Trusted Choice's Northwestern Mutual Insurance Score
Trusted Choice awards Northwestern Mutual Insurance Company a final rating of 4 out of 5 stars. Trusted Choice compiles its ratings through careful consideration of dozens of Northwestern Mutual reviews by customers, as well as Northwestern Mutual reviews by official organizations like AM Best. The carrier has been in the insurance industry for more than 160 years and specializes in life insurance products, but also offers disability insurance, long-term care insurance, and annuities. Northwestern Mutual is headquartered in Milwaukee, WI.
Northwestern Mutual Insurance Company Pros and Cons:
What Types of Insurance Does Northwestern Mutual Offer?
Northwestern Mutual is a specialized insurance company, with a focus on life insurance, disability insurance, long-term care, and annuities. The carrier offers the following insurance products:
- Life insurance
- Whole life insurance
- Universal life insurance
- Term life insurance
- Life insurance calculator
- Disability insurance
- Long-term care
Your independent insurance agent can help you find more information about the coverage offered by Northwestern Mutual, and help you decide if this insurance company is right for you.
Using our insurance company directory can help you find the best insurance companies that specialize in your specific coverage needs. The company directory can also help you get connected to an agent near you.
What to Know about Northwestern Mutual Insurance
Northwestern Mutual was founded in 1857, giving the carrier more than 160 years’ worth of experience in the insurance industry. Making people feel secure about their money is the carrier's highest priority.
Today, Northwestern Mutual focuses its efforts on providing life, disability, long-term care, and annuity solutions to its customers. Coverage is not offered in all states. The insurance company's LinkedIn profile shows nearly 34,000 employees on the social media platform alone. Regarding financial size, the carrier reports having $28.1 billion in revenue, $265.0 billion in assets, and more than $1.8 trillion of in-force life insurance.
Thanks to its prosperous history, broad reach, and financial strength, Northwestern Mutual has earned a reputation as a stable insurance company with a positive outlook for the future. AM Best, the leading global credit rating agency monitoring the insurance industry, gives Northwestern Mutual an “A++” rating, indicating the carrier is a superior choice for insurance customers. High ratings from AM Best assure customers that Northwestern Mutual offers guaranteed, secure coverage from a financially sound carrier.
Established in 1899, AM Best is one of the oldest rating companies in the world. Reviews from AM Best indicate an insurance company’s financial strength and creditworthiness and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who are not as familiar with insurance companies’ respective reputations, AM Best’s rating system allows them to make an informed decision about who they can trust to meet their needs in the short term, and who will remain a strong, financially sound company in the long term.
Northwestern Mutual Life Insurance Details
A full range of life insurance products is available from Northwestern Mutual, including term life insurance, whole life insurance, and universal life insurance. The carrier's term life insurance policies can be either level premium or annual renewable. Northwestern Mutual also offers two different types of universal life insurance.
Life insurance coverage options from Northwestern Mutual:
- Term life insurance
- Whole life insurance
- Universal life insurance
Our Northwestern Mutual life insurance reviews consider the carrier's policies and the coverage they offer customers. Read on for more details about our Northwestern life insurance reviews.
Northwestern Mutual whole life insurance
Northwestern Mutual's whole life insurance offers level premiums for the policy's life, meaning the customer's premium never changes. This coverage is available for customers up to age 85.
- Minimum coverage amount of $50,000: Customers must purchase at least $50,000 of whole life insurance coverage.
- Survivorship whole-life policy: This option comes with a minimum coverage of $250,000, so customers must purchase at least whole life insurance to get this type of policy.
Northwestern Mutual universal life insurance
Northwestern Mutual also offers two different options for universal life insurance. This coverage is also available for customers up to age 85.
- Single premium policy: This policy includes just one lump-sum payment.
- Custom universal life policy: This policy allows customers to customize the death benefit amount and premiums if their financial situation shifts.
Northwestern Mutual term life insurance
Northwestern Mutual also offers two forms of term life insurance. Coverage is available in increments of 10 or 20 years, but policies can be renewed. Depending on the policy chosen, customers can renew their term policies up to age 80.
- Annual renewable term life insurance policy: This policy starts with low premium amounts, but premiums increase annually throughout the policy's life.
- Level premium term life insurance policy: This policy starts with higher premium amounts, but these premiums remain the same throughout the policy's life.
