Disclaimer: We are not Northwestern Mutual Life Insurance Company. This review of Northwestern is nothing more than our honest opinion of the company to help consumers decide if they are the best life insurance company they can choose.
This review is approximately a 5-minute read from start to finish.
During our analysis of Northwestern Mutual Life Insurance Company, we intend to cover topics such as complaints from consumers, available products, and the unique strengths of the company.
We have also created quick links that you can use directly below to skip to any specific section of this post that you desire to learn more about or a topic that you need further information on.
Here’s what we intend on covering in today’s post:
- Our Northwestern Mutual Review
- Northwestern Mutual History and Background
- Northwestern Mutual Financial Strength
- BBB Ratings and Consumer Complaints
- Life Insurance Products Offered
- Additional Products Offered
- What Makes Northwestern Mutual Unique?
- Who Should Consider Northwestern Mutual?
- Application Process with Northwestern
- What If You Have Been Declined?
- Pros of Choosing Northwestern
- Cons of Choosing Northwestern
- Final Thoughts
Lastly, we understand that you may be in a hurry.
We wanted to make sure we tailored made a quick 2 paragraph 30-second overview of the company as well.
Below are the quick details that you need to know.
Northwestern Mutual is one of the largest and most financially stable life insurance companies in the world.
Northwestern Mutual is widely known for its cash value life insurance products, long term care, and other consumer tailor-made financial products.
Northwestern Mutual is considered a captive life insurance company.
This simply means that agents work for the company.
Not for consumers.
Additionally, Northwestern Mutual is considered a Mutual Company, which simply means that policyholders get to partake in annual dividends that are determined based on the companies performance.
When it comes to life insurance, Northwestern may be very competitive for specific demographics and health classes such as young, healthy individuals.
However, Northwestern Mutual in the grand scheme is not going to have the most competitive life insurance prices overall nor the most favorable underwriting guidelines.
With Northwestern Mutual being the juggernaut that they are, they are 100% worth running a quote with.
Outside of that, we highly recommend stacking those rates against 5-6 other life insurance companies before ultimately making your final decision.
This ensures you are working with the best life insurance company that can ultimately provide you the best rates and the best overall chances at being approved for coverage.
That’s the fastest way, to sum up, what you need to know about Northwestern Mutual.
If, however, you have those 5 minutes to spare and need a deeper understanding of the company, we highly recommend you stick around and check out our full review below.
Here are the most essential aspects you need to know.
Our Northwestern Mutual Review
Like stated previously, Northwestern Mutual is one of the largest insurance companies in the world.
Currently, Northwestern Mutual is headquartered in Milwaukee Wisconsin.
In addition to life insurance, Northwestern currently offers consumers other options such as the following:
- Wealth Protection
- Asset and Income Protection
- Retirement Planning
- Investment Planning and Advisory Services
- Education Planning
- Estate Planning
- Business Planning
- Life Insurance
- Disability Income Insurance
- Long Term Care Insurance
Northwestern Mutual is currently number 104 on the Fortune 500 List and continues to show dominance in the market from several angles.
Northwestern Mutual History and Background
In addition to being one of the largest insurance providers in the world, Northwestern is also one of the longest operating insurance companies in the world as well.
Northwestern was initially founded in 1857 in Janesville Wisconsin.
They relocated to Milwaukee two short years later in 1859.
The companies first two death claims occurred after the Fond du Lac train derailed killing 14 people resulting in 3500 in losses in Northwestern’s early days.
While the initial death claims may have been stressful on the company, it soon caused them to skyrocket in growth.
It was only a short 6 years later that Northwestern Mutual was able to expand into the Midwest and across the East Coast.
For a long duration, Northwestern only focused on life insurance but continued to become more and more profitable each year.
In the 1970s is when Northwestern began expanding into new lines of insurance such as disability and added retirement planning and annuities to their available lineup.
Northwestern Mutual Financial Strength
Financial strength ratings are an excellent way for consumers to understand how reliable a company currently is and their ability to fulfill obligations to loyal policyholders.
Currently, Northwestern Mutual is at the absolute top of its game and sitting at the mountain top of the entire insurance agency.
A.M. Best which is a global credit rating agency that specialized in analyzing insurance companies, has Northwestern sitting at an A++ (Superior) rating.
This is the highest rating that can be achieved.
