Northwestern Mutual Life Insurance
Northwestern Mutual earned 4.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Based on these ratings, Northwestern Mutual is among NerdWallet’s Best Life Insurance Companies.
Northwestern Mutual life insurance pros and cons
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Far fewer complaints to state regulators than expected for a company its size.
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Company website doesn’t give specifics about coverage amounts, term lengths or riders.
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Highly rated for customer satisfaction in J.D. Power study.
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Very few term riders available.
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Consistently pays a dividend to eligible customers.
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Northwestern Mutual life insurance policies
Northwestern Mutual offers term, whole and universal life insurance policies. The company’s universal life insurance option gives customers flexible payment and coverage choices. With whole life insurance, premiums stay level for the life of the policy.
The company offers two types of term life insurance: annual renewable and level premium. Annual renewable term life has low premiums to start, but they increase every year when the policy renews. The cost for a level premium term life policy may not start as low as annual renewable coverage, but it stays the same throughout the length of the policy. Northwestern Mutual’s term policies can be converted to whole life policies without a medical exam.
Additionally, Northwestern Mutual offers two types of universal life insurance: The “Single Premium” universal life policy can be purchased with one lump-sum payment, and the “Custom Universal Life” policy lets you adjust the death benefit and premiums as your needs change.
