Navy Mutual Aid Association
| Industry | Financial services nonprofit organization |
|---|---|
| Founded | 1879 |
| Headquarters | Henderson Hall, Arlington, Virginia, USA |
| Products | Life Insurance, Annuities, Education |
| Website | navymutual |
Navy Mutual Aid Association (NMAA) is a nonprofit, federally tax-exempt,[1] mutual-benefit veteran service organization that was established in 1879 by sea service officers[2][3] for the purpose of providing life insurance and annuities for members of the United States Navy, Marine Corps, Coast Guard, Public Health Service (PHS), National Oceanic and Atmospheric Administration (NOAA), and their families.
As of November 2011, Navy Mutual Aid Association had over 112,000 military members and families insured.
Contents
History
The Navy Mutual Aid Association was established on July 28, 1879, during a meeting of U.S. Navy officers at the Navy Department in Washington, D.C. In recent years, Navy Mutual has been headquartered in Arlington, Virginia.
Until 1920 only those officers of the Navy and Marine Corps on the active list were eligible for membership. Temporary and reserve officers, both active and inactive, under forty-five years of age, became eligible in 1920. Membership was extended to officers of the U.S. Coast Guard in 1925. Female officers of the United States Navy became eligible in 1947. Additional eligibility included commissioned officers of the U.S. Public Health Service (1963) and the National Oceanic and Atmospheric Administration (1972), enlisted personnel of the Navy (1980), U.S. Marine Corps and United States Coast Guard (1980), and retired personnel of the sea services (1993).
In 1942 and 1950, membership was closed due to the entrance of the United States into World War II and the Korean War, respectively. Membership was re-opened shortly after both wars ended.
Membership eligibility
To qualify to become a member of Navy Mutual Aid Association the person must on active duty, in the reserves, or retired from the following U.S. military branches:
- Navy
- Marine Corps
- Coast Guard
- U.S. Public Health Service Commissioned Corps (USPHSCC)
- National Oceanic and Atmospheric Administration (NOAA)
Or be honorably discharged veterans from the Navy, Marine Corps, Coast Guard, NOAA, and USPHSCC who reside in Hawaiʻi, Maryland, North Carolina, South Carolina, and Virginia.
Services
Navy Mutual Aid Association offers Life Insurance and Annuities services to its members.
Life insurance
Navy Mutual Aid Association offers these types of life insurance:
- Permanent 'Plus' (Whole Life)
- Level II 'Plus' (Term Insurance ages 50+)
- Flex Term (Term Insurance for under age 50)
- Flex Term (Term Insurance for under age 50)
- Express Term 'Plus' (no medical exam insurance)
Annuities
Navy Mutual Aid Association offers these types of annuities:
- Single Premium Deferred annuities
- Flexible Premium Retirement Annuity
- Single Premium Immediate Annuity
Leadership
The current President and CEO of Navy Mutual is Rear Admiral Bruce Engelhardt, USN (retired) who has served in that role since 2005. The current Chairman of the Board is LTGEN Jeffrey Oster, USMC (retired). Oster has served as Chairman since 2011.
References
- ↑ The Nonprofit Almanac 2008, Kennard T. Wing, Thomas H. Pollak, Amy Blackwood, 2008, 253 pages, p.25, webpage: GBooks-gF.
- ↑ The Naval Reserve of the United States Navy, United States Bureau of Naval Personnel, 1942, webpage: GBooks-LW.
- ↑ Coast Guard bulletin, United States Coast Guard, 1945, webpage: GBooks-zL.
