Navy Mutual Flagship Whole Life offers two kinds of accelerated death benefit: a Chronic Illness Option and a Terminal Illness Option.
In the case of a chronic illness, the death benefit can be paid out during a period of 48 to 60 months to help defray expenses associated with a chronic condition. A chronic illness is defined as one that causes an individual to require assistance with at least two activities of daily living (bathing, dressing, eating, transferring from a bed to a chair, continence, or toileting) or a significant cognitive impairment for at least 90 days. To qualify, insureds must be age 60 or older; and must meet the IRS definition of “chronic illness,” a condition that must be expected to be permanent.
In the case of a terminal illness, where the insured is diagnosed as having a life expectancy of 24 months or less, he or she can receive a one-time lump sum payment of up to 100% of the benefit. Insureds must be Flagship Whole Life policyholders for at least five years for this option to be available.
There is no additional cost for these options and no premium required during the benefit payment period. Any remaining death benefit is paid to the beneficiary.
For more information on Navy Mutual’s Terminal/Chronic Illness Option, please call us at 800-628-6011.