It can be difficult to choose which life insurance provider would best guarantee that your loved ones are taken care of in the future when there are dozens of firms selling coverage. We’ve put together a thorough profile that addresses frequently asked concerns from customers to help you understand more about Northwestern Mutual’s life insurance coverage.
Northwestern Mutual, with its main office in Milwaukee, was established in the financial services sector in 1857.
Northwestern Mutual Life Insurance Review
Term and permanent life insurance are available from Northwestern Mutual. Permanent insurance builds cash worth that can be used for costs like college tuition whereas term insurance expires after a set period of time.
Until you are 80, term policies—short-term plans—last 10 to 20 years. The insurance can be changed to a full life one at your discretion. Whole and universal are among the company’s enduring policies. There are numerous add-ons that are chargeable extras.
✅ Offers term, whole, and universal policies
✅ Flexible policy options available
✅ Term policies can be converted to whole life policies
⛔ Must contact agent for quote
⛔ No online applications
The Northwestern Mutual online calculator allows you to obtain a rate estimate. However, you must speak with a registered agent if you want to get a thorough price or start the application process.
How Much Does Northwestern Mutual Life Insurance Cost?
A 20-year term policy with $1 million in coverage for a 35-year-old nonsmoker costs $54.24 per month from Banner Life and $167.17 per month from New York Life.
✅ General health
✅ High-risk jobs or hobbies
✅ Smoking habits
✅ The amount of coverage
✅ The type of policy
✅ The optional coverage, or riders, you choose
Younger, healthier individuals typically spend less than older individuals with pre-existing medical issues. Additionally, universal or entire insurance that are permanent will typically cost more. The online insurance calculator from Northwestern Mutual offers an estimation for coverage amounts over $1 million.
Term Life Insurance Options From Northwestern Mutual
✅ Term 10, Term 80, Level Term 10, and Level Term 20 are available term policies.
✅ Available with both annually increasing and level premiums
✅ Available with coverage amounts starting at $100,000
✅ Available for customers ages 18 to 65 for Term 80 and Level Term 10, 18 to 60 for Level Term 20, and 40 to 70 for Term 10
✅ Only available through the company’s agents
Whole Life Insurance Options From Northwestern Mutual
✅ Offered with a lifetime coverage period
✅ Guaranteed to have level monthly premiums
✅ Available with coverage starting at $50,000
✅ Available for customers ages 0 to 85, with age limits varying by premium payment period
✅ Only available through Northwestern Mutual agents
Options for Universal Life Insurance from Northwestern Mutual
The following are Northwestern Mutual’s alternatives for Universal Life policies:
✅ Custom Universal Life (CUL) Accumulator Permanent Universal Life
✅ Survivorship Universal Life
Northwestern Mutual’s universal life insurance policies are:
✅ Offered in lifetime coverage periods
✅ Offered with flexible payments for the CUL Accumulator
✅ Available with coverage starting at $500,000 for the CUL Accumulator policy
✅ Available for customers ages 18 to 85 for the CUL Accumulator policy
✅ Only available through Northwestern Mutual agents
✅ There are no indexed policy types available.
✅ These policies feature tax-deferred cash value that can be accessed during the insured’s lifetime.
✅ If a policy is canceled or surrendered, the policyholder is entitled to the cash value.
✅ The payment of death benefits may be made as a lump sum, a series of payments, a transfer to an investment account, or a combination of these.
✅ Online tools include an insurance calculator, estimates, and customer service.
✅ Other advantages include a cash value that can be accessible during the insured person’s lifetime and a tax-free death benefit.
✅ Waiver of premium benefit for the Custom Universal Life Accumulator is a policy rider that is offered.
What is covered by Northwestern Mutual’s life insurance?
Term, whole, and universal life insurance are all provided by Northwestern Mutual. If the insured passes away while the coverage is in effect, term life insurance pays out death benefits; however, payouts are not paid out after the term expires. As long as the policy’s premium payments are current, both whole and universal life insurance plans pay out death benefits to beneficiaries. With features like variable payment options, the universal life insurance policy offers additional customization.
What Northwestern Mutual riders are offered?
✅ You have the option to acquire more life insurance without having to undergo a medical exam thanks to the additional purchase advantage.
✅ Event you become disabled, Northwestern Mutual will cover the cost of your premiums under the waiver of premiums benefit.
✅ If you ever require long-term care, the accelerated care benefit may be able to help.
How long do you have to file a claim with Northwestern Mutual for insurance benefits?
In general, state laws governing how long you have to file a claim for insurance benefits bind life insurance providers. For additional information, get in touch with Northwestern Mutual or an insurance representative directly.
Pay for death by suicide?
Generally speaking, state regulations governing payout for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. To learn more about Northwestern Mutual’s policy, which may differ depending on the type of coverage and the state, get in touch with the company or an insurance agent directly.
Cover a drug overdose?
In general, state laws governing payment for a drug overdose bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. To learn more about Northwestern Mutual’s policy, which may differ depending on the type of coverage and the state, get in touch with the company or an insurance agent directly.
Can you get life insurance from Northwestern Mutual if you have cancer?
Although they mention that, generally, having a terminal cancer diagnosis may disqualify some candidates from a term life policy, Northwestern Mutual does not offer any advice for clients with serious health issues on their website. If you’re interested in a Northwestern Mutual insurance and have cancer, speak with a qualified representative to learn if you’re eligible for coverage.
How Do I Buy Life Insurance From Northwestern Mutual?
You must get in touch with Northwestern Mutual directly to fill out an application and get a medical exam if you want to buy life insurance via them.
You can do your medical examination at home or at work if one is required. In order to calculate the amount of coverage you’ll need based on your risk profile, you could be contacted again after submitting your application.
The life insurance calculator from Northwestern Mutual generates estimates by taking into account variables including income, location, age, gender, debt, and dependent family members. The ideal agent for your needs will be assigned to you when you submit a brief form, and they will assist you in learning which services are offered in your area. The insurance you can select will be impacted by the fact that not all services are offered in every state.
Northwestern Mutual does offer online account access for life insurance policies, despite the fact that none of its life insurance policies have online application forms.
You have the option to accept, reject, or amend your coverage offer after receiving it by working with an agent.