- Convert to whole life insurance option: Customers can convert their term life policies to whole life coverage through Northwestern Mutual without taking a medical exam.
Other Northwestern Mutual Insurance Details
Northwestern Mutual offers more than just life insurance. Customers can get coverage for disabilities or long-term care. The carrier offers the following:
- Disability insurance: This coverage can reimburse a percentage of income if someone gets injured or is too ill to continue working.
- Long-term care insurance: This coverage can help reimburse the costs of home nurses or health aides, assisted living facilities or adult day care centers, nursing homes, or hospice care.
- Annuities: This option allows the policyholder to receive periodic payments after retiring, so they don't risk outliving their income.
What Discounts Does Northwestern Mutual Offer?
While Northwestern Mutual does not make information about their specific discounts readily available, there are a couple of discounts that can be found online. These discounts include:
- Senior discount: Offered to customers over the age of 50 years old.
- Employee discount: Offered to employees of Northwestern Mutual.
An independent insurance agent can provide better discount information and premium quotes for coverage through Northwestern Mutual. When it comes to coverage, independent insurance agents work hard to help to get you the most for your money.
Northwestern Mutual Customer Service
Northwestern Mutual offers 24/7 online claims reporting for its policyholders. The carrier also provides the following customer service options:
- Online bill pay
- Customer service availability - The customer service department for online claim reporting is open 24/7/365. Regular business hours for claim reporting by phone are as follows:
|Monday-Friday||7 am - 6 pm|
The best way to guarantee a great customer service experience is to work with an independent insurance agent. Independent insurance agents can help handle claims and other matters for you, so you can relax and enjoy your coverage.
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Northwestern Mutual Customer Reviews
"I have been with Northwestern Mutual life insurance for over 40 years. The service has been excellent with my agent and calling their customer service. Their statements are easy to read and understand. Cannot go wrong with Northwestern Mutual."
"From the moment I met my NWM team I felt important and understood. I didn’t have a million dollars to invest and yet they treat me like I do. It makes a massive difference because my money matters to me and they know how to best manage it for me."
"I have been with them for 20yrs and I couldn’t be happier. Great rates and service. $500,000 policy good until 75 years old. Best company I have ever dealt with for term life insurance. Namaste."
"On life insurance and disability, they do a thorough application process but once approved you are golden. They also gave an extra 60 days this spring to pay your premium without jeopardizing your coverage."
"I have been a customer of Northwestern for 30 years and have encouraged my family to buy products from the company. I deal with agent, and he has only met my husband or spoken with him on a few occasions, and I have made every insurance decision for my immediate family. We have 9 policies with the company. However, I always feel like he would rather deal with my husband. Recently, I had a need to contact the billing department directly instead of the agent. I didn't want to call him because he always tries to sell us more insurance and I didn't have time for that today."
Northwestern Mutual Insurance FAQ
Northwestern Mutual offers claims reporting through a couple of mediums. Claims reporting is available 24/7/365. The insurance company strives to follow up with claims within 2-3 business days.
Northwestern Mutual allows customers to file claims online or by phone 24/7/365. The insurance company specifies its business hours on the carrier’s official website. The carrier’s social media presence extends across Facebook, Twitter, and LinkedIn, which makes them more available to customers.
Northwestern Mutual offers a couple of options for claims reporting. In addition, the insurance company explains its claims process in detail via video on its official website. If customers have questions about filing or the claims process itself, they can contact the carrier via phone, online form, or get in touch with their independent insurance agent.
Northwestern Mutual offers several different rider options for customers, including the additional purchase benefit rider that lets customers increase their coverage without needing to submit further proof of being insurable or having to reapply for coverage. The carrier's waiver of premium rider continues to pay a customer's premiums as long as they are disabled. The long-term care rider acts as a type of accelerated death benefit that grants customers access to a portion of their death benefit early, typically on a monthly basis, if they need additional help paying for their current care. Northwestern Mutual has other riders available as well, and an independent insurance agent can provide further details.
Yes, customers can borrow against their life insurance policy's accrued value. Customers must have either a universal life insurance policy or a whole life insurance policy to do this. Borrowing against a life insurance policy is basically a loan from Northwestern Mutual. Loan interest fees are billed annually and continue accumulating until a customer pays the loan back, which they may do at any time.
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