Northwestern Mutual Life Insurance Review – Is It Right for You?

For more than 160 years, Northwestern Mutual Life Insurance Company has been a trusted provider of life insurance. With over $2 trillion of life insurance protection in force and $31 billion in revenue, the company’s financial strength makes it clear – it will be there to pay claims.

One of the biggest factors when choosing a life insurance company is its financial stability. Northwestern Mutual financial ratings consistently rank as one of the strongest insurers in the industry:

The latest ratings are as follows:

• AM Best – “A++”
• Fitch – “AAA”
• Moody’s – “Aaa”
• S&P Global – “AA+”

Northwestern Mutual ratings consistently rank it as one of the best life insurance companies in the U.S. Compare it to New York Life Insurance Company and Guardian.

Unlike other insurance companies where you can get quotes online, Northwestern Mutual sells policies through career agents—also known as captive advisors.

These advisors only sell Northwestern Mutual products, which means they won’t compare options from other insurers.

This might not be the best setup if you’re looking for the most competitive pricing. But if you value personalized service from a dedicated advisor, it could be a good fit.

Short answer: Not always.

Northwestern Mutual offers Term 10-year term life, and 20-year term life insurance policies.

They also offer the Northwestern Mutual Term 80, an annual renewable term policy to age 80.

While the company’s financial strength is solid, its term life insurance rates are often higher than competitors like Banner Life, Prudential, and Pacific Life.

The term life insurance options available are limited compared to other companies.

• Minimum Face Amount – $100,000
• Term Lengths Available – 10 and 20-year term lengths, and Annual Renewable Term (ART)
  • 10 Year Term – Age 18-65
  • 20 Year Term – Age 18-60
  • Term 10 – Annual Renewable Term (ART)
  • Term 80 – Annual Renewable Term to age 80
• Conversion available on the ART and the 10 & 20-year terms
• Rate Classes
  • Premier Non-Tobacco
  • Preferred Non-Tobacco
  • Standard Plus Non-Tobacco
  • Premier Tobacco
  • Preferred Tobacco
• Riders – Waiver of premium is the only available rider.

While term life insurance may not be Northwestern Mutual’s strong suit, It is well-known for its whole life insurance policies.

Northwestern Mutual is one of the top providers of whole life insurance. These policies build cash value over time and pay dividends, which can be used to increase coverage, reduce premiums, or be taken as cash.

Northwestern Mutual Whole Life Insurance Products Include:

• Whole Life Plus
• Whole Life Plus with Blended Term
• Survivorship Whole Life
• Survivorship Whole Life with Blended Term

Northwestern Mutual Whole Life Policy Features:

• Guaranteed Death Benefit
• Dividend Payments (subject to company performance)
• Cash Value Accumulation
• Loan Options Available
• Available Riders to Customize Coverage

Many policyholders choose Northwestern Mutual’s whole life insurance because of its strong dividend history and guaranteed growth.

However, if you are considering whole life, you should get comparisons to Mass Mutual, Guardian, and NY Life before making a decision.

Northwestern offers several permanent life insurance options, including:

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

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 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.

The following is available for estate planning

• Covers two people, with the benefit paid after the second person dies.
• Commonly used for estate and special needs planning.
• Lower cost than two individual policies.

Policy Details Include:

• Minimum Policy Size = $250,000
• Issue Ages 20-85
• Premiums are 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

If you’re considering permanent life insurance, compare Northwestern Mutual’s offerings with those of other top-rated companies to find the best fit.

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, reduced 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.

Northwestern Mutual offers five universal life insurance policies:

• Custom Universal Life
• Survivorship Universal Life
• Single Premium Universal Life
• Variable Universal Life Plus
• Executive Variable Universal Life

The waiver of premium rider is available on all policies except the Single Premium Universal Life policy. The Variable Universal Life Plus also has the Additional Purchase Benefit rider. All are subject to state approvals.

The number of life insurance riders available is limited compared to other companies.

Waiver of Premium—This option is available with most products. The insurance company will pay your premiums if you become totally disabled.

Something interesting is that if you were disabled, you can convert your term policy to a whole life policy and the insurance company will still pay your premiums.

Additional Purchase Benefit—Available on most permanent policies, this rider allows you to purchase additional life insurance at certain ages and life events, such as having a kid or getting married.

Accelerated Care Benefit—Available with new whole-life policies, this rider allows you to accelerate a portion of the death benefit for long-term care expenses if needed.

Northwestern is known as a conservative company for life insurance underwriting. However, other companies will do better for you if you have a high-risk health issue.

Life insurance underwriting typically requires completing an application and a telephone interview, followed by a paramedical exam.

The telephone interviewer will ask about:

• Your Medical History
• Any Medications You Take
• Occupation – What do you do?
• Your income, assets, liabilities, and net worth.
• If you have any history of tobacco or nicotine usage.
• Any history of drug or alcohol abuse
• Do you participate in activities such as scuba diving or private aviation?

More recently, Northwestern Mutual has indicated that some clients may qualify for accelerated underwriting with them.

Optimized Underwriting is a modern approach to life insurance underwriting that prioritizes actual mortality data over traditional underwriting experience, allowing for more precise risk assessment.

Instead of relying on rigid age and amount charts, it tailors requirements to each applicant, ensuring only those tests or data points that offer real protective value are used.

This method streamlines the process, reducing unnecessary tests, cutting costs, and improving efficiency and mortality outcomes without compromising accuracy.

While Northwestern Mutual is financially strong, its life insurance premiums tend to be higher than many competitors. And it’s next to impossible to see their prices unless you speak with a Northwestern Mutual financial advisor.

But, we found limited information to share with you here.

Northwestern offers an annual renewable term product that you can keep until age 80. The rate increases each year.

Northwestern Mutual Term Life Insurance Review – Male, Age 35 – $500,000 Annual Renewable Term

Company	Price	Renewable to Age
Northwestern Mutual – Term 80	$306 first year	80
Mass Mutual – Vantage Term	$230 first year	90
Prudential – PruTerm One	$255 first year	95

The above term life insurance rates with Northwestern Mutual were the only rates we could find.

If you’re looking for affordable term life insurance, you may want to get quotes from other providers before deciding.

Northwestern Mutual offers customer support at:

• Phone – 866-950-4644
• Website: Northwestern Mutual Login – here.
• Address: 720 E Wisconsin Ave, Milwaukee, WI 53202

Some customer reviews mention long wait times when filing claims or making policy changes.

If customer service is a top priority, you may want to compare reviews of Northwestern Mutual with other insurers.

Is Northwestern Mutual the Best Life Insurance Company?

Northwestern Mutual is a great choice for whole life insurance, but it may not be the best fit for everyone—especially those looking for the cheapest term life insurance.

Northwestern Mutual is worth considering if you value financial strength, dividend payments, and cash value growth.

However, better options are available if you’re looking for affordable term life insurance or more policy flexibility.

Good fit for:

• Those looking for whole life insurance with strong dividend potential
• People who prefer working with a dedicated advisor
• Clients who value a financially stable company

Not ideal for:

• Those looking for the cheapest term life insurance
• People who want to compare multiple insurers before buying
• Customers who prefer buying online.

If you want to compare Northwestern Mutual with other top-rated insurers, we can help. Get a personalized quote and see which life insurance company is best for you.

Request your free quote today!