CUSTOM VARIABLE UNIVERSAL LIFE

Transcription

1 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY May 1, 2017 GO PAPERLESS! See back cover for details. CUSTOM VARIABLE UNIVERSAL LIFE Flexible Premium Variable Universal Life Insurance Policy PROSPECTUSES Custom Variable Universal Life Northwestern Mutual Series Fund, Inc. Fidelity VIP Mid Cap Portfolio Service Class 2 Fidelity VIP Contrafund Portfolio Service Class 2 Neuberger Berman AMT Socially Responsive Portfolio Russell Investment Funds Russell Investment Funds LifePoints Variable Target Portfolio Series Credit Suisse Trust Commodity Return Strategy Portfolio (0107)

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3 Northwestern Mutual Series Fund, Inc. Select Bond Portfolio Supplement Dated December 15, 2017 to the Summary Prospectus for the Select Bond Portfolio Dated May 1, 2016 The following information supplements the Summary Prospectus for the Select Bond Portfolio of Northwestern Mutual Series Fund, Inc. dated May 1, 2017 (the Summary Prospectus ), a copy of which you have already received. You should read this Supplement together with the Summary Prospectus. Portfolio Managers Update Effective October 16, 2017, Maulik Bhansali and Jarad Vasquez joined Troy Ludgood and Thomas O'Connor as co-portfolio managers of the Select Bond Portfolio (the Portfolio ). Accordingly, the Portfolio Managers information set forth in the PORTFOLIO MANAGEMENT section is hereby deleted and replaced with the following: Portfolio Managers: Troy Ludgood, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2004 and has co-managed the Portfolio since Thomas O Connor, CFA, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2000 and has co-managed the Portfolio since Maulik Bhansali, CFA, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2001 and has co-managed the Portfolio since October Jarad Vasquez, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2007 and has co-managed the Portfolio since October In addition, Mr. Ludgood plans to transition to a new role effective April 30, 2018 and will no longer serve as a coportfolio manager of the Portfolio after such date. Accordingly, effective April 30, 2018, all information relating to Mr. Ludgood is deleted from the Prospectus. Please retain this Supplement for future reference. Northwestern Mutual Series Fund, Inc. Select Bond Portfolio Supplement Dated December 18, 2017 to the Summary Prospectus for the Select Bond Portfolio Dated May 1, 2017 The following information supplements the Summary Prospectus for the Select Bond Portfolio of Northwestern Mutual Series Fund, Inc. dated May 1, 2017, as supplemented December 15, 2017 (the Summary Prospectus ), a copy of which you have already received. You should read this Supplement together with the Summary Prospectus. Revised Reference to Summary Prospectus Date The Summary Prospectus Supplement dated December 15, 2017 ("Supplement") contained a typographical error which incorrectly identified the date of the Summary Prospectus being supplemented as May 1, This date is hereby corrected so that the title information for the Supplement provides as follows: "Supplement Dated December 15, 2017 to the Summary Prospectus for the Select Bond Portfolio Dated May 1, 2017." Please retain this Supplement for future reference.

4 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY SUPPLEMENT TO THE PROSPECTUS (MAY 1, 2017) NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II CUSTOM VARIABLE UNIVERSAL LIFE Unless otherwise noted below, effective as of the first business day in 2018 this Supplement amends certain information contained in the Prospectus referenced above. The entire Periodic Charges (Other than Portfolio Expenses) section of the Prospectus is hereby replaced in its entirety with the following: Periodic Charges (Other than Portfolio Operating Expenses) 1 The Table below describes the fees and expenses that you will pay periodically during the time that you own the Policy other than the operating expenses for the Portfolios. Certain charges applicable to your Policy depend on your Policy Date and/or whether your Policy has passed your Policy Anniversary in Please see Policy Anniversary and Policy Date in the Glossary of Terms to help you understand how they will affect the charges applicable to your Policy. Charge When Charge is Deducted Amount Deducted Current Charge Guaranteed Maximum Charge Cost of Insurance Charge 2 Monthly, on each Monthly Processing Date Maximum Charge 3 $83 (monthly) per $1,000 of net amount at risk Same as current charge Minimum Charge 4 For Policies with a Policy Date after December 31, 2017 or Policies with a Policy Date prior to January 1, 2018 that have passed their Policy Anniversary in 2018: $0.007 (monthly) per $1,000 of net amount at risk For Policies with a Policy Date prior to January 1, 2018 that have not passed their Policy Anniversary in 2018: $0.02 (monthly) per $1,000 of net amount at risk Charge for Insured Issue Age 35, Male, Premier Non-Tobacco underwriting classification 5 Mortality and Expense Risk Charge Monthly, on each Monthly Processing Date $0.008 (monthly) per $1,000 of net amount at risk $0.02 (monthly) per $1,000 of net amount at risk in the first $0.09 (monthly) per $1,000 Policy Year (varies by Policy Year) 5 of net amount at risk in the first Policy Year (varies by Policy Year) % annually ( % monthly rate) of Invested Assets for Policy Years % annually ( % monthly rate) of Invested Assets for Policy Years All Policy Years: 0.60% annually (0.050% monthly rate) of Invested Assets 0.00% annually ( % monthly rate) of Invested Assets for Policy Years 21 and above Administrative Monthly, on each Monthly Charge Processing Date Maximum Charge 6 $27 (monthly) for Policy Years 1-10; $8 (monthly) for Policy Years 11 and above $41 (monthly) for Policy Years 1-10; $16 (monthly) for Policy Years 11 and above - 1 -

