Having a whole life insurance policy from Northwestern Mutual is much more than a safety net. It has benefits you can use while you're living that will give your financial plan even more flexibility. Whole life insurance builds cash value over time that you can use for anything. It can come in handy for unexpected expenses, putting your kids through college, expanding your business, upgrading your home, or as additional income in retirement.
You've got whole life insurance questions, we've got answers.
This type of life insurance gives you lifelong protection3 and has features you can use along the way. As you make payments (which will never go up by the way), your policy will build cash value. It's guaranteed to grow tax deferred regardless of market ups and downs, and you can use the cash value to pay for whatever you want or need. You can also earn dividends that can be taken as cash, used to pay premiums, or buy more coverage. Find out more about whole life insurance.
We promise to pay who you name (beneficiaries) a set amount of money when you're no longer here, and you in return, promise to make regular payments (premiums). But whole life insurance from Northwestern Mutual is much more than that. As you make payments, you'll build cash value (tax deferred) that you can use for anything you wish.1 You can also earn dividends (while not guaranteed, we've paid them every year since 1872) that can be taken as cash, used to pay premiums, or buy more coverage. Get more details on how whole life insurance works.
Term life covers you for a specified amount of time, while whole life covers you for your entire life. Along with a guaranteed payout3 when you're no longer here, whole life insurance also has a lot more you can use throughout your life. It builds cash value over time that you can use for whatever you want.1 Plus, whole life insurance can earn dividends that can be taken as cash, used to pay premiums, or buy more coverage. See more on the living benefits of whole life insurance.
Whole life insurance is not an investment -it provides protection for you and your loved ones. It accumulates cash value over time that's guaranteed to grow, will never go down, and has smart tax advantages. What you earn over what you put in won't be taxed (unless you withdraw it). Even better, you can use the cash value for anything you want throughout your life.1 See how much you know about life insurance, take our quiz.
What you pay monthly (or yearly) will depend on things like the amount of coverage you need, your age, and health. The best way to get an accurate quote is to talk to one of our advisors.
The best one for you depends on your goals. The biggest difference is that term life insurance covers you for a limited amount of time and is likely to be less expensive than whole life insurance. On the other hand, whole life insurance has lifelong coverage and gives you a lot more options that you can use throughout your life. Whole life builds cash value over time that you can use for anything.1 Plus, it can earn dividends (while not guaranteed, we've paid them every year since 1872) that can be taken as cash, used to pay premiums, or increase your coverage (and cash value). Find out more about the benefits of whole life Insurance.
Think of it this way: if it can help you reach your goals, then yes, it's worth it. Whole life insurance is a uniquely flexible asset and can be an important part of your financial plan. Along with a guaranteed payout when you're no longer here, it has more you can use throughout your life. Its cash value is guaranteed to increase, it's tax advantaged, and it's not affected by market fluctuations. Find out more about the benefits of whole life insurance.
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The key to a smarter financial plan: whole life insurance
Did you know that whole life insurance can be an important part of your financial big picture? At Northwestern Mutual, our advisors4 will create a financial plan based on your priorities and goals, tailoring it from a range of financial options including the right amount of whole life insurance and investment strategies to give you more flexibility, and confidence to go after your goals now, and years from now. Here's what our version of planning can do:
Protect everything you’ve worked hard for up to now and plan to do in the future
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
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Dividends put money back into your pocket.
Dividends are given out when our earnings turn out better than we thought they would when premiums were set, and benefits established. 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: