497VPU 1 d25841d497vpu.htm NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT (VLI) NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT (VLI)
Variable Life
Whole Life
Extra Ordinary Life
Single Premium Life
Issued by The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”)
and Northwestern Mutual Variable Life Account (the “Separate Account”)
Updating Summary Prospectus
May 1, 2021
This Summary Prospectus contains more information about three variable life Policies (each a ”Policy,” together the “the Policies”). The statutory prospectus for the Policy (the “Prospectus”) contains more information about each Policy’s features, benefits and risks. You can find this document and other information about each Policy, including the annual and semi-annual reports for your underlying portfolios, online at www.nmprospectus.com. You can also obtain this information at no cost by calling (866) 464-3800 or by sending an email request to vavldocrequest@northwesternmutual.com.
Additional information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved the Policy or passed upon the adequacy of this Summary Prospectus.
As permitted by regulations adopted by the SEC, paper copies of your underlying Portfolios’ shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports from us. Instead, your Portfolio annual and semi-annual reports will be made available on www.nmfundreports.com and you will be notified by mail each time a report is posted and provided with a link to access the report for each Portfolio. If you already elected to receive shareholder reports electronically, you will not be affected by this change, will continue to receive reports electronically and you need not take any action. You may elect to receive shareholder reports (and other communications) electronically by signing up for eDelivery at www.NorthwesternMutual.com/eDelivery. You may elect to receive all future reports in paper free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by calling (866) 910-1232. Your election to receive shareholder reports in paper will apply to all future reports for all Portfolios available under your Policy.
 
Updated Information About Your Policy
The information in this Updating Summary Prospectus is a summary of certain Policy features that have changed since your Prospectus dated May 1, 2020. This may not reflect all of the changes that have occurred since you entered into your Policy.
 
New Summary Prospectus
The look and feel of your annual prospectus has changed. New regulations adopted by the SEC now allow Northwestern Mutual to use this concise, reader-friendly summary of the key facts about your Policy. More detailed information about your Policy is available online at www.nmprospectus.com.
 
COVID-19
Last year, Northwestern Mutual established a limited premium repayment program in certain circumstances for those policyowners who may have been unable to make premium or other payments due to financial hardships caused by the COVID-19 crisis. That program has now expired. However, in response to this crisis your state of issue for may provide for special allowances. Accordingly, the following has been added to the “Reinstatement” section of the Prospectus:
COVID-19  Please note that the state in which your Policy was issued or delivered may require or provide for a longer Policy grace period, allow for the deferral of premium payments, provide for greater allowances to exercise certain contractual rights or benefits, or impose restrictions against Policy lapse or termination in recognition of financial hardships posed by the COVID-19 crisis, and the Company may offer additional accommodations beyond minimum state requirements as appropriate. Additional extensions of your Policy's grace period, deferrals of premium payments, greater allowances to exercise certain contractual rights and/or restrictions on Policy lapse may apply in the future but are not guaranteed. Please contact the Company at (866) 424-2609 for further information.
 
Fee and Expense Tables
Certain charges in the Periodic Charges (Other than Portfolio Operating Expenses) table have been updated to reflect new representative insureds. Applicable row(s) in the table for these charges have been replaced in their entirety as follows:
Whole Life Policy 
Charge
When Charge is Deducted
Maximum Guaranteed Charge
Current Charge
Cost of Insurance
Calculated at least
annually on the Policy
Anniversary
Same as current amount,
without the current dividend
Maximum: $1,000 per $1,000 of net amount at
risk (Attained Age 99)2
 
Minimum: $0.69 per $1,000 of net amount at risk
(Attained Age 10 female)2
 
Representative: $11.46 per $1,000 of net amount
at risk (Attained Age 56 male)
Single Premium Life Policy 
Charge
When Charge is Deducted
Maximum Guaranteed Charge
Current Charge
Cost of Insurance
Calculated at least
annually on the Policy
Anniversary
Same as current amount,
without the current dividend
Maximum: $1,000 per $1,000 of net amount at
risk (Attained Age 99)1
 
Minimum: $0.69 per $1,000 of net amount at risk
(Attained Age 10 female)1
 
Representative: $27.85 per $1,000 of net amount
at risk (Attained Age 66 male)
Variable Life Prospectus  3
Important Information You Should Consider About the Policies 
 
