Does Northwestern Mutual engage in corporate sustainability?

Northwestern Mutual engages in corporate sustainability in several ways. It created the Childhood Cancer Program, raising over $40 million in contributions focused on advancing treatments and cures for childhood cancer. Through these donations and the company's partnership with Alex's Lemonade Stand Foundation, over 450,000 hours of research were funded. Northwestern Mutual also supports two scholarships for childhood cancer survivors and affected siblings. So far, the scholarships have awarded more than $1.2 million in funding.

How do I file a claim with Northwestern Mutual?

Filing a claim with Northwestern Mutual requires you to provide some basic policy information, including the policy number, the policyholder's name, date of birth, date of death and cause of death. Once ready, you can start the process by reporting the claim on Northwestern Mutual's online life insurance claims portal. If you're missing any policy documents or information, you can call the company at 1-800-635-8855. Additionally, Northwestern Mutual may ask you to provide supporting documentation (such as a death certificate). You can send this information to LifeBenefits@Northwesternmutual.com.

Can I cash out on my Northwestern Mutual life insurance policy?

If you have a whole life insurance policy with accumulated cash value, you can likely cash it out. However, there are some things to consider first. For starters, cashing out or surrendering a policy often comes with fees subtracted from the policy's cash value. Secondly, you will no longer have that policy, and it will no longer pay out to your stated beneficiaries. Before making such a decision, it's essential to speak with your insurance agent and gather the specific details and make sure you understand how much life insurance you might need.

Do you get your money back if you cancel life insurance?

Generally, no, you do not receive any money or returned premiums. However, if you have a whole life policy with sufficient equity within it, you may receive a payment when you cancel your life insurance. Be aware, though, that these policies can take quite a while to build up sufficient equity for this to happen. With whole life policies, canceling in this way is usually referred to as “surrendering” your policy. Before canceling, it may be worth looking into cheaper life insurance companies or working with your current carrier on your life insurance costs.

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Northwestern Mutual life insurance review 2023

Written by

Joshua Cox-Steib

Edited by

Lisa McArdle

Edited by

Lisa McArdle

Updated Oct 30, 2023

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Bankrate's take

Policyholders interested in universal life insurance and high customer satisfaction ratings might want to consider Northwestern Mutual life insurance policies.

Northwestern Mutual may be a good fit for customers who prioritize customer satisfaction ratings and are primarily interested in universal life insurance policies.

Bankrate Award winner for best universal life insurance company

Why Northwestern Mutual won

Northwestern Mutual is Bankrate's 2023 winner for best universal life insurance company. The carrier offers multiple types of life insurance policies, but its universal life offering stood out for its survivorship universal life coverage option.

Northwestern Mutual won 2023's Bankrate Award for best universal life insurance company, partly thanks to its stellar financial strength ratings and high customer satisfaction scores in the J.D. Power 2022 U.S. Individual Life Insurance Study. Additionally, the company's informative website may help those new to life insurance learn more about this complex product and choose a policy that best fits their needs.

Northwestern Mutual life insurance

Bankrate conducted an in-depth review of carriers to find the best life insurance companies. Based on our research, Northwestern Mutual may be an excellent choice for policyholders looking for a company that has high customer satisfaction and offers a broad range of different types of life insurance policies.

Another big perk for Northwestern Mutual life insurance is the potential to earn dividends. As a mutual company, Northwestern Mutual is owned by its policyholders rather than stockholders. Each year, leftover profits are returned to policyholders in the form of dividends. They can be taken as cash, used to increase death benefit amounts or paid toward premiums. Annual dividends aren't guaranteed, but Northwestern Mutual has been paying them out every year for almost 150 years.

