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, 2023

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 www.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 are not currently being 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.

 

Table of Contents

 

	Page
Updated Information About Your Policy	1
Important Information You Should Consider About the Policy	1
Glossary of Terms	4
Appendix A—Portfolios Available under Your Policy	5
Additional Information	8

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, 2022. 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*	0.20%	1.11%

*

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.

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, 2022, 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.

Variable Joint Life Prospectus

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	RISKS	Cross-Reference(s) to Location in Prospectus
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
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

Variable Joint Life Prospectus

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	TAXES	Cross-Reference(s) to Location in Prospectus
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

Variable Joint Life Prospectus

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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.

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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 12/31/2022)
				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.	0.43%	-38.70%	4.86%	9.75%
Long-term growth of capital	Focused Appreciation Portfolio2	MSA/Loomis, Sayles & Company, L.P.	0.62%1	-27.83%	7.95%	12.77%
Long-term growth of capital and income	Large Cap Core Stock Portfolio2	MSA/Wellington Management Company LLP	0.44%1	-18.88%	8.95%	10.81%
Long-term growth of capital and income	Large Cap Blend Portfolio2	MSA/Fiduciary Management, Inc.	0.74%1	-13.78%	5.99%	10.06%
Investment results that approximate the performance of the Standard & Poor’s 500® Composite Stock Price Index	Index 500 Stock Portfolio2	MSA/BlackRock Advisors, LLC	0.20%1	-18.28%	9.20%	12.32%
Long-term growth of capital; income is a secondary objective	Large Company Value Portfolio2	MSA/American Century Investment Management, Inc.	0.75%1	-0.34%	7.95%	10.36%
Long-term growth of capital and income	Domestic Equity Portfolio2	MSA/Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust	0.50%1	-2.99%	7.08%	10.87%
Long-term growth of capital and income	Equity Income Portfolio2	MSA/T. Rowe Price Associates, Inc	0.57%1	-3.22%	7.16%	9.81%
Long-term growth of capital	Mid Cap Growth Stock Portfolio2	MSA/Wellington Management Company LLP	0.53%1	-23.77%	5.35%	8.00%
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.	0.25%1	-13.26%	6.44%	10.49%
Long-term growth of capital; current incomes is a secondary objective	Mid Cap Value Portfolio2	MSA/American Century Investment Management, Inc.	0.72%1	-1.15%	6.88%	11.17%
Long-term growth of capital	Small Cap Growth Stock Portfolio2	MSA/Wellington Management Company LLP	0.56%	-28.49%	3.55%	9.40%
Investment results that approximate the performance of the Standard & Poor’s SmallCap 600® Index	Index 600 Stock Portfolio2	MSA/Northern Trust Investments, Inc.	0.28%	-16.37%	5.51%	10.42%
Long-term growth of capital	Small Cap Value Portfolio2	MSA/T. Rowe Price Investment Management, Inc	0.91%1	-18.53%	3.77%	8.30%
Long-term growth of capital	International Growth Portfolio2	MSA/FIAM LLC	0.62%	-23.13%	4.67%	5.90%
Capital appreciation	Research International Core Portfolio2	MSA/Massachusetts Financial Services Company	0.75%1	-17.16%	3.13%	4.96%

Variable Joint Life Prospectus

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Investment Objective	Portfolio and Adviser/ Sub-adviser (if applicable)		Current Expenses	Average Annual Total Returns (as of 12/31/2022)
				1 Year	5 Year	10 Year
Long-term growth of capital and income	International Equity Portfolio2	MSA/Dodge & Cox	0.69%	-6.83%	-1.94%	2.13%
Capital appreciation	Emerging Markets Equity Portfolio2	MSA/abrdn Investments Limited	0.90%1	-25.28%	-1.21%	0.24%
Maximum current income to the extent consistent with liquidity and stability of capital3	Government Money Market Portfolio	MSA/BlackRock Advisors, LLC	0.33%1	1.36%	1.03%	0.60%
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%	-4.52%	1.03%	0.98%
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	0.32%1	-13.33%	0.16%	1.11%
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	0.98%1	-29.53%	-2.80%	0.04%
Pursue total return using a strategy that seeks to protect against U.S. inflation	Inflation Protection Portfolio2	MSA/American Century Investment Management, Inc.	0.55%1	-12.96%	1.54%	0.79%
High current income and capital appreciation	High Yield Bond Portfolio2	MSA/Federated Investment Management Company	0.45%	-11.33%	2.18%	3.72%
Maximum total return, consistent with prudent investment management	Multi-Sector Bond Portfolio2	MSA/Pacific Investment Management Company LLC	0.72%1	-15.39%	0.20%	1.91%
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	-14.14%	3.41%	5.25%
Realize as high a level of total return as is consistent with reasonable investment risk	Asset Allocation Portfolio2	MSA	0.58%1	-14.83%	4.21%	6.40%
Long-term growth of capital	Fidelity® VIP Mid Cap Portfolio – Initial Class4	Fidelity Management & Research Company LLC (FMR)5	0.61%	-14.74%	5.95%	9.96%
Long-term capital appreciation	Fidelity® VIP Contrafund® Portfolio – Initial Class4	FMR5	0.60%	-26.31%	8.66%	11.43%
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	0.93%	-18.45%	7.40%	10.89%
Long-term growth of capital	U.S. Strategic Equity Fund7	Russell Investment Management LLC (RIM)8	0.96%	-20.86%	6.79%	10.79%
Long-term growth of capital	U.S. Small Cap Equity Fund7	RIM8	1.11%1	-15.96%	5.24%	8.85%

Variable Joint Life Prospectus

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Investment Objective	Portfolio and Adviser/ Sub-adviser (if applicable)		Current Expenses	Average Annual Total Returns (as of 12/31/2022)
				1 Year	5 Year	10 Year
Current income and long- term growth of capital	Global Real Estate Securities Fund7	RIM8	0.91%	-26.77%	0.26%	3.36%
Long-term growth of capital	International Developed Markets Fund7	RIM8	1.03%1	-13.04%	0.96%	4.43%
Provide total return	Strategic Bond Fund7	RIM8	0.67%	-14.28%	-0.23%	0.94%
Current income and moderate long-term capital appreciation	LifePoints® Variable Target Portfolio Series Moderate Strategy Fund7	RIM8	0.83%1	-15.65%	0.77%	3.08%
Above-average long-term capital appreciation and a moderate level of current income	LifePoints® Variable Target Portfolio Series Balanced Strategy Fund7	RIM8	0.91%1	-16.35%	2.01%	4.48%
High long-term capital appreciation; and as a secondary objective, current income	LifePoints® Variable Target Portfolio Series Growth Strategy Fund7	RIM8	0.97%1	-17.20%	2.99%	5.57%
High long-term capital appreciation	LifePoints® Variable Target Portfolio Series Equity Growth Strategy Fund7	RIM8	0.99%1	-17.68%	3.00%	6.05%
Total return	Commodity Return Strategy Portfolio – Class 29	Credit Suisse Asset Management, LLC	0.77%	16.34%	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.

Variable Joint Life Prospectus

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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, 2023, as amended or supplemented.

 

Edgar Contract Identifier C000031363

Variable Joint Life Prospectus

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