Given the abundance of life insurance choices available—including renewable term policies—it could be wise to obtain a quote from Northwestern Mutual. Its good financial grade also makes you feel comfortable independent of the term length you choose.
Principal Learnings
Whole life, universal life, and term life insurance are among five policy choices available from Northwestern Mutual.
To get a policy’s quote, you have to talk with a financial counselor.
The company provides a number of riders, but three are most sought after: remission of premium, long-term disability, and extra purchase benefit.
Related to Northwestern Mutual Life Insurance
Being a mutual insurance firm, Northwestern Mutual is controlled by its policyholders rather than by outside investors. Apart from life insurance—whole, universal, variable universal, and term—the company provides disability insurance as well as investing and financial planning tools. Certain of its plans have a new policy age limit of 85 years old.
Northwestern Mutual Life Insurance Review
Northwestern Mutual does not post its policies online, unlike many of the companies in our review. Rather, you will have to find out more information about a particular product or call an insurance agent to buy a policy. Its website lets you find agents by name or area.
Term, whole life, universal life, and variable universal life are the four policies Northwestern provides. While a whole life policy generates cash value over time and spans as long as you live or pay your premiums, a term policy lasts for a certain number of years. Flexibility and monetary value abound from universal life, also a lifetime coverage as long as you pay your payments. Like the universal policy, a variable universal policy offers cash value, freedom to alter your policy when your financial situation changes, and coverage for as long as you live or pay premiums.
Coverage limits will rely on the underwriting and particular policy. See an agent to get further details.
Policy type determines the age limitations for coverage. For many insurance firms, for instance, the longer term life policies have smaller maximum age of the applicant limits.
How Much Does Northwestern Mutual Life Insurance Cost?
Personal circumstances influencing your risk level will affect the cost of life insurance. Like other companies, Northwestern Mutual will consider your age, gender, health, weight, employment and hobby related risk level, and smoking behavior.
Furthermore influencing your life insurance prices are the sort of policy you desire, the coverage level, and any riders you wish to add.
Younger, healthier people sometimes pay less than older persons with current medical issues. And since they last longer, permanent policies—like entire or universal—will usually cost more. The online insurance calculator of Northwestern Mutual offers estimates on coverage values above $1 million.
Visit our page Cheapest Life Insurance Companies to find more on the most affordable life insurance.
Northwestern Mutual Term Life Insurance Choices
Term life insurance covers a certain length of time for which you pay premiums. Your coverage ends with the term does. On Northwestern’s term policy, however, you can turn your term insurance into whole life insurance.
Northwestern has two kinds of renewable term policies.
Policy 80: Policies can be renewed annually until you age 80; their flat premiums span ten or twenty years. Every annual renewal raises your premium.
Term 10 policy: The company claims to have most reasonably priced coverage from Term 10 policies, which one can renew annually. The coverage duration is limited, though, just 10 years.
Additionally providing two types of term life policies with level premiums is Northwestern Mutual.
Level Term 20: Get fixed coverage free of premium change for 20 years.
Level Term 10: Get coverage for twenty years with a second set of 10 years premium rise.
Should the insured die during the term, all term policies pay the beneficiary a tax-free death benefit. The policy lapses and no more coverage after the end of the term.
One rider is on term insurance; a waiver of premium benefit lets you cease paying your premium should you become disabled.
Northwest Mutual’s Whole Life Insurance Choices
Northwestern Mutual’s whole life insurance provides assured death benefit and a consistent premium all during the policy lifetime, therefore offering lifetime coverage. Northwestern is a mutual corporation, hence you also have chances to get dividends. The corporation says it plans to pay out $7.3 billion in dividends by 2024.
Northwestern’s whole life insurance exhibit the following characteristics:
Accessible to those up to 85 years of age.
Add a tax-deferred cash value growing over time.
One can access cash value during the lifetime of the policyholder.
The business may pay dividends on an annual basis.
Three extra riders can help Northwestern to tailor its whole life policy:
Waiver of excellence. Waives premium payment should you fall ill or sustain an injury.
Further purchase advantage lets you purchase more coverage starting a future date.
Value of accelerated care. lets you access some of the death benefit while living should you be terminally sick.
