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Mutual Life Insurance Policy

Life Insurance

Protect the life you love.

You’ve worked hard to build a life you enjoy with the people you love, now it’s time to protect it all. But it can be tough to know how much, or what type of life insurance you need. And life insurance can be more than a safety net. Depending on the type you get, it can be the foundation for a sound financial plan. At Northwestern Mutual, our recommendations are based on your priorities and what you can afford – so you get only the life insurance you need, and nothing you don’t.

A lot of people start off with term life insurance because it’s the most affordable. It covers you for a set amount of time, and once that term ends, so does your policy.

Whole life

Whole life insurance covers you for your whole life, 1 and comes with a cash value you can use to help with things like paying for your kids’ college, upgrading your home, or living well in retirement. 2

Universal life

Universal Life also covers you for your whole life, 1 but gives you more flexibility – letting you change the amount of life insurance you get over time 3 while still giving you benefits you can use during your life. 2

Financial benefits for your loved ones

Insurance protection for your entire lifetime (unless you cancel or stop paying your premiums)

Premiums that are guaranteed to never increase

Cash value that grows over time (taxes deferred)

The opportunity to earn dividends 6 (payouts to policyholders)

Cash value that can be used at any time and for any reason during your lifetime

Lower premiums at the beginning of your policy

Flexibility to change the amount of life insurance protection you want (within limits)

Ability to control the amount and frequency of your payments (subject to policy minimums)

* Level premium term policies provide a level premium for the life of the policy, however, not all term policies have level premiums.
** Certain product designs combine term insurance and whole life insurance, and may be subject to premium increases.

  • Yellow checkmark. Financial benefits for loved ones
  • Yellow checkmark. Premiums that are guaranteed to never increase *
  • Yellow checkmark. The opportunity to earn dividends (payouts to policyholders) 6
  • Yellow checkmark. Lower premiums at the beginning of your policy
    • Yellow checkmark. Financial benefits for your loved ones
    • Yellow checkmark. Insurance protection for your entire lifetime (unless you cancel or stop paying your premiums)
    • Yellow checkmark. Premiums that are guaranteed to never increase **
    • Yellow checkmark. Cash value that grows over time (taxes deferred)
    • Yellow checkmark. The opportunity to earn dividends (payouts to policyholders) 6
    • Yellow checkmark. Cash value that can be used at any time and for any reason during your lifetime
    • Yellow checkmark. Financial benefits for your loved ones
    • Yellow checkmark. Insurance protection for your entire lifetime (unless you cancel or stop paying your premiums)
    • Yellow checkmark. Cash value that grows over time (taxes deferred)
    • Yellow checkmark. Cash value that can be used at any time and for any reason during your lifetime
    • Yellow checkmark. Flexibility to change the amount of life insurance protection you want (within limits)
    • Yellow checkmark. The opportunity to earn dividends (payouts to policyholders) 6
    • Yellow checkmark. Ability to control the amount and frequency of your payments (subject to policy minimums)
  • * Level premium term policies provide a level premium for the life of the policy, however, not all term policies have level premiums.
    ** Certain product designs combine term insurance and whole life insurance, and may be subject to premium increases.

    How much life insurance is right for you?

    The Northwestern Mutual Difference

    AAA, Aaa, and AA+ the highest financial strength ratings of any life insurer FROM ALL FOUR MAJOR credit RATING AGENCIES 4

    in quality of products and services in insurance FORTUNE® Magazine, 2017 5

    in dividends expected
    to be paid in 2018 6

    Take the next step.

    Our financial advisors work with you to help you find the right type of insurance, and the right amount, for your needs, goals, and budget.

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    What Is Permanent Life Insurance?

    What Is Term Life Insurance?

