You select the initial amount of death benefit coverage called the Specified Amount. The Policy allows you to decrease the Specified Amount as your needs change. Decreases to the Specified Amount are subject to policy minimums. The death benefit paid by Northwestern Mutual will be reduced by any Policy debt outstanding at the time of death.

There are three Death Benefit Options from which you can choose:

Option A: Specified Amount
Option B: Specified Amount plus Policy Value
Option C: Specified Amount plus Cumulative Premiums Paid minus Cumulative Withdrawals.

You can change the death benefit option after issue (although some states limit certain option changes after issue).

Custom Variable Universal Life offers an optional Death Benefit Guarantee which can be as long as the lifetime of the insured, depending on the death benefit option selected. During the Death Benefit Guarantee Period the Policy will not terminate, even if the Cash Surrender Value is zero, provided that the Policy meets either the Benchmark Premium Test or the Benchmark Cash Value Test.

The Policy provides significant premium flexibility. This means, after paying the initial premium, you can determine, subject to certain limitations in the policy, the amount and timing of any future premiums you pay, provided you make sufficient premium payments to keep the Policy in force. Subject to certain limitations set out in the policy, you may pay premiums at any time up to the policy anniversary nearest the insured's 121^st birthday.

If you elect a Death Benefit Guarantee, a minimum premium payment is required to meet the Benchmark Premium Test. A Premium Expense Charge is deducted from each premium payment. The resulting net premium is allocated among the investment divisions you choose within the Separate Account. Although there are no required premiums, if a Death Benefit Guarantee is in effect, payment of the Benchmark Premium is required to maintain the Death Benefit Guarantee.

One of the primary characteristics of a variable universal life contract is the transparency of the Policy charges. Deductions made from the Policy Value are made on the same day of each month and reflect charges for the coming month. An annual statement showing these deductions and the Policy Values is sent to the policyowner on each Policy anniversary.

Deductions from Premium: state premium tax charge: 2.0%, federal DAC tax: 1.3%. Sales load: 5.2% up to Target in yrs 1-10, 1.7% up to Target in yrs 11 & beyond, 1.7% of premium in excess of Target in all years.

Deductions from Invested Assets: monthly cost of insurance charge is based on net amount at risk multiplied by current COI rate. Monthly mortality & expense risk charge: current annual rate of 0.35% of invested assets yrs 1-10, 0.20% yrs 11-20, 0.05% thereafter; max of 0.60% annually. Monthly administrative charge: current charge ranges from $6.08 to $24.08 yrs 1-10, $2.92 to $5.50 thereafter. Monthly underwriting and issue charge lasts for 10 yrs; charge ranges from $0.0048 to $0.034 per $1,000 of Initial Specified Amount. Monthly deferred sales charge lasts for 10 yrs and is a % of cumulative premiums paid up to Target during the 1^st policy year. Monthly policy debt expense charge: current charge of 0.65% annually of policy debt yrs 1-10, 0.50% yrs 11-20, 0.35% thereafter; max charge is 2.0% of policy debt. Monthly death benefit guarantee charge: current charge is $0.01 per $1,000 of Guaranteed Minimum Death Benefit; max charge is $0.02 per $1,000 of Guaranteed Minimum Death Benefit. Monthly charge for optional benefits such as charges for Waiver Benefit or Additional Purchase Benefit vary by contract and age and issue class of insured. Surrender charge is charged upon surrender or change to fixed paid-up insurance during the first ten policy yrs.

Transaction Fees: withdrawal fee is $25.00 (currently waived), transfer fee is $25.00 (currently waived), change in Death Benefit Option fee is $25.00 (currently waived), reduction in Specified Amount fee is $25.00 (currently waived).

Refer to the prospectus for more detailed information.

Policy Value is the sum of the Invested Assets and Policy Debt. The Policy Value will change daily in response to investment results. There is no guaranteed minimum Policy Value. You can surrender the Policy for the Cash Surrender Value where the Cash Surrender Value is equal to the Policy Value minus the sum of any outstanding Policy debt and any applicable surrender charge.

You can access the Policy Value through withdrawals or Policy loans. Withdrawals and loans reduce the Cash Surrender Value and the death benefit, may have a negative impact on the Death Benefit Guarantee, and increase the risk that your policy will lapse. Withdrawals and loans may have adverse tax consequences.

You may borrow up to 90% of the excess of the Policy Value over any applicable surrender charge. Any borrowed amount will not participate in the Separate Account's investment results while the loan is outstanding. The Policy Debt will accrue interest at a fixed annual rate of 5%. When there is Policy Debt, interest is credited to the borrowed portion of the Policy Value at an annual effective rate of 5% and a Monthly Policy Debt Expense Charge is included in the Monthly Policy Charge. The Monthly Policy Debt Expense Charge is applied at a maximum annual rate of 2% of the Policy Debt (0.167% of the Policy Debt on a monthly basis).

Twenty-four investment choices are available to you. Eighteen are from the Northwestern Mutual Series Fund, Inc., one is from Fidelity VIP Portfolio and five are from the Russell Insurance Funds. Each comes with its own degree of risk.