FEES AND EXPENSES
Cross-Reference(s)
to Location in
Prospectus
Charges for Early
Withdrawals
If you surrender your Single Premium Life Policy in the first ten Policy Years
you will be assessed a surrender charge of up to 9% of premium paid.
For example, if you surrender your Single Premium Life Policy and your total
premium paid to date was $100,000, you could pay a surrender charge of up to
$9,000.
Fee and Expense
Tables – Transaction
Fees (Single
Premium Life Policy
– Surrender Charge)
Transaction
Charges
In addition to surrender charges, you may also be charged for other transactions,
such as certain tax-related charges, a front-end sales load, charges for
transferring between investment options, extra premium for unqualified
insureds, charges for insurance or administrative charges, as well as charges for
expedited delivery or wire transfers.
Fee and Expense
Tables – Transaction
Fees
Ongoing Fees and
Expenses
(annual charges)
In addition to the charges above, investment in a Policy is subject to ongoing
fees and expenses, including fees covering the cost of insurance and optional
benefits available under the Policy. These fees are based on information as of
December 31, 2020, may change from year to year, and are generally based on
characteristics of the insured (e.g., age, sex and rating classification). You should
review your Policy specifications page for specific rates applicable under your
Policy.
You bear the expenses associated with the Portfolios available under your Policy,
the range for which is shown in the following table:
Fee and Expense
Tables – Periodic
Charges (Other than
Portfolio Operating
Expenses)
 
Fee and Expense
Tables – Annual
Portfolio Operating
Expenses
Annual Fee
Minimum*
Maximum*
Investment Options
(Portfolio company
fees and expenses)
0.21%
1.41%
* As a percentage of Portfolio assets.
 
RISKS
 
Risk of Loss
You can lose money by investing in a Policy, including loss of principal.
Risks of the Policies
–Investment Risk
and The Funds
Not a Short-Term
Investment
Your Policy is not a short-term investment and is not appropriate for you if you
need ready access to cash. Surrender charges may apply in the first 10 Policy
Years. In addition, short-term investment in a Policy may subject you to income
taxes and tax penalties.
Risks of the Policies
– Policy for Long-
Term Protection
Risks Associated
with Investment
Options
Investment in your Policy is subject to the risk of poor investment performance
and can vary depending on the performance of the investment options
(Portfolios) available under your Policy. Each Portfolio will have its own unique
risks and you should review these investment options before making an
investment decision.
Risks of the Policies
– Investment Risk
Insurance
Company Risks
Investment in your Policy is subject to the risks related to Northwestern Mutual,
and any obligations, guarantees, or benefits are subject to the claims-paying
ability of Northwestern Mutual. More information about Northwestern Mutual,
including its financial strength ratings, is available upon request by calling toll
free (866) 424-2609.
Risks of the Policies
–Investment Risk
Also see The
Company section
Policy Lapse
Insufficient premium payments, poor investment results, withdrawals, unpaid
loans, or loan interest may cause your Policy to lapse, meaning you will no
longer have any life insurance coverage and death benefits will not be paid.
After lapse, you may reinstate your Policy subject to certain conditions described
in the Prospectus, including the payment of any premium required to keep the
Policy in force.
Risks of the Policy
Lapse
Information About
the Policies
–Reinstatement
4  Variable Life Prospectus
 
RESTRICTIONS
Cross-Reference(s)
to Location in
Prospectus
Investments
Transfers from the Divisions must be in amounts greater than or equal to 1% of
assets in the Divisions, may be subject to charges, and are subject to the Policies
short-term and excessive trading policies. These short-term and excessive
trading policies may trigger additional restrictions on your Policy. Currently,
there is no charge when you transfer amounts among Divisions. However, we
reserve the right to charge $25 for each transfer. You may invest in up to six
Divisions at a time.
Under certain circumstances Northwestern Mutual reserves the right to remove a
Portfolio or substitute another Portfolio or mutual fund for such Portfolio.
Information about
the Policies – Other
Policy Transactions
(Transfers Between
Divisions and Short-
Term and Excessive
Trading)
 
Information about
the Policies – Other
Policies
Transactions
(Substitution of
Portfolio Shares and
Other Changes)
Optional Benefits
Optional benefits are subject to additional charges and payments made under
these benefits are generally subject to the same transaction fees as other
premium payments but may be treated differently for other purposes (e.g.,
certain death benefit minimums). Optional benefits are not available for all ages
(or may terminate at certain ages) and underwriting classifications. Because we
no longer issue the Policies, certain optional benefits may no longer be available.
Information about
the Policies – Other
Benefits Under the
Policies
 