Northwestern Mutual offers more life insurance policy types than some of its competitors, including:

Term life insurance: Northwestern Mutual offers term life insurance for 10 or 20 years or until you reach 80 years old. Premiums stay the same throughout the set term but may increase based on the age you are at the time of renewal if you wish to keep the policy. Companies like Northwestern Mutual allow you to convert part or all of your term death benefit into a permanent life insurance policy before the term ends. Depending on how much life insurance coverage you need, a term policy may be best for those who need coverage for a certain period of time, such as when their children are young or while they pay off their mortgage.
Permanent life insurance: Northwestern Mutual also offers a few different types of permanent life insurance, including whole life, universal life and variable universal life. Unlike term policies, permanent life insurance is intended to cover you for as long as you live, given that you meet the policy's terms and pay your premium. Permanent life insurance also has the potential to grow in cash value over time, whereas term does not. Permanent life insurance could be a good choice for people over 50 years old or those looking to use their life insurance to leave money for their beneficiaries.
Whole life insurance: Whole life insurance offers permanent coverage at the same price for your lifetime as long as you pay your premiums. This policy type is typically more expensive than term life insurance but also has a cash value component. You can allow the cash value to grow over time in an interest-bearing account to use tax-deferred.
Universal life insurance: This policy type offers permanent coverage but with greater flexibility. You can typically adjust the death benefit and the premium, subject to minimums determined in your policy. Northwestern Mutual also has a survivorship universal life policy option, which covers two lives and pays out upon the second insured's death.
Variable universal life: A Northwestern Mutual variable universal life insurance policy has flexible premiums and cash value that you can use to invest in your choice of 40 investment funds. This type of permanent life insurance may be the riskiest, as the policy's invested cash value can fluctuate with the market. You will need to speak with a licensed insurance agent or financial advisor if you're interested in a variable universal life insurance policy.

Pros and cons of Northwestern Mutual life insurance

Pros

A++ (Superior) financial strength ratings from AM Best
Ranks above average for customer satisfaction, according to J.D. Power
Many life insurance policy types and additional products are available

Cons

Quotes not available online
Medical exams may be required
No guaranteed life insurance policy is offered

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Whole life insurance combines life insurance with an investment component.

Coverage for life
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3 variations of permanent insurance: whole life, universal life and variable life include investment component

Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.

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Outliving policy or policy cancellation results in no money back

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Northwestern Mutual life insurance endorsements

You must speak directly with an advisor to get a life insurance quote from Northwestern Mutual, so information regarding the company's life insurance endorsements is limited. However, the company does advertise a few options, including:

Long-term care benefit: You can combine a long-term care rider with a whole life insurance policy to create a hybrid policy that could provide coverage if you need long-term care, such as a nursing home.
Accelerated death benefit rider: This endorsement may allow you to collect a portion of your death benefit if you are diagnosed with a terminal illness.

Please note that Northwestern Mutual may offer additional life insurance riders, but you will need to ask your advisor during this quoting process what may be available to you. Life insurance and endorsement options can be complex, so a Northwestern Mutual financial advisor may be able to provide guidance on which products and riders might help you best meet your financial goals.

Some common life insurance endorsements you may want to inquire about include child riders, return of premium riders, waiver of premium riders and accidental death benefits.

Compare Northwestern Mutual with other insurers

Based on Bankrate's research, Northwestern Mutual may be one of the best life insurance companies, but its offerings might not be the right fit for everyone. If you're interested in exploring other companies, you may want to start with these:

Northwestern Mutual vs. MassMutual

Like Northwestern Mutual, MassMutual offers many types of life insurance policies and is highly rated for customer service. The company won our 2023 Bankrate Award for best whole life insurer. Unlike Northwestern Mutual, this company lists many of its rider options on its website, which some shoppers may appreciate.

Learn more: MassMutual Insurance review

Northwestern Mutual vs. State Farm

State Farm won a 2023 Bankrate Award for best term life insurance and ranked first for customer satisfaction in the 2022 J.D. Power Life Insurance Study. Tech-savvy policyholders may be especially interested in State Farm's highly-rated mobile app for hands-on policy management.

Learn more: State Farm Insurance review

Northwestern Mutual vs. Prudential

Prudential may be a great alternative for those seeking life insurance without a medical exam. This insurer also offers 13 riders, which may allow you to customize your life insurance policy to your individual and family needs.

Learn more: Prudential Insurance review

Is Northwestern Mutual a good insurance company?

Bankrate's insurance editorial team is committed to helping you pick a company that fits your insurance needs and budget. As 2023's Bankrate Award winner for best universal life insurance company, Northwestern Mutual may be great for those looking for universal life insurance written by a company with reputable financial strength and highly-rated customer service.

