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Northwestern Mutual Life Insurance

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Northwestern Mutual Life Insurance

Updated: May. 31, 2018

Ranked 3rd of 10 life insurance with a Quid Score of 82.

Buy Now Leave a Review

Northwestern Mutual Life Insurance

Ranked 3rd of 10 life insurance with a Quid Score of 82.

Product Details

Product Details

Ranks 3rd overall.

Other Information
  • Online Quote: No - must contact financial advisor
  • Other Features: Option to convert term life policy to a permanent life plan; offers CompLife policy that combines whole and term life insurance; policy holders can potentially earn dividends - see source for more information
  • Smoking Policy: Accepts smokers
  • Customer Service System: By phone or through website FAQs page
  • Medical Exam Requirement: Depends
  • Other Financial Services: Yes - Disability, Long-Term Care, and Annuities
  • Online Portal/Smartphone App: Both
  • Other Life Insurance Policies: Yes - Whole Life and Universal Life
  • Age Requirement at Time of Application: Varies by location
Policy Information
  • Term Options: Yes - Level Term 20 (level premiums for entire 20 yrs), Level Term 10 (20-year coverage; level premiums for 1st 10 years and last 10 years, but after the first 10 the cost increases based upon age), Term 80 (annually renewable until holder turns 80), Term 10 (annually renewable coverage for 10 years)
  • Annual Premium: MALE: $252, FEMALE: $216 (based on monthly quote)
  • Face Value Policy: N/A
  • Payment Frequency: Monthly
  • Fixed or Fluctuating Premium: Offers both
  • Riders/Supplementary Coverage: Yes - Disability Income Rider, Guaranteed Insurability Rider, Long-Term Care Rider
Key Product Information
  • Online Quote: No - must contact financial advisor
  • Term Options: Yes - Level Term 20 (level premiums for entire 20 yrs), Level Term 10 (20-year coverage; level premiums for 1st 10 years and last 10 years, but after the first 10 the cost increases based upon age), Term 80 (annually renewable until holder turns 80), Term 10 (annually renewable coverage for 10 years)
  • Annual Premium: MALE: $252, FEMALE: $216 (based on monthly quote)
  • Face Value Policy: N/A
  • Fixed or Fluctuating Premium: Offers both

Expert Rating: 88%

Ranks 2nd among competitors.

Expert Rating: 88%

Ranks 2nd among competitors.

Experts find the smoker and senior rates provided by Northwestern Mutual to be among the most competitive. A major appeal is the company’s long history and financial strength. Since the company is owned by policyholders, customers are eligible to receive dividends. The signup process can feel complicated and outdated since there is no way to do it online. Those with preexisting health conditions may have more difficulty during the application process.

Full Expert Breakdown
  • Premium Rates - Below average
  • Agent Responsiveness - Above average
  • 24-Hour Telephone Support - No
  • Standout Incentive - Lower rates for seniors and smokers compared to competitors
  • Financial Strength - Above average
  • Policy Options - Above average
Notable Positives
  • Competitive rates for smokers and seniors
  • Can combine term and permanent policies
  • Solid financial strength
  • Customers eligible to receive dividends
Notable Negatives
  • Limited term life policy time lengths
  • Signup process feels complicated
  • Poor support for applicants with preexisting health conditions
  • No online sign up process
Full Expert Breakdown
  • Premium Rates - Below average
  • Agent Responsiveness - Above average
  • 24-Hour Telephone Support - No
  • Standout Incentive - Lower rates for seniors and smokers compared to competitors
  • Financial Strength - Above average
  • Policy Options - Above average

Customer Rating: 77%

Ranks 4th among competitors.

Customer Rating: 77%

Ranks 4th among competitors.

Customers like that the rates from Northwestern Mutual feel fair and that the company is transparent with its costs. Some have had trouble with individual agents, feeling like they’re being pushed towards a whole life policy when it may not be the best option for them. Others complain that the company’s online portal is unsatisfactory.

Ideal for people:

Those who want a high level of transparency on plans and their rates. Those who want a very personalized experience.

Not ideal for people:

Those who don't like to feel pressured by brokers, and those who want a very modern online portal to access their policy information.

Notable Pros:
  • Company doesn’t bombard people with emails/calls
  • Good rates
  • Transparent costs
  • Responsive to individual needs
Notable Cons:
  • Feels like agents push you towards whole life policies
  • Online portal is not up to par
  • Agents can be rude and untrustworthy

Brand Score: 64%

Ranks 8th among competitors.

Brand Score: 64%

Ranks 8th among competitors.

The Northwestern Mutual Life Insurance company was founded in 1857 and is headquartered in Milwaukee, Wisconsin. The company offers financial services, life insurance plans, and investment opportunities.

Heritage - 5/5

Northwestern Mutual was founded in 1857. In 1907 the company was one of the first to adopt a policy where select policyholders were given access to the company’s finances for evaluation, this is the Policyowners’ Examining Committee.

Innovation - 2/5

In 2017, the company received the Digital Edge 50 2017 award for their “use of digital technology and creating a culture of innovation”. Northwestern Mutual also has an award-winning diversity and inclusion program.

Reliability - 4/5

In 1859, an accident involving two policyholders required the company leaders to individually borrow money in order to pay the claims. More than 160 years later, Northwestern is still devoted to serving the policyholders’ needs. The company has a customer hotline and FAQs that address filing claims, and sets you up with an in-person financial advisor.

Social Good - 5/5

Northwestern Mutual runs the Northwestern Mutual Foundation, which is dedicated to fighting childhood cancer both nationally and locally. The company supports a variety of initiatives in their home city, Milwaukee. Their new building in Milwaukee created 26,000 construction jobs, and a space to hire small local businesses.

Relevance - 2/5

Northwestern Mutual uses its social profiles to promote original content from its "Life and Money" website page. Articles focus on family, home, career, and money basics topics. On Instagram, it shares inspirational quotes from historical figures and stories of real customers who have benefited from its policies.

Retail: Best Price $234.00

Ranks 2nd in value among competitors.

Retail: Best Price $234.00

Ranks 2nd in value among competitors.

Northwestern Mutual does not offer quotes online. To get a term life insurance quote a customer must contact a financial advisor. There is a form that asks some basic personal information to first match you with an advisor.

Best Purchase Options
Northwestern Mutual Website - $234.00
Best Purchase Option
Northwestern Mutual Website - $234.00

Ranked by Quiddity

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