Northwestern Mutual life insurance offers a comprehensive selection of coverage options with flexible policy features. The company relies heavily on their representatives to work with clients, so they're not the best choice for customers looking for comprehensive online tools or mobile capabilities.
When shopping for a permanent whole life or universal life insurance policy, it's important to choose a company with solid financial stability and a strong credit outlook. Northwestern Mutual life insurance excels on both of these counts, boasting some of the best financial ratings in the industry. Top national rating agencies such as Moody's, A.M. Best, and S&P all place Northwestern Mutual at or very near the top of their ratings scales, attesting to the company's position among the strongest financial performers in the insurance industry. While there are plenty of other factors to take into account when making a policy decision, Northwestern Mutual's superior financial ratings offer you the confidence and peace of mind that comes with trusting that a company will be with you for the long haul.
Complete coverage options:
With Northwestern Mutual's full assortment of term, whole, and universal life policies to choose from, you can find just the coverage you need to meet your unique insurance requirements. A cash surrender option enables you to end your policy early, while a conversion option gives you the opportunity to extend your policy beyond its original term. With a return of premium option, you can even get your premiums back if you outlive a temporary policy. If you have a whole life policy, you can choose a vanishing premium option to reduce your premium payments when your income begins to fall later in life. A mortgage life option will take care of any outstanding mortgage debt in the event of your death, providing security for your family just when they need it the most. And what's more, Northwestern Mutual offers term and whole life policies with low minimum coverage requirements starting at $50,000, providing good affordability for younger shoppers looking to get their first policy.
Northwestern Mutual's standard policy features rank among the industry's very best and offer a great combination of flexibility and predictability, creating policies that you can rely on to protect you and your family no matter what life throws your way. With cash value access and partial surrenders, you're able to tap your policy's accumulated value if life demands it. An interest rate guarantee offers dependable growth, while waivers on policy deductions and premium payments offer flexibility if you're injured and can't afford to make your payments. Expiration and lapse guarantees provide protection should you miss a policy payment, while guaranteed term renewals and no-exam conversions give you the flexibility to extend your temporary coverage when your term is up. Many Northwestern Mutual life insurance policies also offer the choice of level or flexible premiums and death benefits, and universal life policies even offer you the chance to choose the amount and timing of your premiums.
Missing a mobile app:
Although Northwestern Mutual does maintain a mobile website accessible to smartphones, it offers very little functionality for life insurance customers apart from an agent search tool. All things considered, this should probably rank as a pretty minor criticism, but given that mobile apps are so common these days, this omission is hard to ignore.
Mediocre online materials:
Since there are so many policies, options, riders, and features to consider, access to clear information and effective learning materials is key to the life insurance buying process. Although Northwestern Mutual offers a good amount of explanatory material and policy descriptions, they fail to provide comprehensive educational resources. Most notably, they are missing effective beginner's guides, a fundamental feature for most first-time life insurance buyers. Northwestern Mutual also lacks an online quote tool. As it stands, you have to call a Northwestern Mutual agent for help with the quotation process.
A.M. Best FSR Rating
A.M. Best ICR Rating
Term, Whole, Universal
Standard & Poor's Rating
A.M. Best "Excellent" or Better - The insurance company has an A.M. Best rating of "A-" or better.
ICR Rating "Stable" - The insurance company has an A.M. Best Credit Rating of "Stable" or better.
Moody's "Very Strong" - The insurance company has a Moody's rating of "Aa3" or better.
S&P Rated "Very Strong" - The insurance company has an S&P rating of "AA-" or better.
Cash Value Access - The policy owner can access or borrow against the value of policy accounts.
Dividends - The policy owner can receive periodic dividends based on account performance.
Dynamic Premium Amount - You decide the amount and date of premium payments, subject to basic minimums.
Expiration or Lapse Guarantee - The policy does not expire if premiums paid are insufficient.
Graded Premium Option - The life insurance company offers a policy that starts with a low initial premium and gradually increases over time.
Guaranteed Level Premiums - Premiums do not increase over time but remain constant for the entire life of the policy.
Interest Rate Guarantee - You receive a guaranteed minimum level of interest in the contract.
Level Death Benefit - A policy where the death benefit remains level is available.
Limited Premium Payments - Whole life insurance premium payments can be limited to a fixed number of years.
No Exam Term Conversion - The insurance company guarantees conversion of a term policy to a cash value or permanent policy offered by the life insurance company without a physical exam.
Paid-Up Additions - You can purchase additional insurance with paid-out policy dividends.
Partial Surrenders - You can withdraw funds up to a certain percentage of the policy value.
Tax-Deferred Growth - The cash value of the policy grows tax-deferred.
Term Renewal Guarantee - You are guaranteed a renewal option annually after term expiration.
Variable Death Benefit - A policy where the death benefit increases or decreases with your policy account value is available.
Waiver of Monthly Deductions - Future monthly deductions are waived in the event of disability.
Accelerated Benefit for Terminal Illness - A rider which grants early access to the death benefit to defray the cost of a terminal illness is available.
Accidental Death Benefit - A rider that pays an additional death benefit in the event of the accidental death of the insured is available.
Additional Insured Rider - A rider that extends coverage to an additional person/spouse is available.
Child Rider - An added rider that covers the death of your child is available.
Disability Income Rider - An added rider that provides income in the event of a bodily injury that prevents you from working is offered.
Estate Protection Rider - A rider that provides extra coverage to offset estate taxes if the policy is included in the insured's estate is offered.
Final Expenses Policy - A rider or a policy that covers funeral expenses is available.
Long-Term Care Rider - A rider is available that covers the cost of long-term care if needed during the policy term.
Whole Life Guaranteed Insurability Rider - An option to guarantee future insurability at standard rates without further proof of insurability is available.
All Policy Types - Term, whole, and universal coverage options are available.
Cash Surrender Option - Policyholders of lapsed or surrendered policies can request immediate cash disbursement or remaining balances.
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