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Northwestern Mutual Life Insurance

Northwestern Mutual Life Insurance
Overall Satisfaction Rating 3.32/5
  • 5 stars
    15
  • 4 stars
    17
  • 3 stars
    2
  • 2 stars
    7
  • 1 stars
    8
Based on 49 ratings submitted in the last year
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    Northwestern Mutual Life Insurance Reviews

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    Page 1 Reviews 1 - 10
    Rated with 2 stars
    profile pic of the author
    Verified Reviewer
    Original review: July 17, 2019

    While at a B2B social, a beautiful woman approached me and asked me a little about my business. She then said that she was working on a summer project for a college class and would like to interview me for her report. Being a start-up I was intrigued and agreed to meet her at an office address that her school said we could use. A week later I followed my GPS and discovered it led me to a Northwestern Mutual office in Charlottesville. I thought that was weird. So I went in to see if I was lost. She walked out and met me and led me to a back office where we could talk. She then introduced me to their financial advisor and disappeared. I never saw her again.

    I asked the FA what was going on and he gave me a vague answer and explained that the assistant was probably confused. For whatever reason I bought the policy and was a client for 3 years. But every time my bill auto-drafted I was reminded of that dishonest and deplorable beginning. So I finally canceled it. Be warned, many FAs are creating schemes to get you in the door ever since they became heavily regulated in doing other forms of advertising or lying.

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    14 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 28, 2019

    I am extremely disappointed in Northwestern Mutual's policy of NOT calling a customer when a payment is late and in danger of lapsing. Requesting a call in such a situation, I was told that calling was not their policy. In addition, they also would not sent notices to two addresses. Their selfish policy benefits the company financially by increasing the chances of a policy lapsing.

    12 people found this review helpful

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      Are you this business?
      Rated with 1 star
      Verified Reviewer
      Original review: May 30, 2019

      Had terrible experience with Northwestern Mutual Life Insurance Company. I called them a month before the check was released and warned them about one of the beneficiaries who was committing fraud and involved in family lawsuit of elder financial abuse. 5 Beneficiaries surrendered the half million policy. Northwestern wrote the $50000.00 check to the person committing elder abuse - the one involved in Elder Financial Fraud! They were suppose to write 5 separate checks to each beneficiary. Northwestern allowed this to happen. Northwestern employees were rude and careless. One employee said, "That is your problem. We can write the total check to only one of you." Northwestern's incompetent employees allowed this to happened. We had to threatened Northwestern with lawsuits to cancel the check.

      11 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 5, 2019

      I've contacted NW representative to cancel my term life insurance due to increasing premiums. He told me that Term Life is now less expensive and he suggested to switch to another policy. His numbers were good for the same coverage so I signed up. Unfortunately, when signing the final document I only paid attention to the payment amount which was as agreed and I missed the coverage amount. Later on I noticed that it was reduced from $578K to $130K! No one has even bothered to warn me! Right after discovering that fact I asked for cancellation. That was October 22, 2018. Today is May 5, 2019 and I was notified that policy will auto-renew as it is still in force! And that is after few confirmations that my policy is being cancelled.

      18 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 24, 2019

      I bought several whole life policies from this company and wish to warn people not to buy this product from Northwestern Mutual based on NAIC Illustrations. Those marketing material are total and complete lies. Instead of 15 years, I will be luck in 25 years if the dividend ever gets close to covering the premiums. Plan on paying premiums until you die.

      26 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: April 9, 2019

      NWM claims that they are a great company. This is true as long as you are paying them money. Once they have to pay you they are just another insurance company trying to get rid of you. Don't pay their high prices, any other company is just as good.

      11 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 16, 2019

      I was approached by one of Northwestern Mutual's (MW) purported "financial advisors," who told me that he was a fiduciary. After a brief coffee-appointment, we met again at his office to discuss a more detailed financial plan. His advice was to invest in a Whole Life Insurance policy. (He failed to tell me about what commission he would receive if I were to complete the transaction.)

      Later the next day, his assistant sent me an incomplete insurance-application PDF to sign within 48 hours. I told him there were many problems and false statements on it, but his assistant told me that if I signed it—which was under penalty of perjury—they could change the text of the form after the fact before sending it.