TAXES
 
Tax Implications
You should consult with a tax professional to determine the tax implications of
an investment in, and payments received under, your Policy. There is no
additional tax benefit if a Policy is purchased through a tax-qualified plan or
individual retirement account (IRA). Withdrawals will generally be subject to
ordinary income tax, and may be subject to tax penalties.
Tax Considerations
 
CONFLICTS OF INTEREST
 
Investment
Professional
Compensation
We no longer issue the Policies to new owners. The Policies were sold
exclusively through financial representatives of Northwestern Mutual’s affiliated
broker-dealer, who are compensated with a commission based on a percentage of
premium, and Northwestern Mutual may share revenue it earns on your Policy
with its affiliated broker-dealer. These financial representatives may have, or
had, a financial incentive to offer or recommend your Policy, or another policy
issued by Northwestern Mutual, over other investments.
Distribution of the
Policies
 
Also see Deductions
and Charges –
Commissions Paid
to Financial
Representatives
Exchanges
We no longer issue the Policies to new owners. Some financial representatives
may have a financial incentive to offer a policy issued by Northwestern Mutual
in place of one you already own. You should only exchange an existing policy if
you determine, after comparing the features, fees and risks of both policies, that
it is preferable to purchase a policy issued by Northwestern Mutual (or any other
policy) rather than continue to own the existing policy.
None
Variable Life Prospectus  5
Glossary of Terms
ATTAINED AGE
The Insured’s Issue Age listed in the Policy, plus the number of complete Policy Years that have elapsed since the Policy Date.
COMPANY
The Northwestern Mutual Life Insurance Company.
DIVISION
A subdivision of the Separate Account. We invest each Division’s assets exclusively in shares of one Portfolio.
FINANCIAL REPRESENTATIVE
An individual who is authorized to sell you the Policy and who is both licensed as a Northwestern Mutual insurance agent and registered as a representative of our affiliate, Northwestern Mutual Investment Services, LLC, the principal underwriter of the Policy.
NORTHWESTERN MUTUAL
The Northwestern Mutual Life Insurance Company.
POLICY
Your Variable Life policy issued by Northwestern Mutual and the Separate Account.
POLICY ANNIVERSARY
The same day and month as the Policy Date in each year following the first Policy Year.
POLICY DATE
The date shown in the Policy from which the following are
computed, among other things:
1. Policy Year;
2. Policy Anniversary;
3. the Issue Age of Insured; and
4. the Attained Age of the Insured.
POLICY YEAR
A year that starts on the Policy Date or on a Policy Anniversary.
PORTFOLIO
A series of a Fund available for investment under the Policy which corresponds to a particular Division of the Separate Account.
PREMIUM PAYMENTS
All payments you make under the Policy other than loan repayments and transaction charges.
PROSPECTUS
The full statutory prospectus for the Policy.
SEPARATE ACCOUNT
Northwestern Mutual Variable Life Account.
SUMMARY PROSPECTUS
This document is a summary version of the prospectus, which summarizes key information found in the Prospectus for the Policy.
6  
APPENDIX A—Portfolios Available under Your Policy
The following is a list of Portfolios available under your Policy. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.nmprospectus.com. You can also request this information at no cost by calling (866) 464-3800 or by sending an email request to vavldocrequest@northwesternmutual.com.
The current expenses and performance information below reflects fees and expenses of the Portfolios, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.  
Investment
Objective
Portfolio and Adviser/
Sub-adviser (if applicable)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2020)
1 Year
5 Year
10 Year
Long-term growth of
capital; current income is
a secondary objective
Growth Stock Portfolio2
Mason Street Advisors, LLC
(MSA)/T. Rowe Price
Associates, Inc.
0.42%1
34.97%
17.68%
14.73%
Long-term growth of
capital
Focused Appreciation
Portfolio2
MSA/Loomis, Sayles &
Company, L.P.
0.62%1
32.55%
19.30%
15.90%
Long-term growth of
capital and income
