Since it provides various coverage options, has high marks for customer satisfaction, and receives few customer complaints, Northwestern Mutual is an option many consumers should consider
Types of policies offered |
Financial strength |
Complaints |
Online availability |
| Term & permanent | Exceptional | Far fewer than expected | No |
Life insurance from Northwestern Mutual
In terms of overall performance, Northwestern Mutual received 4.5 stars out of a possible 5. As collected by the National Association of Insurance Commissioners, consumer feedback is factored into the scoring algorithm, as are judgments of the company's ability to meet financial obligations.Northwestern Mutual Life Insurance –– its advantages and disadvantages
Northwestern Mutual Life Insurance –– the advantages
- The number of complaints submitted to state regulators was significantly lower than anticipated for a corporation of this scale.
- According to research conducted, this company received high marks for customer satisfaction.
- Maintains a regular dividend payment schedule for shareholders that qualify.
Northwestern Mutual Life Insurance –– the disadvantages
- The company's website does not provide precise information regarding coverage amounts, term lengths, or riders.
- Very few term riders are available during the current period.
Northwestern Mutual Life Insurance –– the policies they offer
Policies for term, whole, and universal life insurance are all available from Northwestern Mutual. The rates for whole life insurance are guaranteed to remain the same throughout the policy. Customers have various payment and coverage options when they go with the universal life insurance option offered by the organization. Annual renewal and level premium options are available for customers seeking term life insurance from this provider. The initial rates for annual renewable term life insurance are inexpensive; however, such costs are subject to annual increases when the policy is renewed. Although the upfront cost of a level premium term life insurance policy may be higher than that of an annual renewable policy, this cost does not change throughout the policy's duration. You can change the term plans Northwestern Mutual offers into whole-life insurance without needing a medical checkup. In addition, Northwestern Mutual allows customers to choose between two distinct types of universal life insurance: The universal life policy known as "Single Premium" can be bought with a single, large payment. In contrast, the universal life policy known as "Custom Universal Life" allows you to modify both the death benefit and the premiums according to your shifting requirements.Northwestern Mutual –– complaints from their customers and their level of satisfaction
According to a study of data provided by the National Association of Insurance Commissioners, over the course of three years, Northwestern Mutual has received a much lower number of complaints from state regulators than would be expected for a firm of its size. In addition, the 2021 U.S. Life Insurance Study conducted by J.D. Power ranked Northwestern Mutual third overall out of the 21 businesses that participated in the study for overall customer satisfaction.Additional information regarding Northwestern Mutual's life insurance
Policyholders are the owners of Northwestern Mutual because it is a mutual company. When the company is profitable, some policyholders are eligible to receive a portion of the annual dividends. The firm anticipates that it will pay a total dividend in 2022 of $6.5 billion, which will be the greatest payout in its history. Disability insurance, long-term care insurance, estate planning services, financial solutions, and many other products and services are also offered by Northwestern Mutual.Purchasing advice for life insurance
Decide the kind of life insurance policy you need, such as term or whole life, before comparing different providers. Make a decision regarding which riders you would like to be added to the life insurance policy. Please do the math to determine how much life insurance you require and how many years you want it to protect you. Check to see if the prospective insurance companies can provide the level of protection you require. When comparing prices, you want to ensure that all of the estimates you are looking at are for the same amount of coverage for the same amount of time. In addition, it is essential to check that the medical requirements of the coverage are suitable for your situation. For instance, if you want to avoid the medical exam for life insurance but are willing to answer questions about your health, you should ensure that the application procedure for each of the policies you are evaluating is consistent with your preferences. It's possible that price wasn't the primary factor in your purchase choice. Examine the number of customer complaints each company has received, as a high number of complaints may indicate that the service is of poor quality.Methodology for rating life insurance policies
Our ratings for life insurance are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company's ability to pay future claims. The complaint index scores come from the National Association of Insurance Commissioners for individual life insurance. We consider the ease of communication and website transparency as part of the consumer experience category. Website transparency examines the breadth of policy details that are available online. We readjusted the scores to a skewed 5-point scale to determine the ratings for each insurance. These ratings should be used as a guide, but you should still shop around and get many bids on insurance to get the policy that suits your needs at the most affordable price.Methodology for investigating complaints with insurers
During 2018-2020, we investigated the complaints submitted to state insurance regulators. We presented our findings to the National Association of Insurance Commissioners. The NAIC calculates a complaint index each year for each subsidiary of an insurance company. This index compares the company's share of total complaints to its size, as measured by its share of total premiums in the industry. This index aims to evaluate how different insurers compare to one another. Over the course of three years, we computed a comparable index for each insurer, weighting it according to the market share of each subsidiary. This allowed us to examine the complaint history of each company. The ratios for car, home (including renters and condo), and life insurance are all computed independently.