Wow, the phone lines at Navy Mutual have been burning up with calls from Members who want to trade in their underperforming whole-life plans and replace them with our Permanent "Plus" life insurance. In these economic times, it comes as no surprise that our savvy Members are excited about our 7.4 percent crediting rate. But, there is more to it then that. Members report on how satisfied they are with the service that Navy Mutual provides, the low-costs of our plans, and more importantly – the trust they have in the strength of the organization and the unique value we provide.
Are you ready to make the move from another commercial life insurance policy to Navy Mutual? Here are the details you need to know to make it happen.
The IRS calls it a 1035 Exchange and it functions much like a Rollover IRA. The 1035 Exchange allows you to move the cash surrender value from an existing commercial life insurance policy to another company's insurance program without losing the tax deferral you have been enjoying.
This will allow you to take advantage of Navy Mutual's Permanent ‘Plus’ policy crediting rate without paying tax on the gains in the policy's cash values. Be aware that, unlike Navy Mutual, many commercial insurers may impose a surrender charge when you move your plan.
The 1035 exchange works to fund annuities too. You can use the 1035 exchange to transfer your permanent life insurance into an annuity at Navy Mutual. This is a great way to turn your accumulated cash value into a personal “pension plan” and guarantee yourself a stream of income that will never decrease. That’s the peace of mind you need when you plan for the future.
As with all your plans from Navy Mutual, you will benefit from:
- No Surrender Charges
- No Sales Fees
- No Sales Commissions
Take advantage of the benefits of Navy Mutual's highly rated whole-life plans and our excellent crediting rate of 7.4 percent, without losing the tax advantage you have been enjoying. Click here to learn more about the benefits of Permanent "Plus" life insurance from Navy Mutual.
Contact a membership representative at 1-800-628-6011 to receive a comparison quote for replacement coverage and to get more details on how a 1035 Exchange can benefit you.
