Northwestern Mutual Survivorship Universal Life
This material is not for use in Mississippi, pending state approval
Life insurance is one of the most cost-effective ways to help you, your family, and/or your business offset the risk of financial loss.
Northwestern Mutual Survivorship Universal Life is designed for those with sophisticated insurance needs.
- It can help you achieve the financial security that comes from having a plan to protect and preserve the estate you've built over your lifetime.
- It can provide solutions for certain business planning needs such as business succession planning.
Northwestern Mutual Survivorship Universal Life provides:
- The flexibility it provides can help you meet a wide array of insurance objectives from the most basic to the most complex.
- By offering a high level of death benefit and premium flexibility, you can "customize" the policy to meet your specific objectives today and in the future when those needs change.
- This flexibility gives you the ability to match your protection to your needs, whatever they may be down the road.
- The cash value can also help you meet a variety of other financial objectives.
Northwestern Mutual Survivorship Universal Life is a flexible premium universal life insurance policy that insures two people. The death benefit is payable upon the second death of the two insured individuals. The policy shares in the investment performance of Northwestern Mutual's general account.
The specified amount of death benefit is chosen by the policyowner at issue. The minimum amount is $1 million. Three death benefit options are available and can be changed after issue from time to time (although some states prohibit certain option changes after issue). If a certain level of premium payments has been made, there is a specified period during which the policy is guaranteed to remain in force, even if the cash value falls to zero.
After paying the initial premium, you can determine the amount and timing of any future premiums you pay.
Like Northwestern Mutual's traditional whole life policies, the cash values are invested in and benefit from the investments in Northwestern Mutual's general account. The cash value increases when you make premium payments and when interest is credited to the policy. Monthly policy charges, withdrawals and policy loans reduce the cash value.
The interest crediting rate for the policy reflects factors unique to the pricing of the contract. The policy has a contractually guaranteed minimum interest crediting rate. However, the interest crediting rate applied to the policy will reflect the extent to which Northwestern Mutual's actual investment experience is more favorable than the assumptions the company used to set the guaranteed minimum rate.
One of the primary characteristics of a universal life contract is the transparency of the expenses. Deductions made from the cash value are made on the same day of each month and reflect charges for the coming month.
You may borrow from the cash value of your Northwestern Mutual Survivorship Universal Life policy. Loans may be taken at a fixed 8% interest rate. Any unpaid loans, along with accumulated interest, will be deducted from the proceeds at death or if the policy is surrendered prior to death. Within contractual limitations, there is a maximum value that can be borrowed that is less than the total cash value of the policy.
You may withdraw money from the policy if it has sufficient cash value. A fee may be charged. The amount available for withdrawal may be more or less than the total premiums paid. Withdrawals will reduce the policy's cash value and death benefit. Policy withdrawals may be taken up to four times a year.
The policy does not require that premiums be paid. On a monthly basis, the policy charges will be deducted from the cash value. If the funds are not sufficient to pay for the month's expenses, you may make a premium payment to cover the deficiency. If the payment is not made, the policy will lapse.
For details on the differences between the types of benefits, availability of option changes after issue, the death benefit guarantee, the interest crediting rate, the monthly policy expenses contact a Northwestern Mutual representative.
Download Northwestern Mutual Universal Life Brochure