Northwestern Mutual Variable Life Account II

10/28/2024 | Press release | Distributed by Public on 10/28/2024 14:42

Updating Summary Prospectus - Form 497VPU

NML Variable Life Account II (EVUL)
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 2024
NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II
EXECUTIVE VARIABLE UNIVERSAL LIFE
This Supplement updates certain information in the most recent prospectus and updating summary prospectus, as applicable, for the above-referenced variable life policy and any supplements to the prospectus and updating summary 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 state of New York, 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, Minimum Charge, and Charge for Insured Issue Age 51, Guaranteed Issue underwriting classification in the sixth Policy Year, are amended to reflect the following changes:
Amount Deducted
Charge
When Charge is Deducted
Guaranteed MaximumCharge
Current Charge
AdministrativeCharge
Monthly, on each
Monthly Processing Date
Maximum Charge7
$44
$28
Minimum Charge8
$13
$9
Charge for InsuredIssue
Age 51,Guaranteed Issue
underwriting
classification in thesixth
Policy Year
$13
$9
This Supplement is dated October 28, 2024.