However, if you prefer to request your life insurance online without speaking to an agent or need guaranteed life insurance, this company may not be suitable for you. Speaking with a licensed advisor and requesting a quote may be the best way to determine if Northwestern Mutual is the right choice for your needs.

Northwestern Mutual customer satisfaction

For many, top-notch service may be just as important as affordable premiums or coverage offerings. To evaluate customer satisfaction, Bankrate's insurance editorial team analyzes a variety of third-party scores, including those issued by J.D. Power and the National Association of Insurance Commissioners (NAIC). Additionally, we used AM Best ratings to evaluate Northwestern Mutual's financial strength, as this could indicate how reliably a company has historically paid out death benefits to beneficiaries.

In the 2022 J.D Power U.S. Individual Life Insurance Study, Northwestern Mutual ranks high in customer satisfaction for individual policies. On a 1,000-point scale, Northwestern Mutual ranks fourth with 794 points, exceeding the industry average of 774 points.

Northwestern Mutual has the highest possible financial strength rating from AM Best. An A++ (Superior) rating indicates that the company has a generally positive history of paying out claims and satisfying its financial obligations. It also has a credit rating of Aaa from Moody's and AA+ rating from Standard & Poor's (S&P).

Study or Rating Agency	Northwestern Mutual	Industry average
2022 J.D. Power Individual Life Insurance Study	794/1,000	774/1,000
2022 J.D. Power Group Life Insurance Study	Not rated	797/1,000
AM Best rating	A++	N/A

Northwestern Mutual life complaints

The National Association of Insurance Commissioners (NAIC) reports that the company has a complaint index of 0.04 for its individual life insurance product, compared to the baseline of 1.00. That indicates that the NAIC receives far fewer complaints about Northwestern Mutual than expected about its life insurance for a company of its size.

Other Northwestern Mutual tools and benefits

In addition to life insurance products, Northwestern Mutual also offers the following:

Annuities: Annuities from Northwestern Mutual may help bolster your retirement savings.
Wealth management: High net worth policyholders might find Northwestern Mutual's wealth management services helpful in maintaining their finances.
College savings plans: Northwestern Mutual may help parents save for their child's college education through 529 plans and Coverdell Education Savings Accounts (ESA).
Online customer portal: Policyholders can view their policy details, pay bills and more with Northwestern Mutual's online portal.
Estate Planning: Northwestern Mutual offers estate planning services to help customers determine and craft their wills, powers of attorney, living wills and trusts.
Life Insurance guide: Northwestern Mutual offers a life insurance guide for customers new to life insurance and those wanting a review.

Frequently asked questions about Northwestern Mutual

Northwestern Mutual engages in corporate sustainability in several ways. It created the Childhood Cancer Program, raising over $40 million in contributions focused on advancing treatments and cures for childhood cancer. Through these donations and the company's partnership with Alex's Lemonade Stand Foundation, over 450,000 hours of research were funded. Northwestern Mutual also supports two scholarships for childhood cancer survivors and affected siblings. So far, the scholarships have awarded more than $1.2 million in funding.
Filing a claim with Northwestern Mutual requires you to provide some basic policy information, including the policy number, the policyholder's name, date of birth, date of death and cause of death. Once ready, you can start the process by reporting the claim on Northwestern Mutual's online life insurance claims portal. If you're missing any policy documents or information, you can call the company at 1-800-635-8855.

Additionally, Northwestern Mutual may ask you to provide supporting documentation (such as a death certificate). You can send this information to LifeBenefits@Northwesternmutual.com.
If you have a whole life insurance policy with accumulated cash value, you can likely cash it out. However, there are some things to consider first. For starters, cashing out or surrendering a policy often comes with fees subtracted from the policy's cash value. Secondly, you will no longer have that policy, and it will no longer pay out to your stated beneficiaries. Before making such a decision, it's essential to speak with your insurance agent and gather the specific details and make sure you understand how much life insurance you might need.
Generally, no, you do not receive any money or returned premiums. However, if you have a whole life policy with sufficient equity within it, you may receive a payment when you cancel your life insurance. Be aware, though, that these policies can take quite a while to build up sufficient equity for this to happen. With whole life policies, canceling in this way is usually referred to as “surrendering” your policy. Before canceling, it may be worth looking into cheaper life insurance companies or working with your current carrier on your life insurance costs.

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