Northwestern Mutual Life Insurance Review 2024 (2024)

Northwestern Mutual is among our picks for the best whole life insurance companies. It offers these types of life insurance products:

• Term life
• Whole life
• Universal life
• Variable universal life

Northwestern Mutual’s Term Life Insurance

Term life insurance is life insurance that offers fixed rates for a level term period. For example, if you want life insurance to cover the mortgage if you pass away and you have 30 years left before it is paid off, a 30-year term policy could be a good option. After the level term expires, you can generally renew the policy, but be prepared for a significant increase in premiums.

Term life insurance does not build cash value and, as a result, is generally the cheapest type of life insurance to purchase.

Northwestern Mutual offers Term 80, Term 10. Both policies have premiums that increase with age but are guaranteed to be level for the first five years of the policy.

• Term 80 provides protection until the policy anniversary nearest to the insured person’s 80th birthday. Term 80 is available with a minimum death benefit of $100,000 to buyers ages 18 to 65.
• Term 10 provides protection for 10 years. Term 10 is available at a minimum of $250,000 death benefit and only to buyers ages 40 to 70.

Northwestern Mutual also offers Level Term 10 and Level Term 20:

• Level Term 10 has level premiums for 10 years for buyers ages 18 to 65, and a minimum death benefit of $100,000.
• Level Term 20 guarantees premiums for 20 years for buyers 18 to 50—though the policy is available to buyers up to 60—and also requires a minimum death benefit of $100,000.

Comparison of Northwestern Mutual’s Term Life Insurance Policies

Northwestern Mutual’s Whole Life Insurance

Whole life insurance is an option for people looking for fixed premiums and guaranteed cash value accumulation but with low risk. Northwestern Mutual’s whole life products are Whole Life One and Whole Life Plus:

• Whole Life One is offered to buyers up to age 85 and has a minimum death benefit of $50,000. Premium payments will stop once the insured person reaches age 100.
• Whole Life Plus is an option for people seeking a bit more customization. You can select a premium payment period and then customize the policy. You can blend in some term life insurance to increase the death benefit at a lower cost, or add additional premium on a one-time or ongoing basis. The minimum death benefit is $50,000, depending on your customizations. Whole Life Plus is available to buyers up to age 85.

Northwestern Mutual’s Universal Life Insurance

Universal life insurance is a type of permanent life insurance that offers lifetime coverage and cash value.

Northwestern Mutual’s Custom Universal Life is available for buyers ages 18 to 85, depending on health classification. The minimum death benefit is $500,000, and premium payments can be made through the policy anniversary nearest to the insured turning age 121.

Single Premium Universal Life from Northwestern Mutual has only a single premium payment. The minimum death benefit is $50,000 and is available to buyers up to age 85, depending on your health classification. There is a guaranteed minimum interest rate of 1.5% for cash value accumulation.

Northwestern Mutual’s Variable Universal Life Insurance

Variable universal life (VUL) insurance comes with various features, including cash value investments with sub-account choices, death benefit options and usually the flexibility to vary premium amounts and frequency of payment. This permanent life insurance is intended to stay in place throughout your lifetime.

VUL insurance includes the ability to borrow tax-free or withdraw from your cash value but can lapse if your cash value gets too low to cover policy expenses and fees. VUL insurance policies typically include significant fees and are best suited for people comfortable with higher risk because of the investment component.

Northwestern Mutual’s Variable Universal Life Plus is offered to buyers in all risk classes and up to age 75. The minimum death benefit varies by age. For those between 18 and 75, the minimum is $100,000 and for all other ages it is $50,000. Premiums are payable up to age 121.