Suitable For?

Northwestern Mutual puts a strong emphasis on financial gain if you look at life insurance as an investment rather than a safety net. Its plans are structured in an equity-like arrangement that pays dividends based on performance, making it a great option for savvy investors. You can gain lucrative living and death benefits, receive flexible dividends that you can take as cash or put towards premiums, and a slew of other inventive features.

Features

Northwestern Mutual’s permanent life insurance plans offer you the ability to tailor your policy with an option that exercises specific clauses should you become disabled. This means you will receive a lump sum mid-term or Northwestern Mutual will pay the premiums while the policy continues coverage. Furthermore, while many providers may choose not to cover part-time workers due to risk, Northwestern Mutual has special policies that cover workers who are employed for 15 to 29 hours and stay-at-home spouses who care for children or the elderly. All Northwestern Mutual policyholders are also entitled to dividends, which is an excellent way to ensure that life insurance does more than simply cover a family in the case of an accident. The company works hard to deliver customer benefits during the life of the policy alongside incredibly flexible plans and premiums.

Application Process

While the life insurance application process with Northwestern Mutual is straightforward and transparent, the company could improve its service by modernizing the approval method. To get started with the quote and application process, the company requires you to contact one of the company’s Financial Advisors. Once you are on the phone, a representative will guide you through a few questions designed to identify your needs better. After reviewing the available options, the financial advisor will provide a quote and a return number so that you have time to consider all the alternatives. After the initial conversation and follow-up consultation, you will be required to complete standard forms and a medical exam. Once that is complete and approved, you are eligible to receive coverage within a reasonable amount of time.

Policy Types and Terms

Northwestern Mutual offers term, whole, universal and even variable life insurance packages, many with unique features that policyholders can opt into. Term life insurance from Northwestern Mutual follows a straightforward plan that can cover a variety of needs. Standard level term insurance gives you a choice between a simple 10 or 20-year term with the same premium throughout, or a plan with level coverage for 10 years, then a single adjustment that applies for the next 10 years of coverage. As a bonus, term policies can be combined with a permanent life plan thanks to Northwestern Mutual’s CompLife policy. Permanent life insurance comes in a wealth of different shapes and sizes as well. The whole life policy contains 3 positive features in the form of a sizeable death benefit, level premiums for the entirety of the policy and the ability to accrue cash value over time. Moreover, the option to enable accelerated care benefits are a boon to those who must pay medical bills during the life of the policy. Whole life, CompLife and Universal life policies are eligible for dividends. Variable insurance is one of the more interesting options available, which acts like the standard universal life policy by letting you change your premiums and death benefits at any time. In addition, you have the option to invest premiums in the assets of your choice rather than add it as cash to your death benefit.

Help and Support

Forms are the only online resource available to customers who want to view their account information online, pay premiums, look at their balance and so on. Otherwise, for questions and concerns, support is available exclusively over the phone. The company’s financial advisors are refreshingly knowledgeable, friendly, and prompt in their service.

Northwestern Mutual could enhance its customer support by offering the ability to contact representatives via email, or even through a live chat on its website.

Summary

Founded 160 years ago, Northwestern Mutual is one of the most successful and highly-rated providers of financial services in the world. Its dividends program, which is possible because policyholders are shareholders as well, makes it stand out from other life insurance providers. While yearly dividends are not guaranteed, the company has still paid them out on time throughout its entire history. A.M. Best rates Northwestern as an A++, Fitch and Moody’s awarded it a triple-A rating, and Standard & Poor’s give it an AA+: the top in the category. A strong focus on financial gain helps separate Northwestern Mutual from the competition, giving you creative and profitable investment solutions. While it doesn’t disclose as much information about its policies as some competitors, Northwestern Mutual actually avoids the confusion sometimes involved with quoting rates and coverage for such a wide array of options.