    Why Life Insurance Matters in Estate Planning

    1 The claim to providing coverage for your whole life assumes that all premiums are paid.

    2 Your policy’s cash value typically becomes a useful source of funds only after several years of premium payments, which allows the cash value to build up. Each method of utilizing your policy’s cash value has advantages and disadvantages and is subject to different tax consequences. Surrenders of, withdrawals from and loans against a policy will reduce the policy’s cash surrender value and death benefit and may also affect any dividends paid on the policy. As a general rule, surrenders and withdrawals are taxable to the extent they exceed the cost basis of the policy, while loans are not taxable when taken. Loans taken against a life insurance policy can have adverse effects if not managed properly. Policy loans and automatic premium loans, including any accrued interest, must be repaid in cash or from policy values upon policy termination or the death of the insured. Repayment of loans from policy values (other than death proceeds) can potentially trigger a significant tax liability, and there may be little or no cash value remaining in the policy to pay the tax. If loans equal or exceed the cash value, the policy will terminate if additional cash payments are not made. Policyowners should consult with their tax advisors about the potential impact of any surrenders, withdrawals or loans.

    3 Subject to limits and policy minimums.

    4 Northwestern Mutual continues to have the highest financial strength ratings awarded to any U.S. life insurer by all four of the major rating agencies: A.M. Best Company, A++ (highest), April 2018; Fitch Ratings, AAA (highest), June 2018; Moody’s Investors Service, Aaa (highest), January 2018; S&P Global Ratings, AA+ (second highest), June 2018. Third-party ratings are subject to change. Ratings are for The Northwestern Mutual Life Insurance Company and Northwestern Long Term Care Insurance Company.

    5 Awarded in the Insurance: Life & Health industry, FORTUNE® Magazine’s annual survey, 2017.

    6 Dividends are reviewed annually and are not guaranteed. Some policies may not receive dividends in a particular year or years even while other policies receive dividends. For universal life products, in lieu of dividends, experience is reflected through changes to nonguaranteed charges and credits.

    All guarantees are based solely on the claims-paying ability of the insurer.

    Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Life and disability insurance, annuities, and life insurance with long-term care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Long-term care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Securities are offered through Northwestern Mutual Investment Services, LLC, (NMIS) a subsidiary of NM, broker-dealer, registered investment adviser, member FINRA and SIPC. Fiduciary and fee-based financial planning services are offered through Northwestern Mutual Wealth Management Company® (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors. Not all products and services are available in all states. Not all Northwestern Mutual representatives are advisors. Only those representatives with the titles “Financial Advisor” or “Wealth Management Advisor” are credentialed as NMWMC representatives to provide advisory services.

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    Copyright © 2018 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. All Rights Reserved. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries.

    Mutual Insurance Company

    What is ‘Mutual Insurance Company’

    A mutual insurance company is owned by policyholders. The sole purpose of a mutual insurance company is to provide insurance coverage for its members and policyholders, and its members are given the right to select management. Federal law, rather than state law, determines whether an insurer can be classified as a mutual insurance company.

    Assessable Policy

    Against All Risks – AAR

    Policyholder Surplus

    Without Evidence of Insurability

    BREAKING DOWN ‘Mutual Insurance Company’

    Mutual insurance companies exist to ensure that the benefits promised to policyholders can be paid over the long term. Because they are not traded on stock exchanges, mutual insurance companies can avoid the pressure of reaching short-term profit targets. Members of a mutual insurance company have the right to excess premiums, meaning that if losses and expenses are less than the amount of premiums paid into the company, the members would receive either a dividend payment or a reduction in premiums. In general, the goal of the mutual insurance company is to provide its members insurance coverage at or near cost, since any dividends paid back to members represent excess premium payments.

    Large companies can form a mutual insurance company as a form of self-insurance, either by teaming divisions with separate budgets or by teaming up with other similar companies. For example, a group of physicians may decide that they can get better insurance coverage and lower premiums by pooling funds to cover their similar risk type.

    Mutual insurance companies derive a large portion of their funding from member premiums, which can make it difficult to raise funds in order to acquire companies if the need to expand rises. When a mutual insurance company switches from member-owned to being traded on the stock market, this is called “demutualization.” This shift may result in policyholders gaining shares in the newly floated company. Because they are not publicly traded it can be more difficult for policyholders to determine how financially solvent a mutual insurance company is, or how it calculates dividends it sends back to its members.

    History of Mutual Insurance Companies

    Mutual insurance as a concept began in England in the late 17th century to cover losses due to fire. It began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship for the Insurance of Houses From Loss by Fire. Mutual insurance companies now exist nearly everywhere around the world.

