were eligible for membership. Temporary and reserve officers under 45 years of age – both active and inactive – became eligible in 1920. Membership was extended to officers of the U.S. Coast Guard in 1925. Female officers of the United States Navy became eligible in 1947. Eligibility was later expanded to include commissioned officers of the U.S. Public Health Service (1963) and the National Oceanic and Atmospheric Administration (1972); enlisted personnel of the United States Navy, United States Marine Corps, and United States Coast Guard (1980); and retired personnel of the sea services (1993). In 2020, Navy Mutual expanded their bylaws to extend membership eligibility to active duty, retired, reserve, and honorably discharged personnel of the U.S. Army and the U.S. Air Force as well as their families. Only twice in Navy Mutual history – in 1942 and 1950 – membership was temporarily halted. This was due to the entrance of the United States into both World War II and the Korean War, respectively. Membership restrictions were removed shortly after both wars ended. Navy Mutual is headquartered at Joint Base Myer-Henderson Hall in Arlington, Virginia.

Membership Eligibility

To qualify to become a member of Navy Mutual Aid Association the person must on active duty, in the Reserve Component, or retired from the following U.S. military branches, *

U.S. Navy The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage o ...

(USN) *

U.S. Marine Corps The United States Marine Corps (USMC), also referred to as the United States Marines, is the maritime land force service branch of the United States Armed Forces responsible for conducting expeditionary and amphibious operations through co ...

(USMC) * U.S. Coast Guard (USCG) *

U.S. Air Force The United States Air Force (USAF) is the air service branch of the United States Armed Forces, and is one of the eight uniformed services of the United States. Originally created on 1 August 1907, as a part of the United States Army Sign ...

(USAF) * U.S. Public Health Service Commissioned Corps (USPHSCC) *

(NOAA) or be an

honorably discharged A military discharge is given when a member of the armed forces is released from their obligation to serve. Each country's military has different types of discharge. They are generally based on whether the persons completed their training and th ...

veteran A veteran () is a person who has significant experience (and is usually adept and esteemed) and expertise in a particular occupation or field. A military veteran is a person who is no longer serving in a military. A military veteran that h ...

of the Navy, Marine Corps, Army, Air Force, Coast Guard, NOAA, or USPHSCC who resides in Virginia, Hawaiʻi, Maryland, North Carolina, South Carolina, Arizona, Connecticut, Florida, Texas, Oregon, & Rhode Island.

Services

Navy Mutual Aid Association offers

Life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the dea ...

and

Annuities In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, m ...

services to its members.

Life Insurance

Navy Mutual Aid Association offers these types of life insurance: * Flagship Whole Life (Whole Life Insurance) * Level II 'Plus' (Level Term Life Insurance for individuals aged 40+) * Flex Term (Group priced Term Life Insurance for individuals under age 40)

Annuities

Navy Mutual Aid Association offers these types of annuities: * Single Premium Deferred Annuities * Flexible Premium Retirement Annuity * Single Premium Immediate Annuity

Staff

The current President and CEO of Navy Mutual is retired Rear Admiral Brian E. Luther, USN, who has served in that role since October 2020. He was preceded by retired Rear Admiral Bruce Engelhardt, USN. The current Chair of the Board is retired Vice Admiral Stanley R. Szemborski, USN, who assumed the position in April 2020.

References

{{reflist, refs= ''The Nonprofit Almanac 2008'', Kennard T. Wing, Thomas H. Pollak, Amy Blackwood, 2008, 253 pages, p.25, webpage
GBooks-gF
''The Naval Reserve of the United States Navy'', United States Bureau of Naval Personnel, 1942, webpage:
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''Coast Guard bulletin'',

, 1945, webpage:
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Mutual insurance companies of the United States American companies established in 1879 Financial services companies established in 1879 Organizations established in 1879 Life insurance companies of the United States Companies based in Virginia