      I'm fairly confident that giving false statements to an insurance company isn't a good thing to do. I then realized that, because this was an insurance policy, the "financial advisor" had no fiduciary obligation to me in procuring it under section 2-2201 of the Code of Civil Procedure. When I confronted him by email about this, directing him to stop communicating with me, he said he was still a fiduciary. But the law was clear: insurance agents owe no fiduciary duties in procuring, selling, or preparing insurance policies. Obviously, Whole Life Insurance is an insurance policy. So, end of story.

      The encounter was full of red flags, I cut all ties with Northwestern Mutual before signing anything. I'm sure it's a fine insurance company. But this experience didn't get any confidence from me in them as financial planners. If you've been approached by one of their "financial advisors" and they try to sell you an insurance policy, do your research before you sign anything about whether it's actually a good decision *for you.* A quick Google search of "Northwestern Mutual whole life" will get you a lot of message-board posts about people who regret buying these policies.

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      22 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 7, 2019

      Desiree ** was the Agent that "talked" me into starting a life insurance policy. Now, to backtrack I am a smart successful businesswoman in her early 30s. Desiree said that this would be a "great" way to save for retirement. HOWEVER, that is NOT the case at all. In fact there are so many other avenues to take for saving for retirement. What this did was ensure HER a great commission for her savings and retirement. RUN RUN RUN if you ever get approached or asked to sign up for a Life Insurance policy from Northwestern Mutual Life Insurance or any other kind of financial advising firm. It is a complete SHAM! PS I was forced to give a "star" but I would give a negative star rating if that were possible.

      22 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: Feb. 28, 2019

      My secretary informed me that a financial advisor named Melody ** from Northwestern Mutual called but I never requested any information from them and I don't even know how they had my number. She called again and I had a discussion with her. She was very knowledgeable but I wasn't interested in their products. When I stated that, she persisted that I explain to her why I wouldn't want a product that would help my business and employees. I didn't. Have an answer aside from not wanting to do it. She backed me into a corner to schedule a meeting with her and I scheduled it just to get her off the phone. No one should have to explain themselves to anyone and especially to someone they don't know. These people are sharks and I'd stay away from this company. Not a good experience.

      26 people found this review helpful
      Rated with 3 stars
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      Verified Reviewer
      Original review: Oct. 9, 2018

      Having worked at the trade center site after 9/11 I got sick. I held on for 13 years. Finally all my physical illness prevented me from going to work and doing my job as my own occupation. Never had any claims now after paying them for 22 years and receiving my Disability for a little over a year, mind you it is for life and now they are looking for any angle to get out of paying. I hope any potential customer reads this and thinks about buying any policy from them, I will keep everyone posted.

      69 people found this review helpful
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      Northwestern Mutual Life Insurance expert review by Neal Frankle

      Northwestern Mutual Life Insurance is a financial services company that provides its clients various insurance options and investment opportunities. It can aid individuals and businesses to possess a lifetime of financial stability.

      • Specialized planning: Northwestern Mutual creates flexibility through a range of financial options — such as life, disability, long-term care insurance, investment products and services.

      • Guidance: It employs financial representatives who aid clients individually to develop a personalized account using their range of services and plans.

      • Reliability: The life insurance plan has a persistency rate of 96 percent. Such a high persistency rate means a large percentage of policies stay in force through the end of the designated period.

      • Long-term prioritizing: Northwestern Mutual wants financial stability for its clients and want to create long-term value for them. Thus, the company doesn't pursue short-term gains through fads or take unneeded risks.

      • Educational tools: It offers the Northwestern Mutual Learning Center, which helps clients obtain their financial goals through online tools and resources including videos, articles and market information.

      by Neal Frankle Life Insurance Contributing Editor

      Neal Frankle is a Certified Financial Planner in Los Angeles. He is the publisher of WealthPilgrim.com, an information resource for consumers. He has been a professional financial advisor since 1991 and is the editor of www.MCMHA.org.

      Northwestern Mutual Life Insurance Company Information

      Company Name:
      Northwestern Mutual Life Insurance
      Year Founded:
      1857
      Address:
      720 East Wisconsin Avenue
      City:
      Milwaukee
      State/Province:
      WI
      Postal Code:
      53202
      Country:
      United States
      Website:
      www.northwesternmutual.com

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