Northwestern Mutual life insurance review 2025

Bankrate conducted an in-depth review of carriers to find the best life insurance companies to help you find the policy that best fits you and your family’s needs. Based on our research, Northwestern Mutual could be an excellent choice for policyholders looking for a company that has high customer satisfaction and offers a solid range of different types of life insurance policies.

Another draw for Northwestern Mutual is the potential to earn dividends on its whole life insurance policy. As a mutual company, Northwestern Mutual is owned by its policyholders rather than stockholders. Each year, leftover profits are returned to policyholders in the form of dividends. They can be taken as cash, used to increase death benefit amounts or put toward paying premiums. Annual dividends aren't guaranteed, but Northwestern Mutual has been paying them out every year for almost 150 years.

Northwestern Mutual offers more life insurance policy types than some of its competitors. Products include:

• Term life insurance: Northwestern Mutual offers term life insurance for 10 or 20 years or until you reach 80 years old. Premiums stay the same throughout the set term but may increase based on the age you are at the time of renewal if you wish to keep the policy. Companies like Northwestern Mutual allow you to convert part or all of your term death benefit into a permanent life insurance policy before the term ends. Depending on how much life insurance coverage you need, a term policy may be best for those who need coverage for a certain period of time, such as when their children are young or while they pay off their mortgage. Term life insurance is typically the cheapest type of life insurance you can get, so it may also be a good fit if you need a large amount of coverage but don’t have a huge budget.
• Permanent life insurance: Northwestern Mutual also offers a few different types of permanent life insurance, including whole life, universal life and variable universal life. Unlike term policies, permanent life insurance is intended to cover you for as long as you live, given that you meet the policy's terms and pay your premium. Permanent life insurance also has the potential to grow in cash value over time, whereas term does not. Permanent life insurance could be a good choice for people over 50 years old or those looking to use their life insurance to establish a legacy for their beneficiaries.
• Whole life insurance: Whole life insurance offers permanent coverage at the same price for your lifetime as long as you pay your premiums. This policy type is typically more expensive than term life insurance but also has a cash value component. You can allow the cash value to grow over time in an interest-bearing account to use while still living in the form of policy loans.
• Universal life insurance: This policy type offers permanent coverage but with greater flexibility. You can typically adjust the death benefit and the premium, subject to minimums determined in your policy. Northwestern Mutual also has a survivorship universal life policy option, which covers two lives and pays out upon the second insured's death.
• Variable universal life: A Northwestern Mutual variable universal life insurance policy has flexible premiums and cash value that you can use to invest in your choice of 40 investment funds. This type of permanent life insurance may be the riskiest, as the policy's invested cash value can fluctuate with the market. You will need to speak with a licensed insurance agent or financial advisor if you're interested in a variable universal life insurance policy.

Pros and cons of Northwestern Mutual life insurance

To round out our Northwestern Mutual life insurance review, we included some pros and cons of the company so you can weigh your options at a glance.

Based on Bankrate's research, Northwestern Mutual may be one of the best life insurance companies, but its offerings might not be the right fit for everyone. If you're interested in exploring other companies, you may want to start with these:

Northwestern Mutual vs. MassMutual

Like Northwestern Mutual, MassMutual offers many types of life insurance policies and is highly rated for customer service. The company won our 2025 Bankrate Award for Best Whole Life Insurer, its fourth consecutive year winning the category. Unlike Northwestern Mutual, this company lists many of its rider options on its website, which some shoppers may appreciate.

Learn more: MassMutual Insurance review

Northwestern Mutual vs. State Farm

State Farm won a 2025 Bankrate Award for Best Term Life Insurer and ranked first for customer satisfaction in the 2024 J.D. Power Life Insurance Study. Tech-savvy policyholders may be especially interested in State Farm's highly-rated mobile app for hands-on policy management.

Learn more: State Farm Insurance review

Northwestern Mutual vs. Prudential

Prudential may be a great alternative for those seeking life insurance without a medical exam. This insurer also offers 13 riders, which may allow you to customize your life insurance policy to your individual and family needs. However, Prudential scored below average in the 2024 J.D. Power Life Insurance Study.

Learn more: Prudential Insurance review

Bankrate's insurance editorial team is committed to helping you pick a company that fits your insurance needs and budget. Northwestern Mutual has an impressive financial strength rating from AM Best, which implies it has historically been able to pay out death benefits to beneficiaries. Northwestern Mutual life insurance also has a low NAIC complaint index and a solid offering of coverage types.

However, if you prefer to request your life insurance online without speaking to an agent or need guaranteed life insurance, this company may not be suitable for you. Speaking with a licensed agent and requesting a quote may be the best way to determine if Northwestern Mutual is the right choice for your needs.

What are real-life customers saying about Northwestern Mutual?

Third-party scores and ratings are helpful when reviewing a life insurance company, but it is also important to take a look at what real-life customers have to say. We sourced Northwestern Mutual reviews from across the web to help you get a better understanding of the company as a whole.

Like any review, the general consensus surrounding Northwestern Mutual is not all positive or all negative. One Quora user praised the company’s strong financial ratings and investing methods.

However, some people take issue with Northwestern Mutual’s sales tactics, claiming agents may be may be more focused on selling insurance than providing accurate financial planning advice.

Northwestern Mutual company details

For those interested in Northwestern Mutual or current policyholders seeking assistance, here are the essential contact details:

• General questions: 1-866-950-4644, Mon-Fri 7am-6pm CT
• Website: northwesternmutual.com
• Mailing address for non-investment materials:
  • NorthWestern Mutual
    P.O. Box 2958
    Milwaukee, WI 53201

State availability

Northwestern Mutual is licensed in all 50 states and the District of Columbia, but availability of products and services may vary by state.

Northwestern Mutual tools and benefits

In addition to life insurance products, Northwestern Mutual also offers the following:

• Annuities: Annuities from Northwestern Mutual may help bolster your retirement savings.
• Wealth management: High net worth policyholders might find Northwestern Mutual's wealth management services helpful in maintaining their finances.
• College savings plans: Northwestern Mutual may help parents save for their child's college education through 529 plans and Coverdell Education Savings Accounts (ESA).
• Online customer portal: Policyholders can view their policy details, pay bills and more with Northwestern Mutual's online portal.
• Estate Planning: Northwestern Mutual offers estate planning services to help customers determine and craft their wills, powers of attorney, living wills and trusts.
• Life Insurance guide: Northwestern Mutual offers a life insurance guide for customers new to life insurance and those wanting a review.

Frequently asked questions about Northwestern Mutual

Bankrate Score

Our 2025 Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s financial strength, product and rider offerings, availability, customer experience and corporate sustainability. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Ratings): To determine a life insurance company’s financial health and reliability, we assessed several industry-standard ratings, such as J.D. Power, AM Best, Comdex, the National Association of Insurance Commissioners (NAIC), and credit agencies like Moody’s, Fitch and S&P.
• Tier 2 (Coverage options): We assessed companies’ coverage options, availability and policy features to help policyholders find a provider that best meets their needs. We examined each company’s life insurance product lines, including term, whole and universal life options.
• Tier 3 (Accessibility & process): To assess the ease and transparency of applying for coverage, we reviewed the simplicity of obtaining a quote and insurers' underwriting processes — including eligibility requirements. We also considered insurers’ community engagement.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.