Insurance is the best way to protect the life you've worked hard to build and give you (and your family) more financial flexibility when it's needed most.
At Northwestern Mutual, managing risk is a key part of our financial planning philosophy. We help people live more and worry less—today and down the road. Our advisors1 ask deeper questions to help you figure out which types of insurance are right for you, and exactly how much you need. And with the highest financial strength ratings in the industry2 and over 167 years in this business, we'll be here whenever you need us.
What's included: a payout (that's guaranteed)3 when you pass away, and if it's permanent life insurance, more financial flexibility throughout your life, even in retirement.Best for: people who want to know that their loved ones will be financially secure, no matter what happens.
What's included: money to replace a portion of your income, or close the gap between your work coverage, if you're ever too sick or injured to work.Best for: individuals (even stay-at-home parents), doctors, dentists, business owners, and employers who want to protect their income, career, or employees.
What's included: a benefit that will help you pay for care if a chronic illness or injury prevents you from properly caring for yourself, no matter your age.Best for: people (or a loved one) who want the freedom to either stay at home, or get care at a facility of their choice, should they need it.
What's included: an additional income stream for when you retire that's guaranteed4 and that you can never outlive.Best for: people who want an extra income stream in retirement that's steady so they can spend more and worry less.
Insurance will help make sure that your loved ones will be financially ok if the unexpected happens—like if you pass away, get sick or injured and can't work, or if a chronic illness or injury prevents you from living on your own or taking care of yourself. Talk with one of our advisors about which types of insurance are best for you.
The best types of insurance for you and your life will depend on your needs and goals. And if you're not sure what those are, that's ok. Our advisors can help you figure it out. From life insurance, disability insurance, long-term care, and annuities, we have what you need to help make sure you can protect what matters most.
There are four kinds of life insurance that can give you the protection you need: term life, whole life, universal life, and variable universal life. Term life only covers you for a specified amount of time, while whole, universal, and variable universal life insurance all have lifelong coverage. Whole, universal, and variable universal builds cash value over time5 that you can use for whatever you need, whenever you need it. And whole life can earn dividends that can be taken as cash, used to pay premiums, or buy more coverage. Get more details on our different types of life insurance.
It depends on many factors that are specific to you and your situation. Essentially, you want to help make sure that your loved ones can maintain their standard of living, cover daily expenses, and keep long-term financial goals like paying for education and retirement on track. Here are some things you should consider when coming up with a ballpark amount:
Income Replacement:
Calculate how much your family would need to replace your income. A common best practice is to have 10 to 15 times your annual salary.
Debts and Expenses:
Add up any outstanding debts like mortgages, car loans, and credit card balances.
Future Costs:
Think about future expenses like education for children and saving for retirement.
Leaving a legacy:
Consider what you'd want to leave behind beyond helping to pay for living expenses, the mortgage, and any debts.
Final Expenses:
Account for funeral costs and other end-of-life expenses.
Though estimating based on a few important factors can get you close, it's best to talk with an advisor instead of buying insurance based on your own "best guess." Want to learn more first? Read this article.
Many factors can affect the cost of a permanent life, whole life, or term life insurance policy. That's why your advisor will work with you directly. They'll ask deeper questions and listen closely to better understand you and your situation. Ultimately, your premiums will depend on things like your goals and needs, coverage amount, your age, gender and health, and any riders you add.
Yes, they are. But annuities work differently from traditional life insurance, with some types even having investment-like qualities. While life insurance provides a death benefit to your beneficiaries, annuities are designed to provide a steady stream of income during your retirement.
When you buy an annuity, you pay a premium to an insurance company, which then agrees to make regular payments to you,4 either immediately or at a future date. These payments can be for a fixed period or for the rest of your life, providing financial security in your later years.
Everyone's insurance needs are different. Our advisors will show you what kind of insurance is right for you, and how much you'll need, to help keep you and your family financially secure if the unexpected happens. The best way to get an accurate quote, and get answers to your questions, is to connect with one of our advisors.
Get matched with a financial advisor in four easy steps.
Insurance policies: making your financial plan smarter
Insurance isn't often seen as a key part of a financial plan. Our advisors can show you how the right insurance and investment strategies can give you more options, flexibility, and confidence with a financial plan tailored to your priorities and goals—now and years from now. Here's what our version of planning can do:
Protect what you've worked so hard for.
Make the most of what you have with recommendations for saving and managing debt.
Grow your money with the right investments to reach your goals.
Put money back into your pocket with insurance dividends.
Dividends are given out when our earnings turn out better than we thought they would when premiums were set, and benefits established.6 As a mutual company, we don't have stockholders so instead of paying dividends to Wall Street, we pay them to our policyowners. Even though they're not guaranteed, we've paid dividends every year since 1872. Here's what you can use them for:
