497VPU 1 d293285d497vpu.htm NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT (VJL) NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT (VJL)
Variable Joint 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, 2022
This Summary Prospectus contains more information about your flexible premium variable joint life insurance policy (the “Policy”). The statutory prospectus for the Policy (the “Prospectus”) contains more information about the Policy’s features, benefits and risks. You can find this document and other information about the 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 section of the Updating Summary Prospectus is a summary of certain Policy features that have changed since your Prospectus dated May 1, 2021. This may not reflect all of the changes that have occurred since you entered into your Policy.
 
Annual Portfolio Operating Expenses
The Annual Portfolio Operating Expense table has been updated to reflect current minimum and maximum total operating expenses for the Portfolios, as follows: 
 
Minimum
Maximum
Annual Portfolio Operating Expenses (expenses deducted from Portfolio assets, including management fees,
distribution (12b-1) fees, and other expenses as a percentage of average Portfolio assets)
0.21%
1.28%
Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement*
0.19%
1.12%
*
The “Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement” line in the above table shows the minimum and maximum fees and expenses charged by all of the Portfolios after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce Portfolio Operating Expenses.
1Variable Joint Life Prospectus
Important Information You Should Consider About the Policy 
 
FEES AND EXPENSES
Cross-Reference(s)
to Location in
Prospectus
Charges for Early
Withdrawals
If you surrender your Policy in the first ten Policy Years you will be assessed a
surrender charge of up to 50% of the Target Premium.
For example, if you surrender your Policy and your total Target Premium
amount was $100,000, you could pay a surrender charge of up to $50,000.
Withdrawals are subject to a $25 service charge (currently waived) for each
withdrawal request.
Fee and Expense
Tables – Transaction
Fees (Surrender
Charge and Fee for
Transfer of Assets,
Withdrawals or
Change of Specified
Amount)
Transaction Charges
In addition to surrender and withdrawal 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, changes to your death
benefit option or Specified Amount, 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 the 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, 2021, 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%
1.28%
* As a percentage of Portfolio assets.
 
RISKS
 
Risk of Loss
You can lose money by investing in the Policy, including loss of principal.
Risks of the Policy
–Investment Risk
and The Funds
Not a Short-Term
Investment
The Policy is not a short-term investment and is not appropriate for you if you
need ready access to cash. Surrender charges apply in the first 10 Policy Years
and the value of your Policy and death benefit will be reduced if you withdraw
money. In addition, short-term investment in the Policy may subject you to
income taxes and tax penalties.
Risks of the Policy –
Policy for Long-Term
Protection
Risks Associated
with Investment
Options
Investment in the Policy is subject to the risk of poor investment performance
and can vary depending on the performance of the investment options
(Portfolios) available under the Policy. Each Portfolio will have its own unique
risks and you should review these investment options before making an
investment decision.
Risks of the Policy –
Investment Risk
Insurance Company
Risks
Investment in the 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) 464-3800.
Risks of the Policy
–Investment Risk
and the
Northwestern
Mutual section
Variable Joint Life Prospectus
2
 
RISKS
Cross-Reference(s)
to Location in
Prospectus
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 the Policy subject to certain conditions described
in the Prospectus, including the payment of the minimum payment amount,
required to keep the Policy in force.
Risks of the Policy
–Policy Lapse
Information About
the Policy –
Termination and
Reinstatement
 
RESTRICTIONS
 
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
Policy’s 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 accumulated amounts among
Divisions. However, we reserve the right to charge $25 for each transfer after
12 transfers in a Policy Year. You may invest in up to 30 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 Policy – Other
Policy Transactions
(Transfers and
Short-Term and
Excessive Trading)
Fee and Expense
Tables –
Transactions Fees
(Fee for Transfer of
Assets, Withdrawals
or Change of
Specified Amount)
 
Information about
the Policy – Other
Policy Transactions
(Substitution of
Portfolio Shares and
Other Changes)
Optional Benefits
If available, 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. We
may stop offering an optional benefit at any time.
Information about
the Policy—Other
Benefits Available
Under the Policy
 
TAXES
 
Tax Implications
You should consult with a tax professional to determine the tax implications of
an investment in, and payments received under, the Policy. There is no
additional tax benefit if the 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 Policy to new owners. Your Policy wass 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 the Policy, or another policy
issued by Northwestern Mutual, over other investments.
Distribution of the
Policy
 
Also see Charges
and Expenses –
Commissions Paid to
Financial
Representatives
Exchanges
We no longer issue the Policy 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
3Variable Joint Life Prospectus
Glossary of Terms
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.
INSURED
The person named as the Insured on the Application and in the Policy.
MONTHLY PROCESSING DATE
The first Monthly Processing Date is the Policy Date; thereafter, the Monthly Processing Date is the same day of each month as the Policy Date. If the Monthly Processing Date would otherwise fall on the 29th, 30th or 31st of the month, monthly processing will occur on that day or on the last day of the month if the month does not have that day.
NORTHWESTERN MUTUAL
The Northwestern Mutual Life Insurance Company.
POLICY
Your Variable Joint Life policy issued by Northwestern Mutual and the Separate Account.
POLICY DEBT
The total amount of all outstanding Policy loans, including both principal and accrued interest.
POLICY VALUE
The cumulative amount invested, less withdrawals, adjusted for investment results and interest on Policy Debt, and reduced by the monthly charges for the cost of insurance and other expenses. It is also equal to the sum of Invested Assets and Policy Debt. Please note that in certain contexts outside of the Prospectus, such as sales literature, notices and/or other materials, the term Accumulated Value may be used in place of Policy Value. In some circumstances, the term Accumulated Value After Loan may be used to describe your Policy Value after deductions for an outstanding loan, as appropriate.
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.
PROSPECTUS
The full statutory prospectus for the Policy.
PREMIUM PAYMENT
All payments you make under the Policy other than loan repayments and transaction charges.
SEPARATE ACCOUNT
Northwestern Mutual Variable Life Account.
SPECIFIED AMOUNT
The amount you select, subject to minimums and underwriting requirements we establish, used in determining the insurance coverage on the Insureds’ lives.
SUMMARY PROSPECTUS
This document is a summary version of the prospectus, which summarizes key information found in the Prospectus for the Policy.
TARGET PREMIUM
An amount based on the initial Specified Amount and characteristics of the Insured persons, such as Issue Age and sex and underwriting classification, used to compute the sales load, commissions, surrender charge and other expense charges during the first 10 Policy Years.
4
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 12/31/2021)
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%
16.67%
20.77%
16.66%
Long-term growth of
capital
Focused Appreciation
Portfolio2
MSA/Loomis, Sayles &
Company, L.P.
0.62%1
18.90%
22.10%
18.67%
Long-term growth of
capital and income
Large Cap Core Stock
Portfolio2
MSA/Wellington
Management Company LLP
0.43%1
25.10%
18.77%
14.40%
Long-term growth of
capital and income
Large Cap Blend
Portfolio2
MSA/Fiduciary Management,
Inc.
0.78%1
18.46%
13.05%
13.30%
Investment results that
approximate the
performance of the
Standard & Poor’s 500®
Composite Stock Price
Index
Index 500 Stock
Portfolio2
MSA/BlackRock Advisors, LLC
0.19%1
28.45%
18.22%
16.30%
Long-term growth of
capital; income is a
secondary objective
Large Company Value
Portfolio2
MSA/American Century
Investment Management,
Inc.
0.71%1
21.92%
10.32%
12.10%
Long-term growth of
capital and income
Domestic Equity
Portfolio2
MSA/Delaware Investments
Fund Advisers, a series of
Macquarie Investment
Management Business Trust
0.49%1
22.71%
10.54%
12.71%
Long-term growth of
capital and income
Equity Income Portfolio2
MSA/T. Rowe Price
Associates, Inc
0.57%1
25.70%
11.16%
11.93%
Long-term growth of
capital
Mid Cap Growth Stock
Portfolio2
MSA/Wellington
Management Company LLP
0.52%1
10.18%
15.41%
12.23%
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.
0.24%1
24.46%
12.80%
13.91%
Long-term growth of
capital; current incomes is
a secondary objective
Mid Cap Value Portfolio2
MSA/American Century
Investment Management,
Inc.
0.72%1
23.27%
9.55%
13.02%
Long-term growth of
capital
Small Cap Growth Stock
Portfolio2
MSA/Wellington
Management Company LLP
0.54%
4.11%
15.15%
14.16%
Investment results that
approximate the
performance of the
Standard & Poor’s
SmallCap 600® Index
Index 600 Stock
Portfolio2
MSA/Northern Trust
