What is Flex Term?
Flex Term is term life insurance that provides a level amount of coverage, at a guaranteed level premium, for individuals under age 50 (age 40, for nicotine users).
Plan Highlights
■ There are no military service restrictions, war clauses, terrorism clauses, aviation restrictions, or travel restrictions.
■ Get the maximum insurance coverage at the lowest possible cost, with premiums that will not increase, and guaranteed level coverage to age 50.
■ There is a maximum death benefit of $1,000,000, to a minimum death benefit of $50,000.
■ Your insurance stays with you after you separate or retire from the military.
Special Features
Guaranteed Convertibility Feature
■ Coverage may be converted to another Navy Mutual life insurance plan, without a physical, up to age 48 (age 38, for nicotine users).
■ All, or a portion, of your coverage can be transferred into another Navy Mutual plan that better fits your current needs. The maximum amount of coverage for conversion is the amount of coverage that will be in force two years from the date of conversion. To convert 100% of this plan’s coverage to another Navy Mutual life insurance plan, you will need to do so prior to age 48 (age 38, for nicotine users).
■ Premiums for new plans will be based on the insured’s age and our standard rate at the time of the conversion.
■ There is no additional premium for this feature.
Accelerated Death Benefit Option
■ An insured who has maintained a plan for more than five years, and is terminally ill, may receive a majority of the death benefit as a lump sum.
■ There is no additional premium for this option.
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Child Benefit Rider
Optional coverage that provides level term insurance for eligible children that can be converted to lifelong coverage at a later date.
Monthly Premium = $2.50 per Month - One flat rate of $2.50 per month covers your current children, beginning at the time of application, and any subsequent children born or adopted after the effective date of the Child Rider.
Coverage Limits = $10,000 per Child - Level coverage of $10,000 applies to each unmarried, dependent child up to his or her 26th birthday.
Eligibility - Coverage is available for children, beginning at six-months of age, and extending to children who are up to age 26. Coverage must be purchased prior to the child’s 21st birthday.
Convertibility - Coverage is convertible to $10,000 of Permanent ‘Plus,’ which provides lifelong coverage with tax-deferred cash-value growth. The Child Rider must be converted prior to the child’s 24th birthday at the premium rate in effect at that time for the actual attained age of the child.
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