Paul Sanchez
Northwestern Mutual is an American financial services organization that provides a range of financial products and services, including life insurance, wealth management, and investment advisory services. The company has a long history dating back to 1857 and has built a strong reputation for financial stability and accountability. Northwestern Mutual offers straightforward pricing for its insurance and investment products, with fees based on factors such as the level of coverage and age for insurance, and the value of assets for investment advisory accounts. The company provides personalized financial planning through dedicated advisors, who tailor their recommendations to meet the unique goals and priorities of each client. With high financial strength ratings and a commitment to transparency, Northwestern Mutual has established itself as a trusted partner for individuals and businesses seeking to protect and grow their wealth.
| Characteristics | Values |
|---|---|
| Type of company | Financial services mutual organization |
| Based in | Milwaukee, Wisconsin |
| Services | Wealth and asset income protection, education planning, retirement planning, investment advisory services, financial planning trust and private client services, estate planning, business planning |
| Products | Life insurance, permanent life insurance, disability income, long-term care insurance, annuities, investments, investment advisory products and services |
| Financial strength ratings | Highest ratings awarded to U.S. life insurers by major rating agencies |
| Fortune 500 ranking | No. 90 in 2021 |
| Revenue | $31.1 billion in 2021 |
| Assets | $308.8 billion in 2021 |
| Active life insurance protection | $2 trillion worth |
| Number of clients | 4.75 million |
| Investment management | $200 billion |
| Investment planning and products | Yes, through Northwestern Mutual Investment Services, LLC (NMIS) |
| Online access | Yes, through NMIS Online |
| Account services | Electronic transfers, dividend reinvestment, mutual fund purchase program, account protection, direct deposit, check writing privileges |
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What You'll Learn
Northwestern Mutual's history
Northwestern Mutual is a financial services organization that provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, financial planning, trust and private client services, estate planning, and business planning. Its products include life insurance, permanent life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services.
The company was founded on March 2, 1857, as the Mutual Life Insurance Company of the State of Wisconsin and has been providing financial stability for 167 years. Throughout the early 20th century, the company focused on life insurance while working to increase its accountability. In 1907, company leaders invited non-trustee policy owners to probe finances for accountability, a practice that continues today. In the mid-20th century, the company made large-scale investments in the iron and minerals industries, including the construction of a freighter, the SS Edmund Fitzgerald, in 1958.
By 2001, Northwestern Mutual had become the leading individual life insurer in the United States. That year, the company committed to not refusing life or disability insurance claims related to the September 11 attacks and launched a subsidiary, now known as the Northwestern Mutual Wealth Management Company (NMWMC). In 2015, the company began construction of the Northwestern Mutual Tower and Commons in downtown Milwaukee, which opened in 2017. In the same year, Northwestern Mutual also acquired the financial planning company LearnVest for over $250 million. In 2018, the company introduced an online digital platform for clients, reducing underwriting time. From 2015 to 2020, they served as the presenting sponsor of the Rose Bowl Game, an annual NCAA Division I college football bowl game.
As of 2021, the company holds $308.8 billion in assets, $31.1 billion in revenues, and $2 trillion worth of active life insurance protection. Northwestern Mutual manages $200 billion of investments for its 4.75 million clients through its wealth management and investment services businesses. The company has the highest financial strength ratings awarded to U.S. life insurers by major rating agencies and ranked 90th on the 2021 Fortune 500 list of the largest U.S. corporations by total revenue, and is in the top 30 by assets held.
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Life insurance
Northwestern Mutual is a financial services organisation based in Milwaukee, Wisconsin. The company was founded in 1857 as the Mutual Life Insurance Company of the State of Wisconsin and has since become a leading individual life insurer in the United States. Northwestern Mutual offers a range of financial products and services, including life insurance, permanent life insurance, disability income, and long-term care insurance.
The company provides consultation on wealth and asset income protection, education planning, retirement planning, and investment advisory services. Its life insurance products are designed to protect an individual's loved ones financially in the event of their death. The coverage can also serve as a foundation for a financial plan, providing flexibility for important expenses such as college tuition or starting a business.
Northwestern Mutual offers four types of life insurance: term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. Term life insurance provides coverage for a specified period, while whole life, universal life, and variable universal life insurance offer lifelong coverage. With whole life, universal life, and variable universal life insurance, the policy accumulates cash value over time, which can be utilised for various purposes during the policyholder's lifetime. Additionally, policyholders can earn dividends with whole life insurance, which can be taken as cash, used to pay premiums, or to purchase additional coverage.
