Northwestern Mutual Life Insurance Review 2024
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Northwestern Mutual
on Nerdwallet
Financial strength rating
Online purchase
NAIC complaints
Policies offered
on Nerdwallet
Northwestern Mutual
Financial strength rating
Online purchase
NAIC complaints
Policies offered
Northwestern Mutual has been in the life insurance business for more than 160 years. It offers term, whole and universal life policies and scores well for financial strength and consumer complaints. The insurer sells policies through a network of agents, which the company refers to as financial advisors.
» MORE: Compare life insurance quotes
Northwestern Mutual life insurance rating
Northwestern Mutual earned 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 one of our best life insurance companies.
Northwestern Mutual life insurance policies
Term life insurance. Northwestern Mutual sells two types of term life policies: Annual renewable term life and level term life. With its level term life coverage, you can choose between a 10- or 20-year term length. You must be between the ages of 18 and 65 to apply for a 10-year term life policy, and between 18 and 60 to apply for a 20-year policy.
Northwestern Mutual made our list of the best term life insurance policies.
Whole life insurance. The company’s whole life policy is available to all applicants ages 0 to 85. You may have the option to include a term benefit with your whole life coverage, which can help maximize the amount of money you’re able to pay into the policy.
Northwestern Mutual is among our top picks for the best whole life insurance.
Universal life insurance. Additionally, Northwestern Mutual offers two types of universal life insurance. Survivorship universal life insurance covers the lives of two people, typically a couple, and pays out when the second person dies. The company also sells a "Custom Universal Life" policy that lets you adjust the death benefit and premiums as your needs change.
Variable universal life insurance. Similar to its universal life policy, Northwestern Mutual’s variable universal policy offers flexible premiums and death benefits. However, with variable universal life insurance, you can choose the investments the cash value is tied to. This type of policy is typically riskier than universal life as the cash value growth is subject to the fluctuations of the investments you pick and not backed by Northwestern Mutual’s general account.
» MORE: Types of life insurance
Northwestern Mutual customer complaints and satisfaction
Over three years, Northwestern Mutual has drawn far fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
Northwestern Mutual ranked No. 10 out of 22 companies for customer satisfaction in J.D. Power's 2023 U.S. Individual Life Insurance Study.
What it’s like to apply for a policy with Northwestern Mutual
Northwestern Mutual only sells policies through its financial advisors — you can’t apply for a policy online. If you’re interested in learning more about coverage, you’ll need to choose a financial goal and enter your age, location, household income, phone number and email address. The company will then pair you with an advisor, typically within a few minutes.
» MORE: Life insurance application
Screenshot captured by our editorial team on May 22, 2024.
How Northwestern Mutual’s customer experience stacks up
Northwestern Mutual’s site is organized and easy to navigate. There’s plenty of informational content throughout, including life insurance calculators and video explainers to frequently asked questions. The site directs users to connect with a financial advisor via clickable buttons.
The contact page lists the customer service phone number as well as details for Northwestern Mutual’s offices in Wisconsin and New York. However, it’s not clear whether customers can visit those locations.
When we called the insurer, an automated responder asked a few questions to direct our call. Within two minutes we were talking to a client services agent, who gave us generic answers to basic questions like how much coverage you can buy. The rep recommended reaching out to an advisor.
Northwestern Mutual has an app that’s compatible with Apple and Android devices. It features tools for financial planning and investment management.
» MORE: Life insurance agent vs. broker
Where Northwestern Mutual stands out
Northwestern Mutual is the largest life insurance company in the United States and has an excellent financial strength rating. It offers all major types of coverage: Term, whole, universal and variable universal life. When buying one of its permanent policies, you can choose from a selection of riders, including an accelerated death benefit and waiver of premium rider. Critical and chronic illness coverage is already included in its policies.
Where Northwestern Mutual falls short
The only way to apply for coverage is through an agent. And, the company does not offer online quotes without you providing personal contact information. Plus, the website is sparse when it comes to detailed information about each policy, such as coverage amounts and age ranges. It offers only one term life rider for an additional fee: Waiver of premium.
More about Northwestern Mutual
As a mutual company, Northwestern Mutual is owned by its policyholders, some of whom are eligible to share in annual dividends when the company does well. The company expects to pay out $7.3 billion in dividends in 2024, the highest payout in its history.
Northwestern Mutual also provides:
Estate planning services.
Investment services.
How to contact Northwestern Mutual
Northwestern Mutual can be reached by:
Phone: Call 866-950-4644 on weekdays from 7 a.m. to 5 p.m. CT.
Email: Not available.
Live chat: Not available.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Methodology
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
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