Northwestern Mutual Variable Life Account II

10/28/2024 | Press release | Distributed by Public on 10/28/2024 14:07

Prospectus by Investment Company - Form 497

NML Variable Life Account II (EVUL II)
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 2024
NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II
EXECUTIVE VARIABLE UNIVERSAL LIFE II
This Supplement updates certain information in the most recent prospectus, initial summary prospectus and updating summary prospectus, as applicable, for the above-referenced variable life policy and any supplements to the prospectus, initial summary prospectus and updating prospectus (together the "Prospectuses"). You should read this Supplement in conjunction with your Prospectuses. Unless otherwise indicated, all other information included in the Prospectuses remains unchanged and the terms and section headings used in this Supplement have the same meaning as in the Prospectuses. We will send you another copy of any prospectuses or supplements without charge upon request. Please retain this Supplement for future reference.
Sub-Adviser Change for Mid Cap Growth Stock Portfolio
Effective October 28, 2024, J.P. Morgan Investment Management, Inc. has replaced Wellington Management Company LLP as the sub-adviser for the Mid Cap Growth Stock Portfolio. Please note that with respect to this change, some systems and forms may temporarily reference the previous sub-adviser for this Portfolio.
In light of these changes, in APPENDIX A-Portfolios Available under Your Contract, the following rows in the table are amended to contain the following information.
Investment Objective
Portfolio
Adviser/
Sub-adviser (if applicable)
Current Expenses
Average Annual
Total Returns
(as of 12/31/2023)
1 Year
5 Year
10 year
Long-term growth of
capital
Mid Cap Growth Stock
Portfolio2
MSA/J.P. Morgan Investment
Management, Inc.
0.54%1
14.96%
10.00%
7.05%
Update to Periodic Charges (Other than Portfolio Operating Expenses)
Effective January 1, 2025, in all states/jurisdictions other than the states of California, New York, and Texas, under "Fee and Expense Tables" section, in the table titled "Periodic Charges (Other than Portfolio Operating Expenses)," under the sub-header row titled "Administrative Charge" the "Current Charge" for the Maximum Charge and Charge for Insured Issue Age 50, Guaranteed Issue Non-Tobacco underwriting classification, are amended to reflect the following changes. These changes will become effective on or about March 1, 2025, in the states/jurisdictions of California, New York, and Texas.
Charge
When Charge is Deducted
Amount Deducted
Guaranteed Maximum
Charge
Current Charge
Administrative Charge
Monthly, on each
Monthly Processing Date
Maximum Charge7
$26(monthly)
$16(monthly)
Charge for Insured Issue
Age 50, Guaranteed Issue
Non Tobacco
underwriting
classification
$15 (monthly)
$7 (monthly)
This Supplement is dated October 28, 2024.