The owner of an annuity may terminate his/her contract within 30 days after purchase and receive a full refund of premium placed into the annuity.
Single Premium Amounts
Single premium payments may range from a minimum of $10,000 per contract up to a maximum of $1,000,000 per owner. No additional premiums may be paid into an existing annuity. Any new premiums will be applied to a new annuity contract, subject to the minimum $10,000 requirement. Annuity payments will be calculated based on the amount of single premium deposit and the payment option chosen. Please contact Navy Mutual at 1-800-628-6011 for a payment quote.
Guaranteed Annuity Payment
Navy Mutual will provide a guaranteed annuity payment on all fixed period, life income, and joint & survivor immediate annuity contracts. The guaranteed annuity payment will be specified at the time you purchase the annuity.
Frequency of Payments
Individuals may choose to receive income monthly, quarterly, semiannually, or annually. Payments are made at the beginning of each period. A payment option which is made less frequently throughout the year will receive a lower annual income value than a payout option which is made more frequently. Payout modes may be changed by the owner in the future.
Navy Mutual is a nonprofit association that charges no surrender fees, loads, or commissions. With the absence of these charges, Navy Mutual can provide very competitive annuity products.
You are guaranteed by Navy Mutual to receive at least your guaranteed annuity payment for the life of the annuity.
If you have any questions about the Navy Mutual Single Premium Immediate Annuity, please call us at 800-628-6011.