Large Cap Core Stock
Portfolio2
MSA/
Wellington Management
Company LLP
0.44%1
22.74%
15.24%
11.73%
Long-term growth of
capital and income
Large Cap Blend
Portfolio2
MSA/
Fiduciary Management, Inc.
0.81%1
10.05%
12.18%
11.14%
Investment results that
approximate the
performance of the
Standard & Poor’s 500®
Composite Stock Price
Index
Index 500 Stock
Portfolio2
MSA/Black Rock Advisors,
LLC
0.20%1
18.18%
14.97%
13.64%
Long-term growth of
capital; income is a
secondary objective
Large Company Value
Portfolio2
MSA/American Century
Investment Management, Inc.
0.77%1
2.64%
9.11%
10.06%
Long-term growth of
capital and income
Domestic Equity
Portfolio2
MSA/Delaware Investments
Fund Advisers, a series of
Macquarie Investment
Management Business Trust
0.52%1
0.73%
9.11%
10.53%
Long-term growth of
capital and income
Equity Income Portfolio2
MSA/
T. Rowe Price Associates, Inc
0.58%1
1.20%
9.98%
9.30%
Long-term growth of
capital
Mid Cap Growth Stock
Portfolio2
MSA/
Wellington Management
Company LLP
0.54%
25.41%
13.38%
10.44%
Investment results that
approximate the
performance of the
Standard & Poor’s
MidCap 400® Stock Price
Index
Index 400 Stock
Portfolio2
MSA/Northern trust
Investments, Inc.
0.26%1
13.37%
12.05%
11.23%
Long-term growth of
capital; current incomes is
a secondary objective
Mid Cap Value Portfolio2
MSA/American Century
Investment Management, Inc.
0.76%1
1.67%
9.54%
10.61%
Long-term growth of
capital
Small Cap Growth Stock
Portfolio2
MSA/
Wellington Management
Company LLP
0.56%
33.47%
16.90%
13.38%
Investment results that
approximate the
performance of the
Standard & Poor’s
SmallCap 600® Index
Index 600 Stock
Portfolio2
MSA/Northern Trust
Investments, Inc.
0.31%
10.93%
12.03%
11.55%
Long-term growth of
capital
Small Cap Value
Portfolio2
MSA/
T. Rowe Price Associates, Inc
0.95%
9.29%
12.16%
9.78%
Long-term growth of
capital
International Growth
Portfolio2
MSA/FIAM LLC
0.63%
17.91%
12.11%
7.39%
Variable Life Prospectus  7
Investment
Objective
Portfolio and Adviser/
Sub-adviser (if applicable)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2020)
1 Year
5 Year
10 Year
Capital appreciation
Research International
Core Portfolio2
MSA/ Massachusetts
Financial Services Company
0.76%1
13.46%
9.76%
6.21%
Long-term growth of
capital; any income
realized will be incidental
International Equity
Portfolio2
MSA/Templeton Investment
Counsel, LLC
0.54%1
-2.71%
3.12%
3.26%
Capital appreciation
Emerging Markets
Equity Portfolio2
MSA/ Aberdeen Asset
Managers Limited
0.93%1
26.86%
12.97%
3.33%
Maximum current income
to the extent consistent
with liquidity and stability
of capital3
Government Money
Market Portfolio
MSA/BlackRock Advisors,
LLC
0.33%
0.31%
0.90%
0.50%
Provide as high a level of
current income as is
consistent with prudent
investment risk
Short-Term Bond
Portfolio2
MSA/
T. Rowe Price Associates, Inc
0.39%
4.29%
2.60%
1.72%
Provide as high a level of
total return consistent
with prudent investment
risk; a secondary
objective is to seek
preservation of
shareholders’ capital
Select Bond Portfolio2
MSA/Wells Capital
Management, Inc.
0.31%1
8.98%
4.75%
3.95%
Maximum total return,
consistent with
preservation of capital and
prudent investment
management
Long-Term U.S.
Government Bond
Portfolio2
MSA/Pacific Investment
Management Company LLC
0.94%
17.37%
7.33%
7.25%
Pursue total return using a
strategy that seeks to
protect against U.S.
inflation
Inflation Protection
Portfolio2
MSA/American Century
Investment Management, Inc.
0.56%1
9.57%
4.75%
3.43%
High current income and
capital appreciation
High Yield Bond
Portfolio2
MSA/Federated Investment
Management Company
0.45%
6.64%
7.88%
6.28%
Maximum total return,
consistent with prudent
investment management
Multi-Sector Bond
Portfolio2
MSA/Pacific Investment
Management Company LLC
0.73%1
6.13%
7.54%
5.60%
Realize as high a level of
total return as is
consistent with prudent
investment risk, through
income and capital
appreciation
Balanced Portfolio2
MSA
0.50%1
12.49%
8.86%
7.30%
Realize as high a level of
total return as is
consistent with reasonable
investment risk
Asset Allocation
Portfolio2
MSA
0.59%1
13.43%
10.10%
8.17%
Long-term growth of
capital
Fidelity® VIP Mid Cap
Portfolio – Initial Class4
Fidelity Management &
Research Company LLC
(FMR)5
0.62%
18.19%
11.07%
9.50%
