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

The Policy provides significant premium flexibility. This means, after paying the initial premium, you can determine the amount and timing of any future premiums you pay, provided you make sufficient premium payments to keep the Policy in force. Although there are no required premiums, the Policy must maintain a certain level of Policy Value to cover Monthly Policy Charges in order to remain 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 121^st birthday of the younger insured, even if the younger insured is no longer living. 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.

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: 6.40% of premium up to Target Premium yrs 1-10; 2.40% up to Target thereafter; and 2.40% in excess of Target for each Policy Year.

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: Invested Asset Component - current annual rate of 0.05% of Invested Assets in all policy years; max charge is 0.90% annually. Monthly Mortality & Expense Risk Charge: Specified Amount Component — charge on an annual basis during the first 10 Policy Years is $0.04 per $1,000 of Initial Specified Amount if both insureds are issue age 25 or younger, up to $1.72 per $1,000 if both insureds are issue age 75 or older. Monthly administrative charge: current monthly charge is $5.00; max charge is $7.50 per month. Monthly underwriting and issue charge: current annual charge ranges from $0.18 to $0.42 per $1,000 of Initial Specified Amount; max annual charge ranges from $900 to $2100.Monthly deferred sales charge: (charged during the first ten policy years) the charge applied in the first Policy Year is 7.5% (0.625% monthly rate) of cumulative premiums paid to date up to the Target Premium; the charge applied during Policy Years 2-10 is equal to 7.5% (0.625% monthly rate) of the premium paid in the first Policy Year up to the Target Premium. Monthly policy debt expense charge: current charge of 0.90% annually of policy debt yrs 1-10, 0.35% thereafter; max charge is 2.0% of policy debt.

Surrender Charge: charged upon surrender during the first ten policy years.

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), Change 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 against Policy Value also 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.

SVUL is available for individual ages 20-85. The Policy Minimum Specified Amount is $1,000,000 if the older insured is age 20-49 and $500,000 if the older insured is age 50-85.

Life insurance is one of the most cost-effective ways to help you, your family, and/or your business to 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. Survivorship Variable Universal Life can be attractive for many reasons, including the variety of investment choices, premium payment flexibility, and the potential to withdraw funds 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 Survivorship Variable Universal Life may be right for you.

Backed by Northwestern Mutual's strong history and combined with your existing assets, Survivorship Variable Universal Life holds the potential to help you achieve the financial security that comes from protecting and preserving the estate you've built over your lifetime. Its flexibility allows you to adjust the Policy when changes in estate tax legislation, your financial situation or any other circumstances trigger a need to review your strategy.

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 contract 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.SVUL

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 SVUL Historical Performance Brochure (370 k)

Download SVUL Product Information Brochure (183k)

Download the Survivorship Variable Universal Life Prospectus (1001k)

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

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