The Ultimate Guide on Northwest Mutual Life Insurance – A Comprehensive Collection of All of Your Questions Answered

By | April 13, 2022

An extensive review of Northwest Mutual Life Insurance has been provided in this article, which details their life insurance policies, their costs, their reviews, their location, and their contact information.

What You Should Know About Northwest Mutual Life Insurance

Northwestern Mutual Life Insurance is an insurance company that provides life insurance and other financial services.

Northwest Mutual Life Insurance was founded in 1857 with the goal of providing life insurance coverage to all people, not just the elite.

The company offers a range of products, including life insurance, long-term care insurance, disability income protection, investments, retirement plans, and annuities.

The Meaning of a Life Insurance Policy and its Importance

A life insurance policy is a contract between the individual and his insurer.

The insurer promises to pay the person’s family or designated beneficiary a sum of money in exchange for the payment of regular premiums.

Life Insurance Policies are an essential product for anyone with dependents.

These policies are crucial not only to protect one’s family but also to ensure that potential beneficiaries have enough money to live on even if they suffer from an unforeseen tragedy.

Various life insurance policies offered by Northwestern Mutual

Northwest Mutual Life Insurance

Northwest Mutual Life Insurance

The life insurance products offered by Northwestern Mutual fall into three major categories: term, whole life, and universal life.

Term Life Insurance 

The sole term life insurance policy of Northwestern Mutual consists of:

  • This product is available with custom terms: Term 10, Term 80, Level Term 10, and Level Term 20.
  • Both level and annually increasing premiums are available.
  • Starting coverage amounts of $100,000 are available.
  • For customers ages 18 to 65, there’s Level Term 80 and Level Term 10.
  • Ages 18-60 are eligible for Level Term 20
  • Ages 40 to 70 are eligible for Term 10 
  • With no medical exam and no fees, term policies can be converted to permanent policies.
  • In the event of the death of a member, benefits can be paid in lump sum, installments, to an investment account, or in a combination of these options.
  • An option for waiving the premium benefits is also available.
  • Benefits to beneficiaries include a tax-free death benefit.

Whole Life Insurance 

Whole Life Plus is the only whole life insurance policy offered by Northwestern Mutual:

  • The coverage period is lifetime.
  • Premiums are guaranteed to be level each month.
  • This insurance plan is available with a coverage amount starting at $50,000.
  • Premium payment period limits vary according to age range – available for ages 0 to 85.
  • The policyholder has a right to the cash value of the policy in the event that it is canceled or surrendered.
  • Payment terms are available for premiums for 15 years, 20 years, 25 years, and 65 and 100 years of age.
  • Benefit payments can be made in the form of a lump sum, in installments, in an investment account, or by any combination of these options.

Universal Life Insurance 

Northwest Mutual Life Insurance offers the following options for Universal Life policies:

  • Custom Universal Life (CUL) Accumulator Permanent Universal Life.
  • Single Premium Universal Life Permanent Universal Life.

Northwestern Mutual’s universal life insurance policies are:

  • Coverage periods are available for life.
  • A flexible premium option is available for the Custom Universal Life 
  • Depending on the type of policy, coverage starts at $50,000 for the single premium policy and $500,000 for the custom universal life accumulation policy.
  • Custom Universal Life Accumulator policies are available to customers ages 18 to 85, and Single Premium policies are available to customers ages 0 to 75.
  • There is no indexed type of policy available at this time.
  • You can receive death benefits in one lump sum, in installments, by putting them in an investment account, or by combining these methods.

How Much Does Northwest Mutual Life Insurance Cost?

Northwest Mutual Life Insurance premium fees are determined by the type of policy you have as well as other factors including your health, family health history, lifestyle, and the amount of coverage you have. 

Your premiums are likely to be higher if your death benefit is greater.

A term policy will usually cost less than a permanent life insurance policy, such as whole and universal policy. 

As well, policies with a requirement to conduct a medical examination are generally less costly than policies without such a requirement.

We recommend contacting a Northwestern Mutual life insurance agent directly for pricing on whole and universal life insurance.

How to Buy Northwestern Mutual Life Insurance

To obtain any life insurance product from Northwest mutual life insurance, you must fill out an application and schedule a medical examination, which can be conducted at home or at work. 

The application is then sent to the underwriting team for review after the applicant and the exam results are received. 

In order to come up with the amount you will pay for the coverage you desire, the underwriting team will need to ask you more questions regarding your risk factors. 

Upon receiving your Northwestern Mutual insurance offer, you will be able to determine whether to accept it, decline it, or modify it with the help of a Northwestern Mutual advisor.

The life insurance calculator from Northwestern Mutual considers factors such as how your income is distributed among members of your family, where you live, your age, gender, your monthly expenses, assets, as well as any mortgages or other debt.

Northwest Mutual Life Insurance Review

Northwest Mutual Life Insurance

Northwest Mutual Life Insurance

In terms of life insurance, Northwest Mutual is a great option.

 In total, it achieved a rating of 4.6 out of 5 and is ranked No. 1 in the Best Life Insurance category by 

In addition to its range of options and coverage types, Northwestern Mutual gives consumers the freedom to research and choose what is best for them.

Among the features of online service are automatic payments of premiums, an insurance calculator, insurance estimates for some types of policies, and customer service representatives.

Northwest Mutual Life Insurance Contact

Contact your Northwest Mutual Life Insurance financial representative, or. Contacting Client Services at (877) 394-9524

Northwestern Mutual Life Insurance Company History & Facts

Northwestern Mutual Life Insurance Company is a life insurance company that specializes in retirement, life insurance, and other forms of insurance and financial planning.

It was founded in 1857 in Milwaukee, Wisconsin by John Johnston.

In its early days, the company focused primarily on life insurance policies that were sold to individuals and to small businesses like grocers and cleaners who had few assets but needed protection for their families and employees.

The company has emerged as one of the largest mutual insurance companies in the country with assets of about $308 billion, more than 4 million customers, 1,200 branch offices across the United States, Canada, and Puerto Rico.