The cost of life insurance policies depends on various factors, including the type and amount of coverage, the policyholder's age, health, and any additional riders. Northwestern Mutual also offers an Insurance Service Account, which allows individuals to include their loan payments in their insurance premium bill, with payments as low as $10 per month. The company also provides an Early Payment Benefit (EPB) that advances a portion of the death benefit if the insured has a terminal illness with less than six months to live. This benefit aims to help alleviate the financial burden associated with serious illnesses.
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Wealth management
Northwestern Mutual is an American financial services mutual organization that provides wealth management services. The company was founded in 1857 as the Mutual Life Insurance Company of the State of Wisconsin and has since expanded its offerings to include a range of financial products and services.
In addition to investment services, Northwestern Mutual also provides financial planning services. The company's financial advisors work closely with clients to understand their goals and priorities and tailor financial plans to meet their needs. This includes helping clients grow their money through investments, protecting their income with insurance, and planning for retirement with annuities. Northwestern Mutual's financial planning services are designed to offer customised solutions at every stage of a client's life.
Northwestern Mutual also has a strong focus on accountability and financial stability. The company has a long history of inviting policy owners to evaluate its operations and financial practices independently. As of 2021, Northwestern Mutual had $308.8 billion in assets, $31.1 billion in revenue, and $2 trillion worth of active life insurance protection. The company also ranked 90th on the 2021 Fortune 500 list of the largest US corporations by revenue and is in the top 30 by assets held.
Overall, Northwestern Mutual's wealth management services encompass a comprehensive range of offerings designed to help clients manage their finances, grow their wealth, and protect their assets. With a combination of investment services, financial planning, and a strong focus on accountability, Northwestern Mutual aims to provide tailored solutions to meet the diverse needs of its clients.
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Investment services
Northwestern Mutual offers a range of investment services to help individuals and businesses grow their money. The company's investment arm, Northwestern Mutual Investment Services, LLC (NMIS), has been providing investment planning and product solutions since 1968.
NMIS offers a wide range of investment services and products to meet the diverse needs of its clients. These services include brokerage services, variable annuities, wealth management, and other investment options. NMIS also provides special account services such as electronic transfers, dividend reinvestment, mutual fund purchase programs, account protection, direct deposit, check writing privileges, and online account access.
The company's investment philosophy is centred around providing world-class investment expertise, a disciplined process, and proprietary capital market assumptions. NMIS's investment team includes CFA® Charterholders and experts who offer thought leadership and make recommendations based on a proven, long-term growth strategy. This team provides ongoing support to NMIS financial advisors, who work closely with clients to understand their goals and tailor investment plans accordingly.
NMIS Online, the company's online platform, offers detailed account information, investing tools, and market research. Clients can easily manage their accounts, view balances and performance, establish account preferences, and access market insights.
Northwestern Mutual's investment services are designed to help clients build diversified investment portfolios and achieve their financial goals, no matter their starting point. The company's fees for investing are straightforward and communicated upfront, with advisory and private wealth management accounts charged a quarterly fee based on the value of assets in the account.
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Online account access
Northwestern Mutual offers online account access to its clients, allowing them to manage their finances and perform various tasks remotely. This feature simplifies financial management and provides quick and easy access to account information.
To access their online account, users must first register and create a secure login using a username and password. This process only takes a few minutes, and individuals will need their personal phone to receive a passcode during registration. Once registered, clients can log in to their accounts via the Northwestern Mutual website.
For those with investment accounts, Northwestern Mutual's online services provide detailed account information, investing tools, and market research. Clients can easily view balances and account activity, as well as access market summaries and commentaries to stay informed about their investments' performance and industry trends. This includes access to statements, confirmations, and tax documents, all available online.
Furthermore, online account access enables clients to make certain changes to their policies, such as updating beneficiary information for their life insurance products. This can be done quickly and efficiently without having to contact customer service directly. Overall, the online account access provided by Northwestern Mutual empowers clients to take control of their finances and make adjustments as needed from the convenience of their homes.
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Frequently asked questions
Northwestern Mutual is an American financial services mutual organisation based in Milwaukee, Wisconsin. It was founded on March 2, 1857, as the Mutual Life Insurance Company of the State of Wisconsin. By 2001, it was the leading individual life insurer in the United States.
Northwestern Mutual offers consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, financial planning, trust and private client services, estate planning, and business planning. Its products include life insurance, permanent life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services.
Northwestern Mutual Insurance Service Accounts offer features such as electronic transfers, dividend reinvestment, a mutual fund purchase program, account protection, direct deposit, check writing privileges, and online account access.
To register for a Northwestern Mutual Insurance Service Account, you will need to provide your personal phone number to receive a passcode. You can finish the registration by logging in with the username and password you create.
