Written by Alani Asis and Lina Roby; reviewed by Evelyn He
2023-03-17T21:52:52Z
- Life insurance plans
- Additional coverage options
- Northwestern Mutualvs. the competition
- File a claim with Northwestern Mutual?
- Northwestern Mutual cost
- Is Northwestern Mutual trustworthy?
- Methodology
- FAQs
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Northwestern Mutual was established in 1859 by Samuel S. Daggett in Wisconsin. It ranks #4 in JD Power's life insurance customer satisfaction survey. It is also one of our top picks for the best life insurance companies.
Northwestern Mutual Life Insurance
Compare policies and rates with Policygenius
JD Power Customer Satisfaction Rating
790
AM Best Financial Strength Rating
A++ (Superior)
Pros
- Strong financial stability rating
- High customer satisfaction
- Company offers advising and financial planning
Cons
- No easy way to get a quote to compare prices
- Life insurance agents may not be able to effectively discuss the full range of available Northwestern Mutual life insurance products
Product Details
- 5/5 for claims satisfaction according to JD Power
- Offers whole, universal, variable universal, and term life insurance policies
Life insurance plans from Northwestern Mutual
Northwestern Mutual offers both term and permanent life insurance policies. The term life policies available are level term, where you can choose a coverage period of 10 or 20 years, and annual renewable term life insurance. Northwestern Mutual's term life policies are also convertible. You can switch your term life policy to a permanent one without a medical exam.
Northwestern Mutual offers three types of permanent life insurance that pay a death benefit, build cash value, and offer the opportunity to receive dividends: whole life, universal life, and variable life insurance.
- Level term life insurance —This temporary policy allows you to select a term period of 10- or 20-years.
- Annually renewable term life insurance —This policy lasts until you cancel your policy or reach a certain age. Factors like age and health will be considered when you first purchase this policy and will increase over time.
- Whole life insurance —This permanent policy pays a death benefit and offers cash value with annual dividends. You pay a fixed premium for this type of coverage.
- Universal life insurance —This permanent policy guarantees a death benefit and allows you to earn cash value. Unlike a whole life policy, your cash value will grow based on money market rates. You also have more flexibility regarding when and how much you pay in premiums.
- Variable life insurance —This permanent policy gives you agency over your cash value by allowing you to choose where to invest.
There are two types of life insurance: permanent life and term life. Term life insurance lasts for a specified period. When it's up, you can reapply for coverage, but the premiums most likely will go up as you age.
Permanent life insurance never expires, has a death benefit for your beneficiaries, and a cash value that you can use during your lifetime. Some financial advisors recommend a combination of term and permanent life insurance.
| Types of Term Life Insurance | Types of Permanent Life Insurance |
| Level premium | Whole life |
| Annual renewal (ART) | Universal life |
| Return of Premium | Guaranteed Universal |
| Convertible | Indexed Universal |
| Group life insurance | Variable life |
| Guaranteed issue | Variable universal life |
| Simplified issue | |
| Final expense |
Additional coverage options from Northwestern Mutual
Northwestern Mutual offers these additional policy options as well:
- Disability insurance —This policy protects you by replacing a portion of your income if you become too sick or injured to work.
- Long term care coverage —This policy covers the cost of assisted care when you are no longer able to care for yourself. This includes care provided by nursing homes, adult day care centers, or home aides.
Northwestern Mutualvs. the competition
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| Availability | National presence | National presence | National presence |
| Types of insurance offered | Term, whole, universal, variable life | Term, whole, universal, variable life | Term, whole, universal, variable life |
| Claims and customer satisfaction |
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Northwestern Mutual , New York Life, and MassMutual are established life insurance carriers whose services are offered nationwide. All providers have term, whole, universal, and variable life products. Northwestern is ranked the highest among its three competitors. However, it does not have an easy online quoting tool like MassMutual does.
How do I file a claim with Northwestern Mutual?
Northwestern Mutual allows customers to file claims online for life insurance, disability claims, and long-term care. If you need further assistance or can't find your paperwork, you can also call a Northwestern Mutual representative and file your claim over the phone at (800) 388-8123.
How much does insurance from Northwestern Mutual cost?
The cost of your term life insurance will depend on your age, health, the amount of coverage you need, and the length of your policy. However, Northwestern Mutual term life insurance is relatively affordable— usually less than a dollar a day. According to the insurer, a $500,000 policy covering you up to age 80 for a 35-year-old female would cost about $22 a month. A 35-year-old male would cost about $26 a month. According to Insider's average cost of life insurance data, the cost of life insurance can range anywhere from about $40 to $50 per month.
Is Northwestern Mutual trustworthy?
We checked the NAIC Complaint Index for complaints against Northwestern Mutual. The company has significantly fewer complaints filed against it compared to other top insurers.
Northwestern Mutual's financial stability is strong, with an AM Best rating of A++ (Superior). While it's a legitimate insurance provider, it's important to do your own research to ensure Northwestern Mutual is the right insurance company for you.
Methodology
We review a wide range of life insurance providers from the top companies to smaller startups. Our goal is to help customers find the right fit. As such, we look at several factors when rating life insurance providers. Policy types, average premiums, waiting periods, and standard exclusions are just a few of the things we use. You can read more about our methodology for life insurance ratings here.
FAQs
Where is Northwestern Mutual available?
Northwestern Mutual is available in all 50 states including the District of Columbia.
How do I register for a Northwestern Mutual account?
You can register for a Northwestern Mutual account by using its online portal. With a Northwestern Mutual account, you get access to your financial summary, you can manage your accounts, and you can make payments online.
How do I get a quote from Northwestern Mutual?
Northwestern Mutual doesn't have an online quoting tool, so you'll have to get in touch with a financial advisor. Complete Northwestern Mutual's questionnaire to get matched with an advisor, or you can search for a financial advisor if you're looking for someone specific.
Alani Asis
Personal Finance Reviews Fellow
Alani Asis is a Personal Finance Reviews Fellow who covers life, automotive, and homeowners insurance. Prior to Insider, Alani was a Mortgage Support Specialist and a personal finance freelance writer based in Hawai'i. You can reach her via email at aasis@businessinsider.com or through Twitter @AlaniAsis.
Lina Roby
Insurance Editor, LIA, MLO
Lina Roby (she/her) was a Personal Finance Insurance editor at Insider. She covered pet, travel, auto, and other common insurance products. She is also a licensed property & casualty insurance agent. Her goal is to help readers make informed decisions for all their insurance needs and plan for the unexpected, especially in a constantly evolving insurance marketplace. As a licensed insurance agent, she worked closely with clients and insurance carriers to quote and bind homeowners, auto, liability, and other insurance plans for personal and business. As a licensed mortgage loan originator, she was also able to more effectively quote and bind homeowners insurance policies meeting mortgage lender requirements. With a love for writing, she has also assisted with marketing for her local insurance marketplace.
Evelyn He
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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