497 1 d894259d497.htm NML VARIABLE LIFE ACCOUNT (VEL) NML Variable Life Account (VEL)
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 2024
NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT
VARIABLE EXECUTIVE 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 APortfolios 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 “Monthly Policy Charge-Cost of Insurance Charge” the “Current Charge” for the Monthly Policy Charge Administrative Charge, is amended to reflect the following change. This change will become effective on or about March 1, 2025, in the states/jurisdictions of California, New York, and Texas.
Charge
When Charge is Deducted
Maximum Guaranteed Charge
Current Charge
Monthly Policy ChargeCost of Insurance Charge2
Monthly Policy
Charge Administrative
Charge
Monthly, on each
Monthly Processing Date
$15 (monthly) for the first
Policy Year; $10 (monthly)
thereafter
$9 (monthly)
This Supplement is dated October 28, 2024.