Northwestern Mutual Life Insurance Review

Northwestern Mutual’s term life insurance

Term life insurance offers life insurance for the agreed-upon time. For instance, if you want life insurance to cover your mortgage in your remaining years, you may consider a term life insurance policy with a duration of thirty years. After the predetermined time expires, you can renew or buy a new policy, but your premiums will rise significantly.

Term life insurance does not build cash value, and it is generally the least expensive classification system.

Northwestern offers Term 80 and Term 10 policies. Both plans feature premiums that increase with age but are guaranteed to remain level for the first five years of the policy.

• Term 80: The insurance coverage, which lasts until the insured person 's 80th birthday, has a minimum death benefit of $100,000 for those 18 to 65.
• Term 10: The 10-year policy is a minimum of $250,000 and is only available to buyers 40 to 70 years old.

• Level Term 10: Premium rates for ten years are suitable for buyers aged 18 to 65, and a minimum death benefit of $100,000 has been set up.
• Level Term 20: The policy benefits buyers aged 18 to 50 and has premiums up to $200,000 for 20 years. It also tolerates a minimum death benefit of $100,000.

Northwestern Mutual’s whole life insurance

Whole life insurance is a prudent option for those seeking guaranteed cash value accumulation and guaranteed premiums. Northwestern Mutual's whole life products are Whole Life One and Whole Life Plus:

• Whole Life One: Premium payments are offered to retirees up to age 85 with a death benefit of at least $50,000. Premium payments will stop once the insured person reaches age 100.
• Whole Life Plus: For people who want to be a little more customized in their plan, there's the option of a premium schedule. There is additionally the possibility of including term life insurance, which raises the value of your policy for an additional fee every time. The death benefit capped at $50,000 is dependent on the configuration of your plan.

Northwestern Mutual’s universal life insurance

Universal life insurance that offers lifetime benefits and cash value is universal life insurance. 

Northwestern Mutual's Custom Universal Life is available for buyers aged 18 to 85. The minimum death benefit is $500,000, and premium payments can be made on the anniversary of the policy closest to the insured turning 121.

Single Universal Life is another Northwestern universal life product, but unlike Custom Universal Life, this policy provides no cash value inheritance proceeds. The minimum death benefit is $50,000, and people aged 85 and older may qualify for the benefit depending on their health classification. The guaranteed minimum interest rate is 1.5%, and there is a minimum cash value of $50,000.

Northwestern Mutual’s variable universal life insurance

Variable universal life (VUL) insurance has multiple features, including cash value investments with sub-account choices, death benefit choices, and typically the freedom to vary premium amounts and frequency of payment. This permanent life insurance is for your entire lifetime.

VUL is considered tax-exemption insurance, and it includes the capacity to borrow tax-free or withdraw funds from your cash value but lapses if lower-level cash value fails to cover policy and fees. VUL insurance usually has plenty of fees and is effective for people who are comfortable with higher risk since the level of the investment counterpart is high.

Northwestern Mutual's Variable Universal Life Plus program is offered to risk classes up to the age of 75. The minimum death benefit for different age ranges is $100,000 for those between 18 and 75, and $50,000 for another age range. Premiums must be paid up to the age of 121.

Northwestern Mutual's Life Insurance Riders

Life insurance riders provide options for consumers who want to add extra coverage or features to a life insurance policy. Rider availability may vary by policy type. here are the riders offered by Northwestern Mutual:

• Waiver of Premium Rider: In some life-insurance policies, a disability rider will be available on policies issued only for a specific quantity of money dependent on the premium cost. This rider provides a monthly premium to that insurance if you cannot work because of disability.
• Waiver of Selected Premium Amount Rider: This rider is similar to the Waiver of Premium Rider, but it's only available on universal life policies.
• Additional Purchase Benefit Rider: This rider allows you to purchase additional life insurance in specific timeframes or when you experience certain life events without needing to prove insurability. 
• Accelerated Care Benefit Rider: If you are diagnosed with conditions requiring long-term care, this rider allows you to access all or a portion of your death benefit while alive.

Is Northwestern Mutual's Website Easy to Understand?

When you're looking for the best life insurance coverage for your financial needs and personal objectives, it makes sense to have a site that is easy to navigate. VisibleThread studied Northwestern Mutual's : 

• Northwestern Mutual's website scored 45 out of 100 for readability, missing the mark of at least 60 for good writing. 
• The company website has a high proportion of lengthy passages of length 25 words or more (27%). 
• The Northwestern Mutual website content is written in a 10th-grade reading level, making it fairly difficult for the majority of consumers.

Northwestern Mutual Company History

Northwestern Mutual was founded in Milwaukee in 1863 as Mutual Life Insurance Company of the State of Wisconsin.

Because only two policyholders lost their lives in an ox vs. train collision in 1859, the company's financial situation suffered. In order to pay for the victims' claims, the company's board at the time borrowed money from Northwestern Mutual's executives. The stock company continues the story today as a reflection of its unwavering dedication to Northwestern Mutual clients.

By the year 1919, the company was the sixth largest insurer in the United States. In 2021, Northwestern Mutual's net revenue in life, disability, and long-term care cases was $6.2 billion. Northwestern Mutual has more than 4.9 million clients. It was listed as one of the World's Most Admired Companies in that industry by Fortune magazine in 2022.

Northwestern Mutual's Charitable Causes

Strengthening the communities Northwestern Mutual serves, revitalizing neighborhoods, improving education and funding childhood cancer research are some of the organization's most meaningful philanthropic pursuits. Here are a number of its most notable charitable contributions:

• Contributed over $20 million in support of cancer research and the families of cancer patients. 
• Invested over $28 million to underserved areas for housing support, youth and family resources and food programs.
• Invested $20 million in women-owned startup companies. 
• Awarded $6 million in grants to nonprofits nationwide. 
• Contributed $1.6 million to scholarships, internships, mentorships and career opportunities to high-performing but underrepresented youth.

Northwestern Mutual Quick Facts

• Year established: 1858
• Headquarters: Milwaukee, Wisconsin
• Assets: $335 billion
• How to buy: You must go through a Northwestern Mutual agent to buy the company’s life insurance.