    In the past 20 years, the insurance industry has gone through major changes, particularly after 1990s-era legislation removed some of the barriers between insurance companies and banks. As such, the rate of demutualization increased as many mutual companies wanted to diversify their operations beyond insurance and access more capital. Some companies converted completely to stock ownership, while others formed mutual holding companies that are owned by the policyholders of a converted mutual insurance firm. Holding companies also gain the opportunity to own banking subsidiaries.

    Northwestern Mutual Life Insurance Review 2018

    Northwestern Mutual

    • Earned No. 1 spot in NerdWallet’s ranking of best life insurance companies.
    • Ranked high in a J.D. Power customer satisfaction survey.
    • The company is owned by its policyholders, which means eligible customers can receive dividends.

    As a mutual company, Northwestern Mutual is owned by its policyholders, some of whom are eligible to share in annual dividends when the company does well. The company expects to pay $5.3 billion in dividends in 2018.

    Learn more about each element that’s considered in our review by clicking below.

    NerdWallet rank: 1st

    Northwestern Mutual ranked No. 1 out of 23 large companies scored by NerdWallet. NerdWallet’s life insurance company rankings are based on A.M. Best financial strength ratings, J.D. Power customer satisfaction scores and the number of complaints to state regulators for companies, adjusted for market share.

    A.M. Best financial strength rating: A++ (superior)

    Northwestern Mutual’s financial strength is “superior,” according to ratings agency A.M. Best.

    Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company, because claims might not be made until decades after a policy is purchased.

    Consumer complaints: Better than the median

    Northwestern Mutual drew significantly fewer than the median number of complaints to state regulators in 2017 for a company of its size, according to the latest data from the National Association of Insurance Commissioners.

    The association assigns a complaint ratio score to insurance companies, based on the number of complaints to state insurance commissioners, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints. Northwestern Mutual’s score for individual life insurance in 2017 was 0.03.

    J.D. Power ratings: Better than most

    Northwestern Mutual ranks high among life insurance companies for customer service, according to research firm J.D. Power’s 2017 U.S. Life Insurance Study. The company had the fifth-highest score overall among 24 of the largest U.S. life insurers.

    More about Northwestern Mutual

  • Term life
  • Whole life
  • Universal life

    Special insurance options

    Disability insurance for part-timers and stay-at-home spouses: Northwestern Mutual offers disability insurance policies designed for part-time workers and stay-at-home spouses. The coverage for part-time employees is geared to people who work between 15 and 29 hours. The coverage can expand if their jobs become full-time. The policies for stay-at-home spouses are geared to people who provide care for children or elderly or disabled family members.

    Two types of universal life insurance: The “Single-Premium” universal life policy can be purchased with a single lump-sum payment. The “Custom Universal Life Accumulator” policy lets the policy owner adjust the death benefit and the price for coverage as needs change.

    Boston Mutual Life Insurance Company
    Individual & Families

    First, A Brief Explanation of Life Insurance

    Simply put, life insurance provides protection against the economic loss caused by the death of the person insured. Usually, it’s a lump sum payment (sometimes known as a death benefit) to beneficiaries. The amount of premiums paid for this coverage varies based on the type of life insurance, the amount of coverage and other factors. Life Insurance is purchased based on the needs and goals of the individual wanting to insure his/her life and the lives of his/her family, and it is typically paid monthly. The benefit can help replace lost income, help pay for funeral costs, debts, and even medical expenses of the deceased not covered by health insurance.

    Life Insurance

    Infinite Life

    The Infinite Life plan provides affordable, permanent life insurance protection for you and your family. Premiums remain the same regardless of your age or changes in your health status. The Infinite Life plan builds guaranteed cash value that increases each year.* The cash value can be used for any purpose you choose. Infinite Life policyholders are also eligible to receive annual policy dividends, when issued by the company, which may be used to reduce premiums, purchase additional coverage or build the cash value of your policy. The Infinite Life plan provides up to $250,000 in life insurance coverage to protect your family against financial hardship. Coverage highlights:

    Infinite Life Details

    • Permanent life insurance with cash value accumulation that matures at age 121.
    • Up to $100,000 in coverage is available without medical underwriting for individuals up to age 50.
    • Premiums are guaranteed not to increase for the life of the policy.
    • Death benefit will not decrease due to age or health.*
    • Builds cash values that can be used for any purpose, including family emergencies and unexpected expenses.
    • Optional Premium Deposit Fund – the premiums that you regularly deposit into the policy’s Premium Deposit Fund, plus the interest earned, can be used to pay your overdue or future premiums.
    • Premiums paid for the life of the policy through monthly bank drafts or quarterly, semiannual or annual billing modes.
    • Coverage is available for all family members and can also be used for strategic business planning such as key person life insurance coverage.
    • Three non-forfeiture options to help keep coverage in force if the policyholder is unable to pay premiums.
    • Optional Riders include Children Term Coverage, Accidental Death Benefit, and Payor Waiver of Premium.
    • Issue Ages – from 15 days to age 80.
    • Minimum face amount of $2,500 up to a maximum of $250,000.

    * Policy loans and withdrawals will affect the cash value of your policy and could reduce the death benefit.

    Life policies are underwritten by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, under Policy Form Series BML ICC14 OL-14 and OL14, subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the insurance coverage available. Policies have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please refer to the policy form or contact your Boston Mutual representative.

    Value-added services are not insurance and are offered only on specific lines of coverage. Boston Mutual is not responsible or liable for care, services, or advice given by any provider or vendor of the Services. Boston Mutual reserves the right to discontinue any of the Services at any time.

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    Legacy Life Select

    The Legacy Life Select plan provides permanent life insurance coverage for Federal, State, and Municipal employees and their family members actively at work or in school. This plan offers peace of mind for those individuals looking to protect the financial security for their loved ones. It offers coverage for your entire family through a simple and easy application. The Legacy Life Select plan provides up to a quarter of a million dollars of coverage to help protect your family against financial hardship. Coverage highlights:

    Legacy Life Select Details

    • Permanent life insurance with cash value accumulation that matures at Age 98
    • Premiums are guaranteed not to increase for the life of the policy
    • Simplified issue for eligible employees and their family members actively at work or in school – only a few health questions
    • Flexibility to cover the employee, spouse, children and grandchildren
    • Premiums typically paid through employee elected Allotments
    • Optional riders include Children Term Coverage, Accidental Death Benefit, and Waiver of Premium
    • Issue Ages 0 to 80 years old

    Life policies are underwritten by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, under Policy Form Series BML ICC13 E-98 (6/13) and E98 (6/13), subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the insurance coverage available. Policies have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please refer to the policy form or contact your Boston Mutual representative.

    Value-added services are not insurance and are offered only on specific lines of coverage. Boston Mutual is not responsible or liable for care, services, or advice given by any provider or vendor of the Services. Boston Mutual reserves the right to discontinue any of the Services at any time.

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    Legacy Life Express

    The Legacy Life Express plan is permanent life insurance protection for you and your family. The protection you purchase under the Legacy Life Express goes beyond burial insurance; it can provide up to a quarter of a million dollars worth of coverage to help secure your family’s future. The cash value accumulated by the policy can be used to help you fund your children’s education or supplement your income. It’s easy to apply for the Legacy Life Express. Simply answer a few medical questions. Your entire family can apply for this life insurance coverage. Coverage highlights:

    • Permanent life insurance with cash value accumulation that matures at Age 98
    • Premiums are guaranteed not to increase for the life of the policy
    • Simplified issue for individuals actively at work or in school – only a few health questions
    • Flexibility to cover the employee, spouse, children and grandchildren
    • Optional riders include Children Term Coverage, Accidental Death Benefit, and Waiver of Premium
    • Issue Ages 0 to 80 years old

    Life policies are underwritten by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, under Policy Form Series BML ICC13 E-98 (6/13) and E98 (6/13), subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the insurance coverage available. Policies have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please refer to the policy form or contact your Boston Mutual representative.

    Value-added services are not insurance and are offered only on specific lines of coverage. Boston Mutual is not responsible or liable for care, services, or advice given by any provider or vendor of the Services. Boston Mutual reserves the right to discontinue any of the Services at any time.

