Making payments keeps your insurance policies in force and ensures your beneficiaries will receive the level of protection you planned for them.
Paying premiums has other advantages. It builds tax-deferred cash value, which provides money for emergencies, your children's education, a dream vacation or supplemental retirement income.
Ways to Make Payments
Northwestern Mutual offers three easy ways to make payments.
Automatic withdrawal—Often called Electronic Funds Transfer (EFT), automatic withdrawal is the quickest, most convenient way to pay your premiums. Just tell us what checking or savings account you want the money to come from, and how often you want to pay. You can pay your premiums monthly, quarterly, every six months or once a year. To pay by automatic withdrawal, complete the Electronic Funds Transfer form.
Direct billing—Northwestern Mutual sends you a billing notice in the mail on the due date.
Electronic Payment Services—Not to be confused with EFT, these refer to outside electronic bill payment services such as MSMoney, Quicken or your bank. Northwestern Mutual still bills you directly, but you instruct the outside service to pay the bill. An electronic payment service arrangement is an agreement between you and the provider of the service. Tip — When paying thru an electronic payment service, please provide your policy number. If the service does not ask you to enter your first and last name separately, enter your last name first.
Changing Bank Names/Payment Date
To change the date the premium is automatically withdrawn from your bank, or to let us know you have changed banks, contact your Northwestern Mutual Financial Network Representative or Northwestern Mutual directly at 1-866-424-2609 between 7:00 AM and 6:00 PM CST, or complete the Request for Service form. To change the payment date, you will need to provide:
- Your policy number
- Your name
- Your bank account number
- The current date of your automatic withdrawal
- The new date of your automatic withdrawal
To change the bank where payments are withdrawn:
- Your policy number
- Your name
- Your bank transit/routing number
- Your new bank account number
- The name of your new bank