Whole Life: Northwestern Mutual Vs. State Farm Life Insurance

[InsuranceAdvocate]

1. Anyone made a comparison between the two companies: Northwestern Mutual vs. State Farm and their whole life polices?

2. More specifically has one compared Northwestern Mutual's traditional whole life policy vs. State Farm's 10 Pay Life whole life policy.

Background of Applicant: 26 yr old male, non-tobacco, no medical conditions, great health.

 

[BNTRS]

1. Anyone made a comparison between the two companies: Northwestern Mutual vs. State Farm and their whole life polices?

2. More specifically has one compared Northwestern Mutual's traditional whole life policy vs. State Farm's 10 Pay Life whole life policy.

Background of Applicant: 26 yr old male, non-tobacco, no medical conditions, great health.

Why would one want to do this sort of thing?

 

[InsuranceAdvocate]

To find out what are the pros and cons of each policy for such an individual or any individual.

 

[VolAgent]

Why are you comparing dissimilar products? When comparing a level pay to a 10 pay, there is no comparison. Depending on the criteria you are looking at, one will be the clear winner.

Instead, compare level pay to level pay and 10 pay to 10 pay.

That said, for a 26 year old, if he can swing the premium for the desired death benefit, nothing better than a 10 pay. 36 and no more premium payments, it is pretty nice.

 

[Chuckles21]

Why are you comparing dissimilar products? When comparing a level pay to a 10 pay, there is no comparison. Depending on the criteria you are looking at, one will be the clear winner.

Instead, compare level pay to level pay and 10 pay to 10 pay.

That said, for a 26 year old, if he can swing the premium for the desired death benefit, nothing better than a 10 pay. 36 and no more premium payments, it is pretty nice.

Couldn't have said it any better myself. The posters desire to compare two products that are completely different baffles me.

That being said if the poster wants to post a State Farm illustration I might have the time to post an NML one.

 

[RonRoberts]

What about comparing State Farm's life products to Northwestern Mutual's life products in general?

I personally would be more apt to look at Northwestern Mutual's products before State Farm's. In the past I have found State Farm's products to be pricey and the one time I looked at their whole life product I believe it either terminated or increased in price at age 80. A no go for me.

 

[BNTRS]

Whole life terminated at age 80?

Increased in price? Not unless modified WL, and that would be an odd way to do it.

NML vs. State Farm. Even I would vote NML in this case, except for the 10 Pay piece. State Farm has has a decent 10 Pay for a long time. Not Massmutual or Guardian awesome, but certainly decent.

 

[RonRoberts]

Whole life terminated at age 80?

Increased in price? Not unless modified WL, and that would be an odd way to do it.

NML vs. State Farm. Even I would vote NML in this case, except for the 10 Pay piece. State Farm has has a decent 10 Pay for a long time. Not Massmutual or Guardian awesome, but certainly decent.

I only remember I was in my early twenties and I had all my insurance with my state farm agent except a term policy. I had a term policy then with A.L. Williams (no comment please) and the sf agent was trying to sell me a whole life policy. My then al williams agent showed me the fine print on the whole life policy where when I turned 80 (I think) it started to increase in price every so many years. I do not remember anything more than that. That is why I kept my term with al williams.

 

[BenS]

Then obviously it wasn't WL?

 

[RonRoberts]

Then obviously it wasn't WL?

Well could it have been a 60 year term?