Compare New York Life vs. Northwestern Mutual Life Insurance

What’s the difference between New York Life Insurance and Northwestern Mutual Life Insurance? See how our editors compare the two companies below.
Last Updated: May 02, 2018
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New York Life Insurance
8.9 / 10 - Excellent
#7 in Life Insurance
Northwestern Mutual
9.2 / 10 - Excellent
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Key Facts

  • Simplified Term Life Insurance up to $150,000 for ages 35-64 
  • No medical exam or lab work - just health information.
  • $10,000 up to $150,000 in affordable coverage.
  • Get a free quote & apply online or by mail in minutes.
  • Strong financial rating
  • Build cash value with flexible premiums
  • Guaranteed death benefits
  • Living/ accelerated death benefits
  • Spouse protection

OVERALL RATINGS

 New York LifeNorthwestern Mutual
Financial Strength10/1010/10
Customer Experience9/1010/10
Policies8/109/10
Flexibility8/107/10

Financial Strength

Key Details

 New York LifeNorthwestern Mutual
Underwriter
New York Life Insurance Company
Marketshare 2016
4.11%
8.43%
Premiums Written 2016
$4,902,529,968
$10,067,144,919
Standard & Poor's Financial Rating
AA+
AA+
Moody's Financial Rating
Aaa
Aaa
AM Best Financial Rating
A++
A++
*The above information reflects the financial strength of the underwriter of the New York Life life insurance policies: New York Life Insurance Company.

Reputation & Customer Experience

National Association of Insurance Commissioners

 New York LifeNorthwestern Mutual
NAIC Complaint Ratio 2016
0.16
0.03
NAIC Total Complaints 2016
53
22
*The NAIC complaint ratio (in this case 0.16) 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.
*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

 New York LifeNorthwestern Mutual
Trust Pilot Rating
7.4 out of 10
BBB Rating
C
A+
Date Collected
2017-09-01
2017-12-12

Policy Differences

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

Term Life Insurance

 New York LifeNorthwestern Mutual
Available Terms
10 year
15 year
20 year

Key Term Policy Features

New York Life
vs
Northwestern Mutual
  • Term-Permanent Conversions
  • Guaranteed Level Premiums
  • Guaranteed Renewability
  • Waiver of Premium
  • Accelerated Death Benefit
  • Term-Permanent Conversions
  • Guaranteed Level Premiums
  • Guaranteed Renewability
  • Waiver of Premium
  • Accelerated Death Benefit

Flexibility & Available Riders

Available Riders

New York Life
vs
Northwestern Mutual
  • Disability Income Rider
  • Child Protection Rider
  • Spouse Protection Rider
  • Long-Term Care Rider
  • Accidental Death Benefit
  • Disability Income Rider
  • Guaranteed Insurability Rider
  • Long-Term Care Rider

Additional Company Information

 New York LifeNorthwestern Mutual
Homepage URL
Company Phone
(212) 576-7000
(414) 271-1444
Headquarters Address
51 Madison Avenue, New York, NY, 10010
720 East Wisconsin Ave., Milwaukee, WI, 53202
Year Founded
1845
1857

Final Verdict

Northwestern Mutual Life Insurance has a higher overall rating than New York Life Insurance. Northwestern Mutual scores better than New York Life across: Customer Experience, Policies, and Help and Support. However, New York Life scores better on Flexibility, and Online Presence. Both companies score similarly on Financial Strength.


Customer Comments & Reviews

C
Carlo
Patchogue, New York
2/5/2018
New York Life Insurance review
There's something to be said for a company that's been around for 173 years. You're comparing apples to oranges. No other company even comes close.