Investments, Inc.
0.27%
26.22%
12.05%
14.08%
Long-term growth of
capital
Small Cap Value
Portfolio2
MSA/T. Rowe Price
Investment Management, Inc
0.92%1
23.00%
10.52%
12.23%
Long-term growth of
capital
International Growth
Portfolio2
MSA/FIAM LLC
0.61%1
15.92%
16.28%
10.54%
Capital appreciation
Research International
Core Portfolio2
MSA/Massachusetts
Financial Services Company
0.73%1
12.07%
12.54%
8.62%
5Variable Joint Life Prospectus
Investment
Objective
Portfolio and Adviser/
Sub-adviser (if applicable)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2021)
1 Year
5 Year
10 Year
Long-term growth of
capital and income
International Equity
Portfolio2
MSA/Dodge & Cox
0.68%
5.00%
3.54%
4.88%
Capital appreciation
Emerging Markets Equity
Portfolio2
MSA/Aberdeen Asset
Managers Limited
0.89%1
-4.55%
9.99%
5.00%
Maximum current income
to the extent consistent
with liquidity and stability
of capital3
Government Money
Market Portfolio
MSA/BlackRock Advisors, LLC
0.33%
0.01%
0.88%
0.48%
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
0.38%
-0.10%
2.24%
1.65%
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/Allspring Global
Investments, LLC
0.30%1
-1.59%
3.79%
3.07%
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
0.67%
-5.37%
5.92%
3.99%
Pursue total return using
a strategy that seeks to
protect against U.S.
inflation
Inflation Protection
Portfolio2
MSA/American Century
Investment Management,
Inc.
0.53%1
6.61%
5.14%
2.93%
High current income and
capital appreciation
High Yield Bond
Portfolio2
MSA/Federated Investment
Management Company
0.44%
5.31%
6.07%
6.35%
Maximum total return,
consistent with prudent
investment management
Multi-Sector Bond
Portfolio2
MSA/Pacific Investment
Management Company LLC
0.71%1
-0.08%
5.28%
5.08%
Realize as high a level of
total return as is
consistent with prudent
investment risk, through
income and capital
appreciation
Balanced Portfolio2
MSA
0.52%1
7.56%
9.06%
7.86%
Realize as high a level of
total return as is
consistent with
reasonable investment
risk
Asset Allocation
Portfolio2
MSA
0.60%1
10.45%
10.64%
9.25%
Long-term growth of
capital
Fidelity® VIP Mid Cap
Portfolio – Initial Class4
Fidelity Management &
Research Company LLC
(FMR)5
0.61%
26.60%
13.60%
13.29%
Long-term capital
appreciation
Fidelity® VIP Contrafund®
Portfolio – Initial Class4
FMR5
0.60%
27.83%
20.17%
16.64%
Long-term growth of
capital by investing
primarily in securities of
companies that meet the
Portfolio’s environmental,
social and governance
criteria
Sustainable Equity
Portfolio6
Neuberger Berman
Investment Advisers LLC
0.89%
23.48%
15.72%
14.36%
Long-term growth of
capital
U.S. Strategic Equity
Fund7
Russell Investment
Management LLC (RIM)8
0.84%
20.40%
16.22%
15.08%
Long-term growth of
capital
U.S. Small Cap Equity
Fund7
RIM8
1.12%1
25.79%
12.14%
12.39%
Variable Joint Life Prospectus
6
Investment
Objective
Portfolio and Adviser/
Sub-adviser (if applicable)
Current
Expenses
Average Annual
Total Returns
(as of 12/31/2021)
1 Year
5 Year
10 Year
Current income and long-
term growth of capital
Global Real Estate
Securities Fund7
RIM8
0.91%
27.19%
9.11%
9.25%
Long-term growth of
capital
International Developed
Markets Fund7
RIM8
1.02%1
12.66%
8.56%
7.83%
Provide total return
Strategic Bond Fund7
RIM8
0.67%
-1.82%
3.67%
3.34%
Current income and
moderate long-term
capital appreciation
LifePoints® Variable
Target Portfolio Series
Moderate Strategy Fund7
RIM8
0.84%1
8.23%
6.25%
5.96%
Above-average long-term
capital appreciation and a
moderate level of current
income
LifePoints® Variable
Target Portfolio Series
Balanced Strategy Fund7
RIM8
0.92%1
13.04%
8.15%
7.67%
High long-term capital
appreciation; and as a
secondary objective,
current income
LifePoints® Variable
Target Portfolio Series
Growth Strategy Fund7
RIM8
0.98%1
17.44%
10.11%
9.02%
High long-term capital
appreciation
LifePoints® Variable
Target Portfolio Series
Equity Growth Strategy
Fund7
RIM8
1.00%1
19.61%
10.60%
9.72%
Total return
Commodity Return
Strategy Portfolio – Class
29
Credit Suisse Asset
Management, LLC
0.78%
28.46%
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.
7Variable Joint Life Prospectus
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 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, 2022, as amended or supplemented.

 
Edgar Contract Identifier C000031363
Variable Joint Life Prospectus
8