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Life Insurance Guide
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Life Insurance
Protect the life you love.
You've worked hard to build a life you enjoy with the people you love, now it's time to protect it all. You won't have to wonder how much or what type of life insurance you need, we make it easy.
Get insuranceLife insurance that's the best fit for your life.
Since everyone's situation and goals are different, our policies are designed differently, too. Depending on what you need, our life insurance can simply be your safety net from the unexpected, or it can be the foundation of a smart financial plan, giving you more financial flexibility for the things that are important during your life like paying for college, growing your business, and having more income in retirement.
At Northwestern Mutual, our advisors base their recommendations on your priorities and what you can afford—so you get only the life insurance you need, and nothing you don't.
Get startedLet's talk about why life insurance is so important.
What is life insurance, exactly?
Life insurance is simple. You make reoccurring payments (your premium), and we pay a set amount of money, tax-free, to whoever you choose (your beneficiaries), including your favorite charities if you want, when you pass away.
Why do I need a life insurance policy?
Life insurance helps cover expenses like a mortgage, debts, your kids' tuition, even replacing lost income when you're no longer here. Depending on the type you get, it can be the foundation for a sound financial plan and help with expenses during your life.
Is life insurance affordable?
Surprisingly so, but there are a lot of options to choose from so the cost will vary, too. What you pay monthly (or yearly) will depend on things like the type and amount of life insurance that will fit your needs, as well as your age and health.
Isn't life insurance through my work enough?
Life insurance offered through your employer usually won't give you the coverage amount you may need, and the rates may go up year after year costing you more over time. Plus, if you ever leave your job, you can't take your coverage with you.
What if I need a life insurance policy fast?
You may be eligible for our exclusive underwriting process that uses the power of data to speed up decisions and eliminate the need for detailed medical records so you can get your life insurance application approved as soon as the same day.7
Can a life insurance policy earn money?
Yes, two ways: dividends (while not guaranteed, we've paid them every year since 1872) can be taken as cash, used to pay premiums, or buy more coverage. Some policies like whole life insurance also build cash value over time that you can use for anything throughout your life.
We have many types of life insurance to choose from
Whole life insurance
Be protected your entire life1 and build cash value that's guaranteed to grow no matter which way the markets go. Use it for anything like helping to pay for your kids' college, upgrading your home, expanding your business, or as additional retirement income.2
Universal life insurance
Have coverage that lasts your whole life1 and gives you more flexibility now and down the road—letting you change your payment amount (premiums) and schedule3 to fit your life and budget, while still giving you benefits you can use throughout your life.
Variable universal life insurance
You'll get lifelong protection with variable universal life, plus you get to choose how you want your policy's cash value to be invested in the markets4 so you can have the chance to boost its growth over time.
Term life insurance
This is the simplest way to get started with life insurance. Term life covers you for a set amount of time such as 10, 15, or 20 years, and once that term ends, so does your policy. But if your needs change along the way, you'll have an opportunity to switch to lifelong coverage.
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Which type of life insurance is best for you? Compare them.
To compare insurance products, select any two below. | ||||
|---|---|---|---|---|
| Benefits | Whole | Universal | Variable Universal | Term |
| Guaranteed payout for your loved ones* | ||||
| Chance to receive a dividend (yearly payout)5 | ||||
| Coverage that lasts for your entire life* | ||||
| Builds cash value over time that can be used for anything2 | ||||
| Choose amount and frequency of payments** | ||||
| Flexibility to change coverage amount | ||||
| Premiums (payments) that never increase | ||||
| Choose how your cash value is invested | ||||
| * Unless you cancel or stop paying your premiums.** Subject to policy minimums. Independent of the death benefit. | Learn more | Learn more | Learn more | Learn more |
Questions about life insurance? We've got answers.
The key to a smart financial plan? Life insurance.
Most people don't see life insurance as a key part of their financial big picture. At Northwestern Mutual, our advisors6 blend the right insurance (and amount) together with smart investment strategies to create a personalized financial plan that's designed to help you:
- Protect everything you've worked so hard for
- Make the most of what you have with recommendations for saving and paying down debt
- Grow your money with an investment strategy designed for your goals
The Northwestern Mutual difference
No. 1 ranked insurance company for consumer experience
Best life insurance company for consumer experience, 20228
A++ financial strength rating
AAA, Aaa, and AA+—we've earned the highest financial strength ratings awarded to life insurers from all four major rating agencies.9
$6.8B in dividends expected to be paid in 2023
in dividends expected to be paid in 20235
Boost your life insurance knowledge
Ready? Get a life insurance quote today.
Our advisors will help you find the right type, and amount, of life insurance for your goals and budget.
It's easy to get started—no commitment, just a conversation.