Northwestern Mutual Life Insurance Review [2024]

What You Should Know About Northwestern Mutual

Northwestern Mutual is a solid choice for both term and permanent life insurance. However, you’ll need to speak with a representative to get a quote – there is no online option.

Currently, there are four policy options from Northwestern Mutual: term, whole, universal, and variable universal life insurance.

Northwestern Mutual insurance quotes tend to be affordable for the average applicant. Since the company is a mutual and therefore owned by policyholders, Northwestern sometimes pays life insurance dividends on certain plans.

Pros and Cons of Northwestern Mutual Life Insurance

When you buy a Northwestern Mutual life insurance policy, you’ll benefit from the following:

• Northwestern Mutual life insurance’s customer service ratings are excellent
• Some policyholders receive dividends when the company does well
• No-medical-exam options available

Although Northwestern Mutual is a good choice for life insurance, it might not be the best for everyone. Before signing up, consider the following disadvantages:

• Northwestern Mutual term life insurance riders are limited
• No online option for quotes
• Little available policy information online

While you can’t get whole or term life insurance quotes online, you can file a Northwestern Mutual life insurance claim using the website.

Northwestern Mutual Customer Service and Financial Ratings

Northwestern Mutual has excellent ratings from most third-party companies, including a superior A++ from A.M. Best for its financial stability. See how Northwestern Mutual’s financial stability compares to similar life insurance companies below.

Northwestern Mutual's Financial Ratings

Company	Rating
Northwestern Mutual	A++ (Superior)
Lincoln Financial	A+ (Superior)
Mutual of Omaha	A+ (Superior)

The National Association of Insurance Commissioners (NAIC) rates companies by the number of complaints they receive compared to their size.

Northwestern Mutual consistently receives low scores, meaning it receives fewer complaints than similarly-sized competitors. For example, Northwestern Mutual’s NAIC rating for 2022 is 0.03.

Finally, J.D. Power rates Northwestern Mutual’s overall customer satisfaction much higher than the national average.

Northwestern Mutual Insurance Coverage Options

Northwestern Mutual offers four main types of policies, each with its own age restrictions and coverage limits. Explore Northwestern’s primary coverage options below.

Northwestern Mutual Life Insurance Policies, Coverage Limits, and Age Restrictions

Policy Type	Coverage Limit	Age Restrictions
Term	Starting at $100,000	No age restriction
Whole Life	Starting at $50,000	Birth to age 85, ages vary by premium-paying period
Universal Life	Starting at $500,000	18-85 years old
Variable Universal Life	Not specified	Not specified

You have additional options depending on the type of policy you want to purchase. For example, Northwestern Mutual offers four types of term life insurance. If you’re interested in a Northwestern Mutual whole life insurance policy, there are three plans to choose from. Check below to see which plan might be best for your needs.

Northwestern Mutual's Life Insurance Policies

Policy Type	Description
Term 80	Premiums increase with age but are guaranteed to be level for the first five years of the policy.
Term 10	Premiums increase with age but are guaranteed to be level for the first five years of the policy.
Level Term 10	Offers set rates for a 10-year term period.
Level Term 20	Offers set rates for a 20-year term period.
Whole Life One	Fixed premiums, guaranteed cash value accumulation with low risk.
Whole Life Plus	Fixed premiums, guaranteed cash value accumulation with low risk.
Custom Universal Life	Offers lifetime coverage and cash value. Available for buyers ages 18 to 85. Minimum death benefit is $500,000.
Single Premium Univ. Life	Has only a single premium payment. Minimum death benefit is $50,000. Available to people up to age 85.
Variable Univ. Life Plus	Offers cash value investments, death benefit options, and the flexibility to vary premium amounts and frequency of payment.

Many life insurance companies offer riders to increase the value of your policy, and Northwestern Mutual is no different. Northwestern Mutual lists the following four riders available for its life insurance policies.

Northwestern Mutual's Life Insurance Riders

Rider Type	Description
Waiver of Premium	Waives premiums if the policyholder becomes totally disabled.
Accelerated Death Benefit	Allows for the policyholder to receive an advance on the death benefit if diagnosed with a terminal illness.
Children’s Level Term	Offers term life insurance coverage for policyholder’s children.
Long-term care rider	Covers costs associated with long-term care.

Keep in mind that some riders might not be available for every policy, so make sure to check with a representative before you purchase a policy.

How to File a Northwestern Mutual Claim

Although Northwestern Mutual has excellent customer service reviews and affordable rates, it struggles with its online options. However, you can start a claim online, regardless of the type of insurance you have.

To start a Northwestern Mutual life insurance claim, complete the online claim form on the company’s website. The form requires information like the policy number, the name of the insured, and the cause of death.

To speed up the claims process, you can email the claims department a copy of the death certificate.

Alternatively, you can call the claims phone number at –800-635-8855 during business hours.

Northwestern Life Insurance Online Offerings and Mobile App

Unfortunately, Northwestern Mutual doesn’t offer many other online options. For example, if you’re looking for how to cancel Northwestern Mutual life insurance or look at term life insurance quotes, you’ll need to speak with a representative.

Northwestern Mutual also has an app that can be used to look at your policy details and make monthly payments.

Your life insurance quotes are always free.

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Northwestern Mutual Insurance Rates Breakdown

The cost of life insurance with Northwestern Mutual depends on several factors, including your age, gender, lifestyle, and how much coverage you want. When you’re figuring out how to buy life insurance, keeping these factors in mind can help you find low prices.

Although life insurance rates vary by age and gender, Northwestern Mutual tends to have affordable prices. Consider Northwestern’s average rates below.

Northwestern Mutual Life Insurance Average Rates

Gender	Age	Coverage Amount	Monthly Cost
Female	35	$500,000	$22
Male	35	$500,000	$26

Remember, these prices are only averages – you’ll see different rates depending on how much coverage you want. For example, it’s important to calculate your term life insurance needs before signing up for a policy to avoid overpaying.

Northwestern Mutual Discounts Available

Northwestern Mutual does not mention discounts for any life insurance plan on its website.

How Northwestern Mutual Ranks Among Providers

Northwestern Mutual is a solid choice for insurance, especially if excellent customer service and affordability are important to you. However, it’s not always the best option for everyone.

Currently, Northwestern Mutual does not offer a no-medical-exam option. Additionally, people who want a more tech-savvy experience should consider other companies. Finally, you should look elsewhere if you want a variety of riders to customize your policy with.

Comparing rates with multiple companies is always essential, no matter what you’re looking for. You might overpay if you don’t compare Northwestern Mutual quotes with its competitors like Lincoln Financial or Mutual of Omaha.

Your life insurance quotes are always free.

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