Northwestern Mutual Series Fund, Inc.

• Small Cap Growth Stock (MSA)
• Small Cap Value (MSA/T Rowe Price)
• Mid Cap Growth Stock (MSA)
• International Growth Stock (MSA)
• International Equity (MSA/Franklin Templeton)
• Mid Cap Value (MSA/Alliance Bernstein)
• Index 400 Stock (MSA)
• Focused Appreciation (MSA/Janus)*
• Growth Stock (MSA)
• Large Cap Core Stock (MSA)
• Domestic Equity (MSA/Capital Guardian)
• Equity Income (MSA/T Rowe Price)
• Index 500 Stock (MSA)
• Asset Allocation (MSA)
• Balanced (MSA)
• High Yield Bond (MSA)
• Select Bond (MSA)
• Money Market (MSA)

Fidelity VIP Portfolio

• Fidelity® VIP Mid Cap Portfolio

Russell Investment Funds

• Russell Aggressive Equity
• Russell Non-US
• Russell Multi-Style Equity
• Russell Real Estate Securities
• Russell Core Bond

You can transfer assets among the investment divisions up to 12 times in a policy year with no charge and without any income tax ramifications.

You can also use dollar cost averaging to automatically transfer amounts in the money market division into up to nine other investment divisions. Monthly dollar cost averaging does not assure a profit or protect against a loss in a declining market.

Dollar Cost Averaging
Dollar Cost Averaging provides that the net premiums are allocated to the Money Market Division of the Separate Account and an amount you select is reallocated each month to other divisions of the Separate Account as specified by you. You can select either the fractional amount method or the requested amount method for Dollar Cost Averaging. A program of investing regularly does not guarantee a profit or protect against losses in a declining market.

Automatic Portfolio Rebalancing
By electing the Automatic Portfolio Rebalancing (APR) option, amounts are automatically transferred among the investment divisions according to pre-selected allocations. This option provides periodic adjustments which may be necessary to maintain a chosen asset allocation strategy. You may elect to rebalance monthly, quarterly, semi-annually or annually.

The Fixed Paid-Up option may be selected at any time after the Policy has been in force at least 12 months if there is at least $1,000 of Cash Surrender Value. Once Fixed Paid-Up is elected, the Policy's Invested Assets, less any applicable surrender charges, will be moved from the Separate Account to the Company's General Account and receive the current Fixed-Paid Up interest rate.

Generally, the Fixed Paid-Up Policy will remain in force until the insured's death, without any additional premium payments, except that policy debt may cause the Policy to terminate without value. When Fixed Paid-Up is elected, the Policy's death benefit option will be changed to Option A and the Specified Amount may be reduced. The election to convert to Fixed Paid-Up is irrevocable and any additional benefits which had been added to the policy will be dropped.

The Policy offers two optional disability benefit alternatives - the "Payment of Selected Monthly Premium" and the "Payment of Specified Monthly Charges."

The "Payment of Selected Monthly Premium" option allows you to choose an amount that will be paid into the Policy on a monthly basis, by Northwestern Mutual, upon total disability of the insured. This option is designed to meet a specific funding goal during periods of total disability.

The "Payment of Specified Monthly Charges" option provides for the payment of specified monthly charges by Northwestern Mutual and is designed to help the Policy remain in force during periods of total disability without additional premium payments.

Please refer to the Policy prospectus for details and restrictions regarding the optional disability waiver benefit.

Custom Variable Universal Life is available for individual ages 0 - 75. Per Policy Minimum: the minimum Specified Amount is $50,000 for issue ages 0 - 14 and 60 - 75 and is $100,000 for issue ages 15 - 59. Certain policies may also require a minimum first year premium.

Life insurance is one of the most cost-effective ways to help you, your family, and/or your business offset the risk of financial loss. Yet the risks you face today will likely be different from those you will face in years to come. Custom Variable Universal Life can be attractive for many reasons in addition to the death benefit, including its:

• Variety of investment choices
• Premium payment flexibility
• Potential to withdraw finds or borrow against the Policy Value

Keep in mind that the Policy's investment orientation means that Policy performance is subject to the investment results of the underlying investment divisions, both decreases and increases. If you need life insurance and are not discouraged by market volatility and the potential loss of principal, then Custom Variable Universal Life may be right for you.

Product not available in all states.

You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. Your Northwestern Mutual Investment Services Registered Representative can provide you with a policy and fund prospectus that will contain the information noted above, and other important information that you should read carefully before you invest or send money.

TT.CVUL

Issuer: The Northwestern Mutual Life Insurance Company (Northwestern Mutual), 720 E. Wisconsin Avenue, Milwaukee, WI 53202-4797

Principal Underwriter: Northwestern Mutual Investment Services, LLC. (866) 664-7737 Member FINRA and SIPC.

Download CVUL Historical Performance Brochure (370 k)

Download CVUL Policy Information Brochure (209 k)

Download Variable Life Semi-Annual Report (1,895 k)

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