Northwestern Mutual

Life Insurance Products at a Glance

Learn more about different types of life insurance policies to find one that's right for you.

Northwestern Mutual offers a number of different types of policies that are designed for different needs. It's possible that you may use a combination of different types of policies to meet the needs of your unique situation.

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
Whole Life
  • Guaranteed level premium payments. You can choose a policy with payments that will last until you are age 65 or 90. Or you can choose to pay premiums for a set amount of time: 10, 15, 20, 25 or 30 years.
  • Once coverage is paid for, it is guaranteed to continue through your life.1
  • Guaranteed death benefit.
  • Guaranteed cash value.
  • Eligible for annual dividends.2
  • Dividends can be used to increase policy value.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 value.
  • 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.
CompLife 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 insurance 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 insurance 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 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 value is not guaranteed.
  • Death benefit guarantees are available (Custom Variable Universal Life and Executive Variable Universal Life).3
  • 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 value is guaranteed based on minimum interest crediting rate and maximum policy charges.
  • 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.

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