This once venerable organization is in financial crisis. Mismanagement and poor decision making... policy terms have changed on new policies, all payments are no longer guaranteed to accumulate value, and the guaranteed rate was significantly reduced... to make matters worse they are stealing equity from current members. The member equity accounts are being confiscated by management. I am losing over $10k and have no say in the flawed logic that lead them to make this decision. This is money I accumulated from my loan payments. I was told that the "Member Equity" was not guaranteed (like the 6% funding rate), but understood that once it was earned it was mine to gain or lose based upon the performance of my policies. In this case management is confiscating every last penny with no explanation as to why I need to be penalized for their mismanagement. To make matters worse, at the same time they implemented a new more complex login, to limit members abilities to understand what is being stolen, and they stripped away all references to "member equity" from the account details; so I have no ability to understand what is being stolen...
I even placed a call requesting to speak to someone in management. Needless to say I am still waiting for a call back.
We existing members should consider banding together and filing a class action suit again NMAA to at least delay this action.
If there is a lawyer out there looking to make a name for themselves, please post a note here on Yelp and we'll all join in.
I just learned that NMAA is not BBB accredited. So there may be a history of issues with this company that we are not aware of...
Do your homework before giving these people your money. It's too late for me.
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- EIN 53-0116720
- (800) 628-6011
- 29 Carpenter Rd Arlington VA 22212 USA
- www.navymutual.org
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- NavyMutual
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Nonprofit Overview
Causes: Military & Veterans Organizations, Veterans
Mission: Our mission is to provide to Navy Mutual Members, with certainty and promptness, life insurance products at as near the actual net cost as possible; to assist members of the uniformed services, including veterans, and their families in securing the government survivor benefits to which they may be legally entitled; and to educate members of the uniformed services, including veterans, and their families on matters of financial security.
Programs: Navy Mutual is a nonprofit mutual association established in 1879 to provide affordable life insurance to military service members and their families. It is also the nation’s oldest federally recognized Veterans Service Organization, providing no-cost educational and veteran services.