5 Minimum Charge 7 $9 (monthly) for Policy Years 1-10; $5 (monthly) for Policy Years 11 and above Charge for Insured Issue Age 35, Premier Non-Tobacco underwriting classification Deferred Sales Charge 8 Maximum Charge 9 Minimum Charge 10 Charge for Insured Issue Age 35, Premier Non-Tobacco underwriting classification Death Benefit Guarantee Charge Policy Debt Expense Charge 11 Monthly, on each Monthly Processing Date during the first ten Policy Years Monthly, on each Monthly Processing Date when the Death Benefit Guarantee is in force Monthly, on each Monthly Processing Date when there is Policy Debt $13 (monthly) for Policy Years 1-10; $6 (monthly) for Policy Years 11 and above 1.35% (monthly) of premium paid in the first Policy Year up to Target Premium for Policy Years % of premium paid in the first Policy Year up to Target Premium for Policy Years % of premium paid in the first Policy Year up to Target Premium for Policy Years 1-10 $13 (monthly) for Policy Years 1-10; $9 (monthly) for Policy Years 11 and above $20 (monthly) for Policy Years 1-10; $9 (monthly) for Policy Years 11 and above 1.35% of premium paid in the first Policy Year up to Target Premium for Policy Years 1-10 Same as current charge Same as current charge $0.01 per $1,000 of Guaranteed Minimum Death Benefit $0.02 per $1,000 of Guaranteed Minimum Death Benefit When the Insured is Attained Age 99 and below: For Policy Dates 1/1/2016 and later: 0.90% annually (0.075% monthly rate) of Policy Debt for Policy Years 1-10, 0.75% annually (0.0625% monthly rate) of Policy Debt for Policy Years 11-20, 0.20% annually ( % monthly rate) of Policy Debt for Policy Years 21 and above All Policy Years 2.00% annually ( % monthly rate) of Policy Debt For Policy Dates prior to 1/1/2016: 0.65% annually ( % monthly rate) of Policy Debt for Policy Years % annually ( % monthly rate) of Policy Debt for Policy Years % annually ( % monthly rate) of Policy Debt for Policy Years 21 and above When the Insured is Attained Age 100 and above: 0.00% annually of Policy Debt Underwriting and Monthly, on each Monthly Issue Charge 12 Processing Date during the first ten Policy Years Maximum Charge 13 $0.03 (monthly) per $1,000 of Initial Specified Amount Same as current charge Minimum Charge 14 $0.005 (monthly) per $1,000 of Initial Specified Amount Same as current charge Charge for Insured $0.007 (monthly) per $1,000 of Initial Specified Amount Same as current charge Issue Age 35, Premier - 2 -

6 Non-Tobacco underwriting classification Payment of Selected Monthly Premium Upon Total Disability Benefit Charge 15 Maximum Charge 16 Monthly, on each Monthly Processing Date The greater of $0.04 (monthly) per $1.00 of Selected Monthly Premium, or $0.06 (monthly) per $1.00 of Specified Monthly Charges The greater of $0.09 (monthly) per $1.00 of Selected Monthly Premium, or $0.15 (monthly) per $1.00 of Specified Monthly Charges Minimum Charge 17 $0.002 (monthly) per $1.00 of Selected Monthly Premium $0.007 (monthly) per $1.00 of Selected Monthly Premium Charge for Insured Attained Age 35, Premier Non-Tobacco underwriting classification 18 Payment of Specified Monthly Charges Upon Total Disability Benefit Charge 19 Monthly, on each Monthly Processing Date $0.003 (monthly) per $1.00 of Selected Monthly Premium $0.01 per $1.00 of Selected Monthly Premium Maximum Charge 20 $0.06 (monthly) per $1.00 of Specified Monthly Charges $0.15 (monthly) per $1.00 of Specified Monthly Charges Minimum Charge 21 $0.002 (monthly) per $1.00 of Specified Monthly Charges $0.006 (monthly) per $1.00 of Specified Monthly Charges Charge for Insured Attained Age 35, Male, Premier Non-Tobacco underwriting classification Additional Purchase Benefit Charge 22 Maximum Charge 23 Minimum Charge 24 Monthly, on each Monthly Processing Date $0.003 (monthly) per $1.00 of Specified Monthly Charges $0.01 (monthly) per $1.00 of Specified Monthly Charges $0.03 (monthly) per $1,000 of additional purchase benefit amount For Policies with a Policy Date after December 31, 2017 or Policies with a Policy Date prior to January 1, 2018 that have passed their Policy Anniversary in 2018: $0.003 (monthly) per $1,000 of additional purchase benefit amount For Policies with a Policy Date prior to January 1, 2018 that have not passed their Policy Anniversary in 2018: $0.008 (monthly) per $1,000 of additional purchase benefit amount $0.13 (monthly) per $1,000 of additional purchase benefit amount $0.03 (monthly) per $1,000 of additional purchase benefit amount Charge for Insured Issue Age 0, Male For Policies with a Policy Date after December 31, 2017 or Policies with a Policy Date prior to January 1, 2018 that have passed their Policy Anniversary in 2018: $0.02 (monthly) per $1,000 of additional purchase benefit amount $0.03 (monthly) per $1,000 of additional purchase benefit amount - 3 -

