Northwestern Mutual Life Insurance Review


Rating: 9.2 / 10 (Excellent)
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Founded in 1857, Northwestern Mutual is financial services organization based in Milwaukee, Wisconsin. The company offers a variety of investment and planning services and insurance products such as life and long-term care. Northwestern Mutual is BBB accredited business with an A+ rating and holds the highest financial ratings from A.M. Best, S&P, and a Moody’s.

How is Northwestern Mutual rated?

Breakdown

10/10
Financial Strength
10/10
Customer Experience
9/10
Policies
7/10
Flexibility

Overall Rating: 9.2 / 10 (Excellent)

Northwestern Mutual ranks well with us mainly because of reliability. The company has been issuing life insurance policies for over 150 years and is a stalwart American financial icon. Term policies have all the features you would expect to find, but additional options in the form of riders are relatively thin. Northwestern Mutual has few bad marks against them in terms of customer feedback, which is surprising considering the company's size and reach. You'll get a solid life policy from a trusted and longstanding company, however you will most likely have to pay more for it.

Financial Strength

Key Details

Marketshare 2016
8.43%
Premiums Written 2016
$10,067,144,919
Standard & Poor's Financial Rating
AA+
Moody's Financial Rating
Aaa
AM Best Financial Rating
A++

Financial Strength - 10 / 10

Northwestern Mutual is the second largest issuer of life insurance in the United States, and consequently has a massive marketshare. The company also boasts extremely strong financial ratings, including the highest possible from A.M. Best and S&P. Founded in 1857, you don't get a longer history of strength. Policies bought through Northwestern Mutual will likely be secure far into the future considering the company's history of creditworthiness.

Reputation & Customer Experience

National Association of Insurance Commissioners

NAIC Complaint Ratio 2016
0.03
NAIC Total Complaints 2016
22
*The NAIC complaint ratio (in this case 0.03) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Customer Ratings

BBB Rating
A+
Number of BBB Negative Reviews
8
Date Collected
2017-12-12

Customer Experience - 9.5 / 10

For a company of its size, Northwestern mutual has a remarkably low NAIC complaint ratio, and a total of only 22 complains with the organization 2016. The company also has an A+ rating with the BBB with only 8 negative complaints.

Northwestern Mutual Policies

Northwestern Mutual offers customers the following life insurance policies: Term, Whole Life, Universal Life. Because we feel that Term Life insurance is a superior choice for most customers, we've focused our review on the Northwestern Mutual Term Life policy.

Key Term Policy Features

  • Term-Permanent Conversions
  • Guaranteed Level Premiums
  • Guaranteed Renewability
  • Waiver of Premium
  • Accelerated Death Benefit

Policies - 8.5 / 10

Although Northwestern Mutual offers most types of life insurance, the company is not particularly forthcoming on certain policy details. Term lengths, coverage amounts, and age limits will vary by location and prospective customers are quickly shepherded to Northwestern's financial advisors in order to get this information. However, the company does offer just about every policy option available, from guaranteed renewability to the ability to convert term to whole policies.

Flexibility & Available Riders

Available Riders

  • Disability Income Rider
  • Guaranteed Insurability Rider
  • Long-Term Care Rider

Flexibility - 7 / 10

As with other policy options, Northwestern Mutual is light on the details of its additional riders. The company does offer disability and long-term care insurance, as well as a guaranteed insurability benefit which allows the customer to buy more coverage without providing evidence of insurability. This roster of additional services is not as extensive as similarly-sized life insurance carriers.

Additional Company Information

Homepage URL
Company Phone
(414) 271-1444
Headquarters Address
720 East Wisconsin Ave., Milwaukee, WI, 53202
Year Founded
1857

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