Northwestern Mutual Long-Term Care Insurance Review  

Best Couple’s Discount

It is never too early to begin saving up to finance future care. Long-term care plans can help seniors pay for care in their homes or at long-term care facilities such as nursing homes and assisted living communities, which are not often covered by Medicaid or Medicare. Northwestern Mutual Life Insurance offers seniors an affordable, traditional long-term care policy to help cover many of the most expensive aspects of day-to-day care. In our study on the best long-term care insurance companies, Northwestern Mutual has earned the distinction of having the best couple’s discount, with a dual policy that is 30% less than two single policies bought together.  

Overview of Northwestern Mutual 

Northwestern Mutual is a life insurance and financial investment firm that has been serving clients since 1859. The Fortune 500 company provides seniors with a variety of products to help them attain financial security, including life insurance plans, income annuities and long-term care policies. Additionally, financial advisors are available to assist them with other estate and retirement planning services.  

How much does Northwestern Mutual Charge for Long-Term Care Insurance? 

For a long-term care insurance plan, Northwestern Mutual clients can pay anywhere from $108 per month to $200+ per month for a QuietCare LTC plan. However, the total cost of a policy varies widely based on the age and medical health of the applicants and the state in which they reside.   

Another factor that influences the cost of a long-term care policy is the addition of optional benefits and riders. Northwestern Mutual offers a number of popular riders, including one that protects from increases in cost due to inflation and another that allows seniors to add further coverage down the road without additional underwriting. Seniors can also choose their elimination period, benefit period and maximum monthly benefits, which can influence the total cost of a policy.

Features and Benefits of Northwestern Mutual LTC Insurance

Northwestern Mutual offers a variety of long-term care insurance options, including a traditional plan, a long-term care rider that can be applied to a whole life insurance plan and a chronic illness rider. 

Eligibility

Northwestern Mutual LTC plans are open to adults between the ages of 18 and 79. While some of their plans require some form of a medical evaluation to determine eligibility, the company also offers many options for seniors who do not wish to submit to a medical exam. In order to purchase a long-term care rider with an accelerated death benefit (ADB), seniors may have to be able to prove that they have some difficulty completing at least two out of six activities of daily living tasks

Highest Financial Strength Ratings

The financial strength of an insurance company is an important measurement of trust for policyholders, as it indicates that their money will remain secure even in the face of future financial uncertainty. Northwestern Mutual has been given the highest ranking possible by three of the four credit ranking agencies in the industry, as the table below shows.

Focus on Meeting Customer Expectations

It is hard to find a review for Northwestern Mutual that is critical of the company’s long-term care policy–or the company in general, for that matter. It is a Mutual company and awards its clients with dividends each year that reflect its financial success. The company also provides generous discounts to its customers, offering both a couples discount of up to 30%. According to the National Association of Insurance Commissioners, which tracks consumer complaints in the life insurance industry, Northwestern Mutual has an average complaint index of approximately .06, quite a bit lower than its competitors and the established average value of 1. In 2021, only 18 complaints were filed against the company. 

Flexible Coverage Options

Northwestern Mutual plans are highly customizable, allowing seniors to choose the coverage they need. This flexibility extends to the smaller details, including monthly coverage amounts (in increments of $100), the benefit period, maximum lifetime benefit and elimination period. This kind of flexibility is important for seniors who may experience sudden medical or residential changes in the future. The company also offers senior couples plans with riders that allow for one policyholder to draw funds from the other’s policy when necessary. Northwestern Mutual also allows clients to upgrade a policy with new features without the need to re-write the policy. 

Who Should Consider Northwestern Mutual Long-Term Care Insurance? 

Married Seniors who Have Different Care Levels

The cost of an LTC policy through Northwestern Mutual is less for couples than for individual applicants, sometimes representing up to 30% off the cost of two policies. Seniors who are married can take advantage of the couples discount and pay less in premiums. Just as important, couples can save money by pulling funds from their partner’s account to cover their medical care if they happen to need more advanced care than their partner. 

Seniors Who Don’t Want to Worry About the Future of the Industry

With a robust financial status, Northwestern Mutual can offer its policyholders peace of mind in knowing that even in the face of a potential financial downturn, their money will remain safe and secure. Northwestern Mutual has an excellent financial ranking and a financial portfolio to prove that it can handle financial uncertainty in the global market and still provide the highest quality long-term care for its clients. 

What Are People Saying About Northwestern Mutual Long-Term Care Insurance?

Seniors who have chosen Northwestern Mutual for their Long-Term Care insurance express general satisfaction with the product options and flexibility. They also value the company’s impeccable financial strength and history, which provides peace of mind in knowing their money will be safe.

Some customers comment about the lack of online options, finding that the company lags behind its competitors when it comes to providing online quotes, buying insurance online or finding more detailed plan information; instead, customers must call and speak with an agent.  

Frequently Asked Questions