Long-term capital
appreciation
Fidelity® VIP
Contrafund® Portfolio –
Initial Class4
FMR5
0.61%
30.57%
16.19%
13.52%
Long-term growth of
capital by investing
primarily in securities of
companies that meet the
Portfolios’s
environmental, social and
governance criteria
Sustainable Equity
Portfolio6
Neuberger Berman
Investment Advisers LLC
0.92%
19.56%
13.05%
11.62%
Long-term growth of
capital
U.S. Strategic Equity
Fund7
Russell Investment
Management LLC (RIM)8
0.84%
23.84%
14.27%
12.79%
8  Variable Life Prospectus
Investment
Objective
Portfolio and Adviser/
Sub-adviser (if applicable)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2020)
1 Year
5 Year
10 Year
Long-term growth of
capital
U.S. Small Cap Equity
Fund7
RIM8
1.25%
12.70%
10.84%
9.37%
Current income and long-
term growth of capital
Global Real Estate
Securities Fund7
RIM8
0.91%
-5.18%
4.61%
5.88%
Long-term growth of
capital
International Developed
Markets Fund7
RIM8
1.06%
5.08%
6.50%
5.10%
Provide total return
Strategic Bond Fund7
RIM8
0.69%
8.43%
4.69%
4.00%
Current income and
moderate long-term
capital appreciation
LifePoints® Variable
Target Portfolio Series
Moderate Strategy
Fund7
RIM8
0.86%1
6.40%
6.15%
5.13%
Above-average long-term
capital appreciation and a
moderate level of current
income
LifePoints® Variable
Target Portfolio Series
Balanced Strategy Fund7
RIM8
0.95%1
7.65%
7.37%
6.10%
High long-term capital
appreciation; and as a
secondary objective,
current income
LifePoints® Variable
Target Portfolio Series
Growth Strategy Fund7
RIM8
1.01%1
9.75%
8.62%
6.76%
High long-term capital
appreciation
LifePoints® Variable
Target Portfolio Series
Equity Growth Strategy
Fund7
RIM8
1.04%1
8.26%
8.93%
7.09%
Total return
Commodity Return
Strategy Portfolio –
Class 29
Credit Suisse Asset
Management, LLC
0.80%1
28.52%10
N/A
N/A
1
This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the Portfolio’s registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.
2
A series of Northwestern Mutual Series Fund, Inc., for which MSA, our wholly-owned company, serves as investment adviser.
3
Although the Government Money Market Portfolio seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the Government Money Market Portfolio. An investment in a money market portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. During extended periods of low interest rates, the yield of a money market portfolio may also become extremely low and possibly negative.
4
The Fidelity® VIP Mid Cap Portfolio and the Fidelity® VIP Contrafund® Portfolio are series of Variable Insurance Products Fund III and the Variable Insurance Products Fund II, respectively.
5
The following affiliates of Fidelity Management & Research Company also assist with foreign investments for each Portfolio: Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc.
6
A series of Neuberger Berman Advisers Management Trust.
7
A series of Russell Investment Funds.
8
Assets of each Portfolio are invested by one or more investment management organizations researched and recommended by Russell Investment Management LLC, the investment adviser for the Russell Investment Funds.
9
A series of Credit Suisse Trust.
10
Return represents performance from May 1, 2020 (inception date) to December 31, 2020.
Variable Life Prospectus  9
Additional Information
More information about the Policy and Separate Account is included in a Statement of Additional Information (“SAI”), which is dated the same day as this Summary Prospectus and the Prospectus, and is available free of charge from The Northwestern Mutual Life Insurance Company. To request a free copy of the Separate Account’s SAI, or current annual report, or to request other information about the Policy or to make investor inquiries, call (866) 464-3800. Under certain circumstances you or your Financial Representative may be able to obtain these documents online at www.nmprospectus.com. Reports and other information about the Separate Account are available on the SEC’s Internet site at http://www.sec.gov, or they may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
This Summary Prospectus incorporates by reference the Prospectus for the Policy and the SAI, both dated May 1, 2021, as amended or supplemented.

 
Edgar Contract Identifier C000000093
10  Variable Life Prospectus