Navy Mutual Flagship Whole Life policyholders may elect to borrow up to 75% of the available cash value at any time at a variable loan interest rate. Borrowed and unborrowed cash value will continue to be eligible for dividends. Any outstanding loan, with accrued interest, will be subtracted from the death benefit or cash value, upon death or surrender, respectively.
In the event that a premium payment is not received within 31 days after the premium due date, an automatic premium loan will be established against the plan so that the policy will not lapse. If the total loan should ever exceed the cash value, the policy will lapse, creating an immediate taxable event.
For more information on borrowing against your Navy Mutual Flagship Whole Life account, please call us at 800-628-6011.