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    Other Products and Features

    Children’s Insurance Agreement

    For pennies on the dollar, you can insure all of your children from birth (15 days) through college (25 years). After age 25, each child’s coverage can be converted to an individual life insurance policy with a maximum death benefit of $40,000, without providing evidence of insurability.

    Children’s Insurance Rider is issued by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, on form BML CTR-1 6/84, subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the coverage available. Riders may have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please contact your Boston Mutual representative.

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    Accelerated Benefit Option

    Automatically included in your life insurance policy and at no cost to you is the Accelerated Benefit Option. This benefit will advance you a cash payout in terminal illness or physical condition situations providing financial security to your loved ones at an essential time.

    Accelerated Benefit Option Rider is issued by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, on form BML ABOR 10/93, subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the coverage available. Riders may have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please contact your Boston Mutual representative.

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    Accidental Death Benefit

    The Accidental Death Benefit protects your loved ones from the financial burden that an accidental death can bring. If you die as a direct result of an injury due to a covered accident, the death benefit paid to your beneficiary will be doubled.

    Accidental Death Benefit Rider is issued by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, on form BML ADR-1, subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the coverage available. Riders may have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please contact your Boston Mutual representative.

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    Waiver of Premium Benefit

    The Company will waive your policy’s premium if you become permanently disabled. When you are unable, we will safeguard your family’s financial protection.

    Waiver of Premium Rider is issued by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, on form BML WPR-1, subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the coverage available. Riders may have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please contact your Boston Mutual representative.

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    Premium Deposit Fund

    The premiums that you regularly deposit into the policy’s Premium Deposit Fund, plus the interest earned, can be used to pay your overdue or future premiums. As the account grows, the PDF can be used to help fund your children’s college education or supplement your income during your golden years. This fund can help you keep the protection that you purchased for your loved ones in force and may help meet your needs during times of hardship – giving you peace of mind at a time when you may need it most.

    Premium Deposit Fund Rider is issued by Boston Mutual Life Insurance Company (Canton, MA) in all states, except New York, on form BML PDF0880 (Rev 7/87), subject to state availability. Product offerings may vary depending on state laws and regulations. This information is not intended to be a complete description of the coverage available. Riders may have exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please contact your Boston Mutual representative.

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    Products Through Our Subsidiary

    Boston Mutual Life Insurance Company’s subsidiary, the BML Insurance Agency, Inc., has built partnerships with other reputable and reliable Life Insurance Companies to help protect the financial well-being of your family. Every family is different. That’s why we have aligned ourselves with companies that offer competitive rates and a variety of insurance plans to complement our own product portfolio, giving you options to insure your family’s financial protection – whether your loved ones are a newborn, a senior citizen, or fall anywhere in between.

    Term Life Insurance

    Term Life Insurance products provide an increased death benefit at a low monthly cost for a specific number of years. It is an easy, affordable way to provide financial peace of mind for you and your family, insuring financial protection for your loved ones. It not only helps fill the gap left by the loss of your income; it can help you keep your family in the home you provided for them by providing funds that can be used to satisfy mortgage debt and other high cost family obligations.

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    Universal Life Insurance

    Universal Life offers financial protection and builds cash value that may be used to meet your family’s ever-changing needs. Examples might include your children’s education, wedding expenses, or help with financial planning for your golden years. It also offers premium payment flexibility with available options for the cash value accumulation. Universal Life offers flexibility to use the policy’s accumulated cash values to lower your monthly premiums or the option to skip payments during family emergencies. If you are looking for flexibility in your financial plan while building strong cash values, Universal Life is the way to go!

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    Final Expense Insurance

    Final Expense Life products can insure your loved ones against the financial burden of final expenses such as funeral costs, medical bills, and legal fees. Final Expense insurance is designed specifically with individuals on a fixed income in mind. With premiums that will never increase and a death benefit that will never decrease, Final Expense products are easy to apply for and require no medical exam or medical records. A short visit with an agent will get you the protection you and your loved ones need. Your family will be left with cherished memories, treasured family heirlooms, and financial peace of mind.

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