Life Insurance in a Nutshell
What it is, why you need it, and how to get it.
Life Insurance: Flip the Myths
I’m too young for life insurance.
You’re never too young to get life insurance. The younger and healthier you are, the easier it is to qualify and the lower the cost will be. Plus, if you buy permanent life insurance (which includes whole life insurance), the policy grows in value, creating cash value you can use at any age, for any reason. And the earlier you buy, the more time the cash value has to grow.
I can’t afford life insurance.
Most people say they can’t afford life insurance, but 80 percent overestimate the cost—44 percent of Millennials even overestimate by five times the actual amount.1 In reality, life insurance can cost far less than what you may spend on a monthly cellphone plan or daily cup of coffee.2
1 2018 Insurance Barometer Study, Life Happens and LIMRA.
Life insurance is just for paying funeral costs after I die.
Not necessarily. A permanent life insurance policy does provide money upon your death, but it also builds equity (known as cash value) you can use throughout your lifetime.
Nobody depends on my income, so I don’t need life insurance.
Someone will be in charge of taking care of things if something happens to you. Life insurance can cover your funeral arrangements and any debt you leave behind, such as credit card bills and student loans.
I’ve got all the life insurance I need through my employer.
Life insurance is a great job perk. But if it only covers one or two times your salary, it’s probably not enough, especially if you are your household’s primary earner. Plus, you can’t take it with you if you leave the company.
I’m not the sole wage earner, so I don’t need life insurance.
Everything you contribute to your household has value. If you die, your family could use life insurance to cover childcare or other household expenses. Or your partner may choose to take time off to spend with the kids. Life insurance can help provide that flexibility.
Make a Down Payment on a New Home
Fund a New or Existing Business Venture
Pay for a Child’s College Education
Cover Costs of an Unexpected Emergency
Supplement Your Retirement Income
Utilizing the life insurance cash values through policy loans, surrenders of dividend values or cash withdrawals will or could reduce the death benefit, necessitate greater premium outlay than anticipated and/or result in an unexpected and/or adverse taxable event.
What Are You Doing to Protect Your Future?
of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if the primary wage earner were to die.1
consumers don’t know how much life insurance they need or what to buy. 2
of households recognize they need more life insurance protection.2
Millennials overestimate the cost of life insurance by nearly two times the actual price.2
It Costs Less
The earlier you start, the lower your premiums will typically be.
Good health makes it easier to qualify, with lower cost.
Time to Grow
The sooner you buy permanent insurance, the longer your cash value can grow.
Peace of Mind
You’ll leave your loved ones with funds to pay debts and other expenses.
Did you know that what you pay for insurance depends partly on the choices you make? Making small tweaks to your lifestyle could help you lower your premiums on your auto, home, health, disability income and even life insurance. Find out what factors will help you save!
If you’re thinking about buying life insurance, should you buy term or permanent life insurance? Learn why the best approach may be a combination of both.
Can I get life insurance at work?
If you work full-time, your employer might offer a life insurance benefit. But understand what you’re getting. Usually, employers provide insurance that lasts only as long as you work for them and often with minimal coverage—typically one or two times your salary. To cover all your needs, you might also want a policy of your own.
Can I get a life insurance quote online?
Online quoting sites might help you anticipate the cost of life insurance coverage. But online life insurance quotes are based on simple averages, and most people’s lives aren’t simple or average. Don’t make this important purchase based on guesswork. Research your options—starting with this overview of life insurance solutions—and then talk with a real person who will get to know you and guide you to the right decision.
I’m ready to buy. Where’s the online checkout?
Choosing the right policy takes more than a few checked boxes and a credit card number. Life insurance comes in many types, most of which can be customized in several ways, depending on your needs and budget. The surest way to navigate the options is through honest conversation with a real person. Click the button below to connect with an expert who will help you get the right insurance for your situation.
We’ve been helping people achieve financial security for more than 150 years. Today, more than 3.7 million Americans have turned to us for life insurance coverage.
The best life insurance company is the kind that will be there when you need it. As the largest direct provider of individual life insurance in the U.S.,3 we’ve earned the trust of our clients—and the highest possible financial strength ratings awarded to any life insurer from the major rating agencies4.
People stay with Northwestern Mutual for a long time. Once they choose a life insurance policy, they keep it—so much so that 96 percent of our policies remain active from year to year.
We care about causes that matter to our clients and their families. Since 2012, our Northwestern Mutual Childhood Cancer Program has donated more than $8 million toward curing childhood cancer, funded nearly 64,000 research hours and provided support to 5,000 families.