Northwestern Mutual Long Term Care Insurance Review

Rating: 9.4 / 10 (Excellent)
5 Customer Reviews - see all comments
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Founded in 1857, Northwestern Mutual offers a wide range of insurance products, including long term care insurance, disability insurance, and life insurance, as well as multiple financial planning and investment services. Their sound financial backing and a comprehensive list of plans and benefits ranks them among the best in the market.

How is Northwestern Mutual rated?

Breakdown

10/10
Claims & Benefits
9/10
Policies & Coverage
9/10
Financial Strength
9/10
Reputation

Overall Rating: 9.4 / 10 (Excellent)

Northwestern Mutual's impressive financial strength and century-long experience makes them one of the most stable insurers in the long term care market right now. They offer a wider range of monthly benefit limits than other companies. However, their limited benefit period options and gender-based pricing makes their QuietCare policy fall behind other industry players.

Policies & Coverage

Policies & Coverage - 9 / 10

Northwestern Mutual offers individual and tax-qualified long term care insurance policies, which qualify under the Partnership program with some states. They cover all major types of care, which is standard for the industry. Their QuietCare policy offers additional riders like Inflation Protection, Spouse Survivorship, Waiver of Premium, and Nonforfeiture. However, they do not include Shared Care riders like other companies. In addition, their premium pricing model is based on gender, which means women pay more for insurance than men. This, coupled with a premium increase in 2017, makes them one of the most expensive insurers in the market. The only discount offered by the Northwestern is a spousal/companion discount which offers 30% off if both spouses or companions qualify for a QuietCare policy.
Policy Types
Individual / Standard
State Partnership
Tax Qualified
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Hospice Care
Facility Coverage
Any Facility
Available Policy Riders
Inflation Protection
Waiver of Premium
Spouse Survivorship
Nonforfeiture
Available Discounts
Partner / Household

Inflation Protection

Two options are available: an Automatic Benefit Increase, which increases the maximum monthly limit by 3%, 4%, or 5% compounded annually, and an Automatic Additional Purchase Benefit, which increases the maximum monthly limit by 5% compounded annually if you accept the increase.

Claims & Benefits

Claims & Benefits - 10 / 10

Northwestern Mutual's QuietCare policy offers maximum monthly benefits amount between $1,500 and $12,000, which is a wider range than offered by most providers. However, they only have two options for benefit period: 3 or 6 years. Policies offered by other insurance companies offer anything between 2 and 6 years, with some even offering 10 years. The shortest elimination period offered by Northwestern is also longer than the usual: it's 6 weeks, compared to the usual 30 days. Therefore, Northwestern is less flexible and less customizable than other policies.
Lifetime Benefit Period
6 years
Unlimited Lifetime Benefit Period?
No
Elimination Period
6, 12, 25, or 52 weeks
Eligibility Requirements
Activities of Daily Living Limitations

Financial Strength & Ratings

Financial Strength - 9 / 10

Northwestern Mutual is among the most financially strong companies currently the insurance market, with high marks from the top credit rating agencies in the business, such as Standard & Poor's and Moody's. This means they are known as a stable, reliable company when it comes to paying out claims.
Underwriter
Northwestern Mutual
Moody's Financial Rating
Aaa
AM Best Financial Rating
A++
Standard & Poor's Financial Rating
AA+
*The above information reflects the financial strength of the underwriter of the Northwestern Mutual long term care insurance policies: Northwestern Mutual.

Northwestern Mutual Reputation

Reputation - 9 / 10

Northwestern Mutual enjoys a good reputation among customers, with an A+ rating from the BBB and only 8 negative reviews submitted. They were also ranked third in customer satisfaction among life insurance providers by JD Power in 2016. Unfavorable comments mostly indicate issues with canceling Northwestern's policies.
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
8
Date Collected
2017-12-29

Contact & Additional Information

Company Type
Underwriter
Year Founded
1857
Homepage URL
Company Phone
(866) 950-4644
Headquarters Address
720 East Wisconsin Ave., Milwaukee, WI, 53202

Top Rated
Our Partner
9.8 / 10
  • Rated A+ by the BBB
  • Monthly cash benefits for spousal home care
  • Nationwide network of agents
  • Affiliated with top long term care carriers
  • Applicants between the ages of 30 and 79 will be considered for coverage.
  • Choose between multiple long term care insurance policies

Latest Northwestern Mutual Reviews

M
michael c
Dallas, Texas

3/3/2018
..My wife and I have had our policy since 1999 and they have changed the whole policy. It has gone from 90 days before benefits start to 120 days. The premiums have gone through the roof. I am fileing a complaint a complaint with my states Insurance Commision.


J
Janet
Walla Walla, Washington

1/15/2018
Have paid on this policy since 2010. Now a 30% increase in cost! And if you don't pay it. you no longer get the policy for which you have been paying. The fact that costs are increasing for long term care do not explain a 30% increase in your cost. My policy caps at $200 /day. If the rate is higher than that, I pay it not NWM. if the increase is due to longevity, the slight increase that I found in the last 10 years was in tenths of a year and also does not justify this kind of increase. Show us the data !!


S
Suzanne p
Manchester, New Hampshire

9/9/2017
Have owned a northwestern mutual policy since 2011 and have accepted all annual increases with no question. The increase this year, was the usual annual increase and an astronomical increase they claimed is due to rising healthcare costs and policy owners living longer. Northwestern mutual stated in the letter, this increase may be "unsettling". It made the policy totally unaffordable !


H
Helmut A
Milwaukee, Wisconsin

6/29/2017
After stable premiums for the past 9 years we have been hit this year with a premium increase of 30% with the option to reduce benefits. Not what we expected based on previous reviews.


Bill L
Alpharetta, Georgia

7/20/2016
Rates are OK for men; Rates are extremely high for female applicants. No Preferred health discounts. Limited benefit period options. No Shared Coverage riders. There are better policy values. Mass Mutual, for example.