Life Insurance Products at a Glance 

 

Your insurance needs are unique. The solutions you choose should feel like a good fit, not a compromise.

Weigh the different features when choosing a life insurance policy to be sure you select the product that best fits your needs.

Many of our clients find that a combination of different types of life insurance best suits their needs. Working with a Financial Representative, they first determine how much total life insurance is needed. Then they look at how long the coverage might be needed.  And, of course, take a careful look at the person’s situation to understand what amount of premium payments is reasonable. Then, they design a solution that may involve multiple policies that add up to the total amount needed, potentially offering some of the benefits of the various types of life insurance.

If interest crediting rates are an important factor in selecting life insurance, consider that some permanent life insurance policies have a less flexible design but offer a higher interest crediting rate. Universal life insurance offers a more flexible design but then would typically have a lower interest crediting rate.

The following chart provides a brief guide to the types of policies Northwestern Mutual offers, some of their features, and when they might be appropriate for your situation.

Policy Type Key Features When to Use
65/90 Life and
Limited Pay Life
  • With 65/90 Life: guaranteed level premium. Payments last until you are age 65 or 90.
  • With Limited Pay Life: guaranteed level premium. Payments last 10, 15, 20, 25 or 30 years (chosen at issue).
  • Once coverage is paid for, it is guaranteed to continue through your life.3
  • Guaranteed death benefit.
  • Guaranteed cash values.
  • Eligible for annual dividends.2
  • Dividends can be used to increase policy values.2
  • Ability to change to reduced paid-up.
  • When you want protection to last as long as you need it, perhaps a lifetime.
  • When you need a solid foundation of permanent life insurance.
  • When you can commit to paying an ongoing level premium.
  • When you value strong policy guarantees.
  • When you want to build cash values.
  • When you want a policy eligible for Northwestern Mutual’s dividends.2
Term Insurance
  • Low premiums.
  • Either level or increasing premium plans.
  • Ability to convert to permanent insurance.
  • Coverage ends after a specified period.
  • When inexpensive coverage is needed.
  • When the need is temporary.
  • To supplement permanent coverage.
  • When the lowest out-of-pocket cost is important.
  • To convert to permanent insurance at a later date.
Combination Life Insurance
  • Lifelong coverage.
  • Hybrid of permanent and term life insurance.
  • Ability to custom design a blend of permanent and term to fit your needs and your budget.
  • Dividends gradually replace term with paid-up additions.2
  • Depending on the policy design, coverage for life may be subject to premium increases.
  • Ability to change to reduced paid-up.
  • When you want protection to last as long as you need it, perhaps a lifetime.
  • When you want both the low cost of term and the benefits of building cash value.
  • When you want a policy eligible for Northwestern Mutual dividends.2
  • When you want premium and/or cash value guarantees.
  • When you need some policy flexibility.
  • When you have the ability to pay premiums over an extended period of time.
Variable Universal Life Insurance
  • May provide guaranteed death benefit coverage, including lifetime.
  • Premium and death benefit flexibility.
  • Choice of increasing or level death benefit options.
  • Policyowner chooses how premium payments are invested and assumes investment responsibility.
  • Guaranteed periods require minimum “benchmark” premiums to be made.
  • Cash values are not guaranteed.
  • Death benefit guarantees are available (Custom Variable Universal Life and Executive Variable Universal Life).1
  • When you want protection to last as long as you need it, perhaps a lifetime.
  • When you have a long-term investment time horizon.
  • To supplement other life insurance coverage.
  • When you want your premium payments invested more aggressively.
  • When you can tolerate volatility of investment returns and understand the impacts on cash values and death benefits.
  • When you have the ability to pay premiums over an extended period of time.
Universal Life Insurance
  • Potential for life-long coverage.
  • Greatest amount of premium and death benefit flexibility.
  • Choice of increasing or level death benefit options.
  • Coverage for life may require additional premium payments.
  • Cash values are not guaranteed; minimum interest crediting rate and maximum policy charges are guaranteed.
  • When you want protection to last as long as you need it, perhaps a lifetime.
  • When you need premium and death benefit flexibility.
  • When you want the investment performance of Northwestern Mutual’s general account.
  • When you want the opportunity to easily adjust the premiums after issue.
Universal Life -
Guaranteed


(available only
for ages 50-85)
  • Ability to design premium to match a death benefit guarantee.
  • Little to no cash value.
  • Premium at issue for specified death benefit is guaranteed.
  • Death benefit guarantee is in effect as long as premiums are paid as illustrated and assuming no loans.
  • Lowest level guaranteed premium for a guaranteed level death benefit for lifetime coverage.
  • When you have a need for permanent life insurance protection and little need for cash value.
  • You want a guaranteed death benefit.
  • You want to "lock in" a premium for a specified length of time.
  • You are willing to trade premium flexibility for a guaranteed death benefit.

1Guarantees are based on the claims-paying ability of Northwestern Mutual and are not a reflection of the performance or stability of money invested in the variable (non-fixed) funds.

2Dividends are not guaranteed.

3Subject to reduction for any cash value you take out of the policy.

NMFN-PR-001 (0514)

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