Life Insurance

Northwestern Mutual Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 4 minute read

Smokers and the elderly are among those who might benefit from the reduced life insurance rates offered by Northwestern Mutual Life Insurance. To obtain insurance via this company, you will almost certainly be required to undergo a medical checkup and interact with a customer service representative. Northwestern Mutual also offers universal life and variable life insurance products in addition to term and whole life insurance.

Perpetual life insurance policyholders with accumulated cash value may be eligible for dividends if the Northwestern Life Insurance Company’s board of directors elects to disburse dividends on their policies. Insurance companies may give clients both term and permanent insurance coverage.

Northwestern Mutual life Insurance Rates

Northwestern Mutual Life Insurance Review - Northwestern Mutual Life Insurance Logo

According to the firm, all of Northwestern Mutual’s insurance products are provided at the most reasonable rates possible to those with a “preferred” health status. Unlike its rivals, it is not feasible to get these costs through this service, and the seller will not inform you how to do so. Consult a Northwestern Mutual agent to determine if you qualify for interest rate reductions.

What affects my rate with Northwestern Mutual?

The following is a list of requirements that must be fulfilled:

  • A short or non-existent tobacco usage history.
  • I’ve never had a problem with alcohol or drugs of any type in my whole life.
  • Medical histories are obtained from individuals and families who have no history of sickness or impairment.
  • There are any outstanding driving offenses, suspensions, or other fines assessed against the motorist.
  • Blood pressure and body mass index levels that are within normal limits indicate good health (BMI).
  • A low-risk occupation or recreational activity.

How to get a quote from Northwestern Mutual life insurance

Northwestern Mutual does not provide online quotes or applications, but you may talk to a representative about your options.

  1. To speak with a salesman, visit Northwestern Mutual’s primary life insurance website and click on the Let’s Talk option.
  2. To begin, you must provide some basic personal information to be assigned a representative.
  3. Additionally, you may do an agent search by entering the agent’s name and location in the Search box and pressing the Search button.
  4. If you are not looking for an agent in particular, simply complete the form and click Get Paired to be matched with one.
  5. Following receipt of your personal information, a financial advisor will call you to discuss your life insurance alternatives in further detail.

What types of life insurance coverage does Northwestern Mutual offer?

  • Term life. With Northwestern Mutual, you may get term life insurance for a specified amount of time (for example, ten or twenty years) or until you reach a specified age. Certain term life insurance contracts may be converted to permanent life insurance policies during the conversion period. Coverage is not conditional on passing a medical examination or through an underwriting process.
  • Whole Life. It is critical to note that there are no hidden fees or charges associated with a Northwestern Mutual whole life insurance policy’s premium, death benefit, or living benefits. If you own a life insurance policy, you can receive the cash value at any time to aid with retirement expenditures and/or to support elderly family members. Although Northwestern Mutual’s whole life insurance payouts are not guaranteed, the company has paid them since 1872, despite the fact that the dividends are not guaranteed. Dividends will total $5.6 billion in 2019, according to the firm’s expectations. Additionally, dividends on your insurance policy can be reinvested to expedite the creation of financial value.
  • Universal. On the other hand, universal life insurance allows you to choose your own premiums and payment schedules, allowing you to optimize your cash value growth while keeping flexibility. As long as the cash value of your insurance policy is sufficient, you have the choice of deciding how frequently and how much you pay in monthly premiums. Alternatively, a one-time fee that covers all of your requirements can be paid.

What riders can I add to my policy?

When browsing Northwestern Mutual’s website, it is sometimes difficult to locate all of the company’s coverage options. A financial consultant can assist you in customizing your approach to your specific facts and circumstances. You may be able to increase the value of your life insurance policy by adding the following riders:

  • Child rider. The introduction of children’s term life insurance has raised the amount of protection.
  • As an add-on, supplemental disability income is offered. If you become fully handicapped, disability insurance may help you augment your income.
  • At the moment, riders are not required to pay any premiums. If you become handicapped or lose your employment as a consequence of sickness or an accident, you will no longer be obligated to pay premiums.

Northwestern Mutual life insurance reviews and complaints

Although Northwestern Mutual is not recognized, the Better Business Bureau granted the firm an A+ rating for openness, competency, and complaint management.

AM Best offers the most affordable price in the industry. Northwestern Mutual’s A++ financial strength rating suggests that it will be able to meet its claim obligations in the near future. In their BBB assessments, customers reported displeasure with the company’s sales tactics and limited customer service hours.

Conduct research prior to deciding whether or not to get insurance from Northwestern Mutual to determine the type of coverage you desire. Otherwise, you risk entrusting your financial well-being to a commission-based salesman.

Can I Cancel my policy?

Yes. If your insurance coverage is only a few days old, you may be entitled for a refund of your premium, depending on your state’s “cooling off” policy period. Speak with a Northwestern Mutual agent to learn more about your cancellation options and any related penalties for older policies.

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