Northwestern Mutual Life Insurance Review

By - November 12, 2024
northwestern mutual life insurance

Will Northwestern Mutual Be There For You?

For more than 160 years, Northwestern Mutual Life Insurance Company has provided clients with life insurance protection.

Table of Contents

With more than $2 trillion of life insurance protection in force, and more than $31 billion in revenue, it’s pretty certain that Northwestern Mutual will be there to pay claims.

Financial Strength

  • AM Best – “A++” 04/2020
  • Fitch – “AAA” 08/2020
  • Moody’s – “Aaa” 12/2020
  • S&P Global – “AA+” 06/2020

Northwestern Mutual is continuously ranked as one of the best life insurance companies in the U.S.

Compare them to New York Life Insurance Company and Guardian.

How Easy is it to Get a Policy with Northwestern Mutual?

Policies for Northwestern are sold through career advisors.

These advisors are captive, meaning that they only sell Northwestern Mutual products.

There are many agencies throughout the country so it is not difficult to buy a policy with the company.

Are Northwestern Mutual Policies Competitive?

Term life insurance from Northwestern Mutual is not very competitive for most cases.

Some exceptions we see from time to time are for cigarette smokers looking at 10 or 20 year term.

Term Life Insurance from Northwestern

  • Minimum Face Amount – $100,000
  • Term Lengths Available – 1, 10, and 20-year term lengths
    • 1 Year Renewable and Convertible – Age 18-65
    • 1 Year Term for 10 Years – Age 40-70
    • 10 Year Term – Age 18-65
    • 20 Year Term – Age 18-60
  • Conversion available on the 10 & 20-year term
  • Rate Classes
    • Premier Non-Tobacco
    • Preferred Non-Tobacco
    • Standard Plus Non-Tobacco
    • Premier Tobacco
    • Preferred Tobacco
  • Rider – Waiver of premium

Single Premium Life from Northwestern Mutual

Northwestern offers a single-premium life insurance policy that may be of interest to some people.

We would recommend comparing any whole life policy offered to the policies offered by MassMutual, Guardian and other companies.

Policy Details Include:

  • Minimum Policy Size of $25,000
  • Issue Ages 0-85
  • Provides a guaranteed death benefit
  • Dividend options – paid-up additions, accumulate at interest, or receive cash dividends
  • Policy loans are available

It may be used for gifting purposes where you pay a one time premium payment to the insurance company, and receive a lifetime policy in return.

The advantage is that it may provide more insurance than the lump sum of cash you would otherwise have.

Survivorship Complife from Northwestern Mutual

This is a permanent insurance policy that insures two people.

Survivorship policies are typically used for estate planning purposes or special needs planning.

Policy Details Include:

  • Minimum Policy Size = $250,000
  • Issue Ages 20-85
  • Premiums payable until the death of the second insured.
  • Dividend options – paid-up additions, accumulate at interest or receive cash dividends
  • Non-Forfeiture Options
  • Policy Loans
  • Waiver of Premium Rider

A survivorship policy may cost less money than 2 individual policies.

The death benefit is paid out upon the death of the second insured.

90 Life from Northwestern Mutual

If you’re looking for a policy that provides a guaranteed death benefit and cash value accumulation, 90 Life may interest you.

Policy Details Include:

  • Minimum Policy Size – $25,000
  • Ages – 0-80
  • Premiums payable to age 90 or until death, if sooner
  • Dividend options – paid-up additions, reduce premiums, accumulate at interest or receive cash dividends
  • Non-forfeiture options
  • Policy Loans
  • Waiver of Premium Rider
  • Index Protection Benefit
  • Additional Purchase Benefit

The Index Protection Benefit and Additional Purchase Benefit riders are unique as only a few other companies like Primerica provide something similar.

Does Northwestern Provide Good Customer Service?

Northwestern Mutual customer service may be reached at 866-950-4644

You may access policy information here.

Northwestern Mutual is located at 720 E Wisconsin Ave, Milwaukee, WI 53202

Conclusion

If you want a policy from one of the highest ranked life insurance companies, you can’t go wrong with Northwestern Mutual.

If your main focus is to get term life insurance, better products are available with other companies.

Please take a few minutes to submit your request and we’ll provide you with comparisons so you may make an informed decision. thank you.

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