You can transfer permanent life insurance and annuity plans directly from one company to another though a 1035 Exchange.  

A 1035 Exchange is a tax-free rollover of cash value funds directly from one life insurance company plan to another which allows you to take money from an old plan and transfer it directly into a new plan.  Since the funds do not pass through your hands but are directly between the two companies, the IRS does not tax the transfer.  The funds must be transferred into a new plan and the owner and the insured must be the same on both the old and new plans. 

A life insurance contract may be exchanged for another life insurance contract or for an annuity contract.  An annuity contract maybe be exchanged for another annuity contract.  A 1035 Exchange is an excellent way to move money from an old underperforming life insurance or annuity plans into a new Permanent ‘Plus’ plan or Annuity with Navy Mutual.

Why should I transfer my coverage to Navy Mutual?

Our Permanent 'Plus' whole life insurance plan offers you: 

• Lifetime Protection
• Tax-deferred cash value savings
• High crediting rate (currently 6.5%)
• No commissions or surrender fees
• 100% guaranteed refund of premiums
• Tax free Long Term Care Protection after age 60
• Single premium and flexible funding durations

Our Annuities offer you:

• Tax-deferred interest accumulation
• Lock-in periods of 2, 5, 7, or 10 years
• 1% premium bonus for 7 to 10 year lock-in periods
• Future contributions can be made at anytime
• No loads or commissions, ensures highest possible payments
• Guaranteed income, regardless of how the market changes
• Withdrawal rights while accumulating wealth

Is switching to Navy Mutual is right for you?   Get a Quote or Check Our Rates for free. 

How do I get started?

1.  Apply Online (for whole life exchanges only) - Check the 1035 Exchange button on the Benefit page.
 

Complete the medical exam (we will send Porta Medic to your home/office).

OR

2.  Download, fill out, and sign the: Request for 1035 Exchange Form  and the Replacement Notice for 1035 Exchange forms.

Mail the 1035 Exchange Form back to us:   

     Navy Mutual Aid Association
     Henderson Hall
     29 Carpenter Road
     Arlington, VA 22212   

We will do the rest!  We will work directly with your insurance company and notify you when the exchange is complete.  

To learn more about 1035 exchanges and for help deciding if they are a good option for you, email us at counselor@navymutual.org or give us a call at: 1-800-628-6011.