Also, Northwestern Is being provided the top-class ratings from other major credit rating agencies.
Look for yourself:
- Fitch- AAA
- Moody’s- Aaa
- Standard and Poors- AA+
- J.D. Power and Associated- 802
These are also the highest ratings an insurance company can be provided.
If one thing is clear from the data, it’s that Northwestern Mutual is a juggernaut and strength and reliability are nothing to be concerned about.
BBB Ratings and Consumer Complaints
BBB ratings are another useful tool to look at when considering which life insurance company to choose.
BBB ratings give you an insight into common consumer complaints and what to watch for.
Currently, the BBB is providing Northwestern Mutual with an A+ rating which is the highest possible.
Additionally, Northwestern currently only has 17 complaints closed in the last 3 years which is significantly lower than other companies relative in size.
Overall, it appears that Northwestern Mutual is also doing an excellent job keeping consumers happy after purchase.
Life Insurance Products Offered
While financial strength and consumer complaints are essential considerations, perhaps the most important factor of them all comes down to nothing more than the products offered by the company.
Currently, With Northwestern Mutual, you have the option of purchasing a wide range of life insurance products that include the following options:
- Term Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
- Custom Pay Whole Life Insurance
- Disability Insurance
Depending on your unique needs and reasoning for life insurance, you will have to work with a captive life insurance agent (Northwestern Mutual Employee) to make your decision and ultimately purchase life insurance.
When working with companies such as Northwestern, you, unfortunately, don’t have the option to try other life insurance companies.
If you feel you need this option, your best bet is to work with an independent life insurance agent who can truly tailor a policy to fit your unique needs and health background.
Additional Products Offered
Like we mentioned previously, Northwestern Mutual does offer a wide variety of other products that you can choose from.
These range from retirement planning solutions to long term care.
What Makes Northwestern Mutual Unique?
Northwestern Mutual is unique for a few reasons.
First and foremost, they are likely either ranked #1 or #2 for the best and most reliable life insurance provider in the world.
They also offer a much wide range of products than many other companies currently offer.
Outside of these factors, the process is mostly the same as you will find with any other life insurance company.
Who Should Consider Northwestern Mutual?
Northwestern Mutual is an excellent option for individuals who need that personal relationship with their agent and prefer to work with an agent face to face.
Northwestern is also great for individuals with anxiety about financial strength and reliability.
Lastly, you can always consider Northwestern if you are an individual that needs several products, or a complete portfolio put together to round out your asset protection.
Individuals are only needing term life insurance, or a simple solution will likely find better rates and more options working with someone who can present all the carrier options to them.
Application Process with Northwestern
The application process with Northwestern would be considered slightly old school compared to the innovation and technology that you see other life insurance companies currently introducing.
With Northwestern, you are going to apply in person after speaking to an agent who will perform an extensive needs analysis.
Following this step, you are going to schedule your medical exam to complete the process.
Not much of an online platform or technology is currently paving the way for this company.
What If You Have Been Declined?
If you have been declined with Northwestern, you won’t have any good options except to expand out and work with other life insurance providers.
To do this, you will need to use a system such as ours on this page to compare rates or work with an independent life insurance agent.
When you take this approach, you have a much better chance of finding coverage with previous health conditions and finding the best rates for your life insurance.
Pros of Choosing Northwestern
When reviewing life insurance companies, we find it imperative to point out the most significant benefits you will experience when you decide to pull the trigger.
Working with Northwestern will present you the following perks:
- Well Known and Strongest Life Insurance Company
- Competitive Rates for Healthy Individuals
- Wide Range of Products Available
Cons of Choosing Northwestern
On the flip side, it’s equally important to be transparent and point out the flaws and weaknesses you will deal with working with a company.
Here are the most significant drawbacks of choosing Northwestern for your life insurance coverage:
- Captive Agency
- No Great Options for Seniors
- More Competitive Pricing Is Available
No matter how much of a powerhouse you believe Northwestern Mutual to be, it’s imperative to run rates with more than 5-6 life insurance companies before deciding which company makes the most sense.
All life insurance companies have unique strengths, weaknesses, and even underwriting niches for individuals with health concerns.
Comparing rates with multiple life insurance companies gives you the best chance at getting the best policy at the best price with the highest probability of approvals.
Best of luck in your search.