Northwestern Mutual life insurance review 2026: financial strength, excellent customer service and long-term care policies

The largest life insurance company in the U.S., Northwestern Mutual has been issuing policies since the 1860s. Its financial strength, excellent customer service and history of paying dividends are why we named it one of our top picks for life insurance.

We also like its diverse product range, which includes joint universal life insurance and riders that cover disability and long-term care insurance.

You can't get a rate quote or buy a policy online, unfortunately.

Northwestern Mutual is licensed nationwide but product availability may vary by state.

Term life insurance

While a term life insurance policy expires and doesn't build cash value, it's an affordable way to get coverage. Northwestern Mutual offers four policies with annual renewable term life insurance and level term life insurance options:  

• Term 80: Coverage lasts until 80 with premiums increasing every year.  
• Term 10: Coverage that lasts for up to 10 years, increasing every year.  
• Level term 10: Coverage lasts for up to 10 years with a fixed premium. 
• Level term 20: Coverage lasts for up to 20 years with a fixed premium. 

Term-life policies with Northwestern Mutual include an optional waiver of premium rider that enables you to remain covered without paying premiums in the event of a qualifying disability.

Whole life insurance 

In addition to a traditional death benefit, a whole life policy can build cash value that's accessible during the policyholder's lifetime and, while not guaranteed, can also earn dividends. While payouts are never guaranteed, Northwestern Mutual has issued dividends annually since 1872 and expects to give back a record $7.3 billion in 2024.

Whole life policies with Northwestern Mutual have three optional riders::

• A waiver of premium rider: You can stop paying premiums without a lapse in coverage if you become disabled or seriously ill.
• An additional purchase benefit: Allows you to buy more coverage without needing to prove insurability again.
• An accelerated care benefit: Pays out a portion of the death benefit for long-term care expenses while you're still alive.  

Universal life insurance  

While they don't accumulate dividends, universal life insurance policies offer more flexibility than whole life and have a cash value component.

Northwestern Mutual offers survivorship (or second-to-die) universal life insurance for those interested in joint life policy. The Custom Universal Life policy builds cash value tax-deferred and allows the policyholder flexibility in determining their payment schedule and death benefit.

Variable universal life insurance  

Northwestern Mutual's variable universal life insurance offers flexible premiums and death benefits — policyholders can choose from among 40 investment funds. Since the policy's cash value is invested, however, it can fluctuate with market trends. 

Northwestern Mutual has a mixed record on customer service: It received a complaint index of 0.07 from the National Association of Insurance Commissioners (NAIC), well below the 1.0 baseline index. The Better Business Bureau gave it a B, however, citing unresolved complaints.

Northwest Mutual earned 790 out of 1,000 points in J.D. Power's 2023 Individual Life Insurance Study, on par with the industry average.

The company's customer service line is only available on weekdays and there is no online chat feature, although you can make payments, review policies and file claims on the mobile app.

While Northwestern Mutual doesn't issue homeowners or auto insurance it does offer:

• Disability insurance provides a portion of your salary if you're temporarily unable to work due to injury or illness.  
• Long-term care insurance covers the cost of care if you need help with daily tasks because of a disability or illness.
• Income annuities provide a fixed income stream for life, regardless of how the market performs.

Northwestern Mutual also offers financial planning services that can help you save for college, retirement or estate planning. 

We put Northwestern Mutual up against two other major contenders in the life insurance space.

Northwestern Mutual vs. Guardian

Northwestern Mutual and Guardian offer similar policy types — although Northwestern Mutual offers joint universal life insurance and more options for term life, like an annual renewable term policy for coverage up to age 80.

Northwestern Mutual also edges ahead on customer service: It scored higher on J.D. Power's 2023 U.S. Individual Life Insurance Study and receives a considerably lower volume of complaints, according to the NAIC.

Both insurers are mutual companies and permanent life policyholders are eligible for dividends: Guardian is on track to allocate nearly $1.4 billion in 2024, compared to $7.3 billion for Northwestern.

But Northwestern Mutual doesn't have Guardian's robust online presence, with policy details, rate quotes and other tools at your fingertips that allow you to decide if coverage is a good fit before you connect with a professional.

Northwestern Mutual vs. Mutual of Omaha

Northwestern Mutual and Mutual of Omaha are both well-known in the life insurance space and have solid track records for financial stability.

Although Mutual of Omaha has more competitive rates, Northwestern offers more diverse policy options — including a joint policy, which can provide death benefits to a surviving spouse.

It also regularly pays out dividends to participating policyholders, which Mutual of Omaha does not.

Mutual of Omaha offers a no-exam term life insurance policy with up to $300,000 coverage.

It also has indexed universal life insurance, which follows a market index. That may be easier to manage than Northwestern Mutual's variable universal life policy, which requires you to select and track individual investments.

Mutual of Omaha is also the winner for customer satisfaction: J.D. Power ranked it fourth overall for individual life insurance in 2023, while Northwestern Mutual came in tenth.

You can't get quotes or buy life insurance from Northwestern Mutual online — you'll need to work directly with an agent. You can find one in your area by entering your zip code and some other details on the company's website.

Northwestern Mutual customer service representatives can be reached at 866-950-4644, Monday through Friday, from 7 am to 5 pm CT.

Policyholders can make payments, review policies and file claims online or on the mobile app.

Northwestern Mutual is a standout option if you think you might want to convert a term life policy into a whole life one at some point or if you need coverage not found with most providers — like standalone long-term care insurance or a joint universal life policy.

It's also a good fit if you prefer personal interactions, since policies are only sold through licensed agents and not online.

However, that also means that Northwestern Mutual might not be the best fit for anyone wanting to get quotes or buy a policy online.

Correction: Some Northwestern Mutual life insurance policies don't require a medical exam. An earlier version of this article stated that all policies require medical exams.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every life insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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When reviewing life insurance companies, CNBC Select uses a variety of criteria, including the types of policies, availability, rates and terms, the number of riders, medical exam requirements, the availability of online quotes and overall customer satisfaction. 

In addition, we also considered J.D. Power's life insurance customer satisfaction ratings, the National Association of Insurance Commissioners' complaint index and A.M. Best's financial strength ratings, which measure a company's ability to pay on claims.

Data on premiums come from various sources, including the provider and state insurance departments.