Northwestern Mutual Long Term Care Insurance: In-Depth Reviews and Analysis

Purchasing long term care insurance is an important financial decision. With Northwestern Mutual as one of the largest providers, it’s essential to understand their policies and how they compare to competitors. This comprehensive guide examines Northwestern Mutual long term care insurance based on expert reviews and feedback from policyholders.

Overview of Northwestern Mutual Long Term Care Insurance

Founded in 1857, Northwestern Mutual offers a range of insurance products including life, disability, and long term care coverage. Their long term care options include:

• QuietCare – Standalone reimbursement policy with monthly payouts from $1,500 to $12,000 to cover care costs

• Long-Term Advantage – Hybrid policy combining long term care with life insurance death benefits

Both plans provide benefits for home care, assisted living, adult day care, and nursing home fees. Policies are available nationwide through local sales agents.

Pros and Cons of Northwestern Mutual Long Term Care Insurance

Northwestern Mutual policies offer these key advantages:

Spousal Discounts – Up to 30% off for married couples when both get a policy

Upgrade Options – Can increase policy benefits over time without new underwriting

Whole Life Rider – Add long term care to an existing permanent life insurance policy

Strong Financial Ratings – Consistently earns high marks from rating agencies like A.M. Best

Flexible Payments – Can pay premiums in a lump sum, over 10-15 years, or a combination

Low Complaint Index – According to the NAIC, policyholders rarely file official complaints

However, some downsides include:

No Online Quotes – Must speak to an agent, no self-service quotes available

Limited Policy Choices – For QuietCare plans, only 3 or 6 year benefit periods offered

Gender Pricing – Rates are no longer unisex, women generally pay more now

Elderly Declines – Approval rates drop significantly for applicants in their 60s and 70s

While benefits like spousal discounts are attractive, the lack of online tools makes shopping and comparing more difficult.

Reviews of Policy Options from Northwestern Mutual

Experts recommend looking closely at the details of each long term care insurance policy to understand exactly what is covered and how it will pay out when needed. Here are specific reviews of Northwestern Mutual’s offerings:

QuietCare Reviews

QuietCare is Northwestern Mutual’s standalone long term care insurance policy. It pays monthly reimbursements directly to policyholders for covered care expenses. Key pros and cons based on expert assessments:

Pros

• Payouts up to $12,000 monthly for nursing and home care
• No receipts or paperwork to submit for reimbursements
• Covers care received at home and in facilities
• Optional inflation protection helps benefits keep pace with rising costs

Cons

• Only two benefit period choices – 3 or 6 years
• Limited elimination period options compared to some competitors
• No reductions if you share a room in a nursing facility
• Qualifying conditions are narrowly defined

Overall, QuietCare provides a basic level of coverage but lacks some of the flexibility seen with other top insurers.

Long-Term Advantage Reviews

Long-Term Advantage is Northwestern Mutual’s hybrid life/long term care policy. Experts highlight these key strengths and weaknesses:

Pros

• Guaranteed benefits for 6+ years, potentially up to 10 years
• Remaining death benefit goes to beneficiaries if policy not used
• Cash value options and potential return of premium
  -Flexible lump sum or installment premium payments

Cons

• More expensive compared to standalone long term care policies
• Only pay outs for very limited qualifying conditions
• Must be unable to perform 2 of 6 Activities of Daily Living to receive benefits
• No reductions if you share a room in a nursing home

This policy combines long term care and life insurance, but the long term care benefits are more restrictive than a dedicated policy.

Cost of Northwestern Mutual Long Term Care Insurance

The cost for Northwestern Mutual’s long term care insurance depends on factors like age, health, selected coverage amount, and length of benefit period. Some average examples of pricing:

• 55 year old couple, $150 daily benefit, 3 year benefit period: $2,400 annually

• 60 year old female, $200 daily benefit, 5 year benefit period: $3,800 annually

• 65 year old male, $250 daily benefit, lifetime benefit period: $5,700 annually

A financial advisor can provide quotes specific to your situation. Compared to other top insurers, Northwestern Mutual tends to be 25-50% more expensive for similar coverage when accounting for available discounts. Their premiums may be worthwhile for couples who qualify for the spousal discount.

Pros and Cons of Northwestern Mutual’s Financial Strength

The financial standing of an insurer is important – you want to know benefits will be paid even decades down the road. According to ratings from independent agencies:

Pros

• A.M. Best: Received a rating of “A++” (Superior)

• Moody’s: Given an “Aaa” rating, their highest for financial strength

• Standard and Poor’s: Assigned “AA+” rating, their second highest assessment

Cons

• Does not have the absolute highest ratings that some competitors have achieved

• As an insurance company, liabilities exceed assets which is not ideal long term

While Northwestern Mutual is certainly extremely strong financially, they fall slightly short of the highest scores in the industry. This may give some consumers pause when choosing a company to cover their needs for potentially decades.

Policyholder Reviews of Northwestern Mutual’s Customer Service

In addition to official ratings, it’s helpful to look at experiences from actual policyholders and their satisfaction dealing with the insurer.

Positive Reviews

Many reviews compliment Northwestern Mutual’s customer service:

• “My agent was very patient and helped me understand all the options”

• “Claims process was easy and reimbursements came quickly”

• “They paid for safety upgrades to my mom’s home to allow her to stay there longer”

• “The call center staff is always friendly and professional when I need to make changes”

Negative Reviews

Some policyholders describe poor experiences:

• “My rates increased much faster than I was led to expect”

• “They fought me on coverage for my mother’s care needs – I had to appeal”

• “After paying premiums for 16 years they dropped me without good reason”

• “Impossible to get clear answers on what is actually covered”

As with any insurer, there’s a mix of satisfaction levels among customers dealing with the claims process.

Is Northwestern Mutual a Recommended Long Term Care Insurance Provider?

Northwestern Mutual is considered a solid choice based on:

• Strong financial rating – Claims-paying ability expected to remain very stable long-term

• Suite of coverage options – Choice between standalone or life hybrid policies

• Couples discounts – Up to 30% off for spouses, unique in the industry

• Trusted brand reputation – In business over 160 years providing insurance solutions

• Low complaint ratio – Data shows clients rarely dispute claims or lodge complaints

They are not the most affordable provider and offer limited policy customization compared to competitors. Approval likelihood also drops markedly after age 60. But overall they provide quality coverage products from a financially robust insurer.

Northwestern Mutual long term care insurance is best for:

• Married couples who qualify for the 30% spousal discount

• Those who already have Northwestern Mutual life insurance policies

• Individuals who value brand reputation and financial strength

• People looking for lifetime benefit period options

• Families seeking both long term care and life insurance together

Consumers should weigh Northwestern Mutual’s offerings against other top insurers like Mutual of Omaha and Genworth to find the optimal mix of benefits, pricing, and service. But for many, Northwestern Mutual will prove a great choice to cover extended care costs.

Frequently Asked Questions about Northwestern Mutual Policies

Does Northwestern Mutual deny a lot of long term care insurance applications?

Approval rates depend heavily on age. Northwestern Mutual denies very few applicants in their 40s and early 50s. Approval likelihood decreases in the late 50s and early 60s. By the late 60s and 70s, denial rates increase substantially though some policies are still issued.

What health conditions may prevent Northwestern Mutual long term care insurance approval?

Some disqualifying health conditions include Alzheimer’s Disease, Parkinson’s, HIV, and serious heart disease. Applicants must be able to perform daily living activities independently for coverage.

Can I get a Northwestern Mutual long term care insurance quote online?

Unfortunately online quotes are not available. You need to call a local sales agent and go through an interview process