7 For Policies with a Policy Date prior to January 1, 2018 that have not passed their Policy Anniversary in 2018: $0.01 (monthly) per $1,000 of additional purchase benefit amount 1 The charges described in this table may vary based upon one or more characteristics of the Policy, such as factors including but not limited to: Insured underwriting classification, Issue Age, sex, underwriting amount, Specified Amount, Target Premium, Policy Debt, and Policy Year (see Charges and Deductions Monthly Policy Charges and Service Charges for more details regarding each charge). Therefore, the charges shown in the table may not be representative of the charges a particular Owner may pay. Your Policy schedule pages will indicate the guaranteed maximum charge for each periodic charge under your Policy. In addition, where appropriate, all charges in the table expressed in dollars have been rounded to the nearest dollar, and all amounts that would round to zero have been rounded to the nearest penny or less, as necessary. Please request an illustration from your Financial Representative for personalized information, including the particular charges applicable to your Policy. (See Illustrations ). Unless otherwise noted, the charges in the table represent the monthly rate. Please see Policy Anniversary and Policy Date in the Glossary of Terms to help you understand how they will affect the charges applicable to your Policy. 2 The Cost of Insurance Charge will vary based on factors including but not limited to the Insured s Issue Age, sex, underwriting classification, underwriting amount, and Policy Year. The Cost of Insurance Charges shown in the table may not be representative of the charges a particular Owner may pay. The net amount at risk is the difference between the Death Benefit and the Policy Value. Please request an illustration from your Financial Representative for personalized information, including the particular charges applicable to your Policy. (See Illustrations ). 3 The maximum Cost of Insurance Charge assumes that the Insured has the following characteristic: Attained Age 120. The maximum Cost of Insurance Charge shown may also apply to other combinations of Policy Year and Insured characteristics. 4 The minimum Cost of Insurance Charge assumes that the Policy is in the first Policy Year, and that the Insured has the following characteristics: Female, Issue Age 28, Premier Non-Tobacco underwriting classification. The minimum guaranteed maximum Cost of Insurance Charge assumes that the Insured has the following characteristic: Female, Issue Age 2-12, Premier Non-Tobacco underwriting classification. Please note the Insured characteristics for the displayed minimum current Cost of Insurance Charge are different from the Insured characteristics for the displayed minimum guaranteed maximum Cost of Insurance Charge. The minimum Cost of Insurance Charge shown may also apply to other combinations of Policy Year and Insured characteristics. 5 The amount of the Cost of Insurance Charge is determined by multiplying the net amount at risk by the cost of insurance rate (see Charges and Deductions ). The net amount at risk is the difference between the Death Benefit (or the Guaranteed Minimum Death Benefit if the Policy is in force under the Death Benefit Guarantee) and the Policy Value. Generally, the cost of insurance rate will increase each Policy Year. 6 The maximum Administrative Charge assumes that the Insured has the following characteristics: Issue Age 75, substandard underwriting classification. 7 The minimum Administrative Charge assumes that the Insured has the following characteristics: Issue Ages 0-15, standard underwriting classification. 8 Because this charge is based on cumulative premiums paid at any point during the first Policy Year, this charge will vary depending on the amount and timing of your premium payments during the first Policy Year. 9 The current maximum and guaranteed maximum Deferred Sales Charge assumes that the Insured has the following characteristics: Issue Age 55, Class 2-9 Non-Tobacco underwriting classification. The maximum Deferred Sales Charge shown may also apply to other combinations of Policy Year and Insured characteristics. 10 The minimum Deferred Sales Charge assumes that the Insured has the following characteristics: Issue Age 75, Premier or Preferred Non- Tobacco underwriting classification. 11 This charge is in addition to the interest charged on any Policy Loan and is deducted from Invested Assets. 12 The current minimum Specified Amount is $100,000 for Issue Ages and $50,000 for all other Issue Ages. 13 The maximum Underwriting and Issue Charge assumes that the Insured has the following characteristics: Issue Age 25, substandard underwriting classification. 14 The minimum Underwriting and Issue Charge assumes that the Insured has the following characteristics: Issue Age 55, standard underwriting classification. 15 The charges for the Payment of Selected Monthly Premium Upon Total Disability vary based on the Insured s Attained Age, underwriting classification, and Selected Monthly Premium, and may increase from year to year. Selected Monthly Premium is an amount the Owner selects subject to a maximum permitted amount. The charges shown in the table may not be representative of the charges a particular Owner may pay. For substandard risks, the charges may be increased by a multiple of up to 4.5 times the standard rate. If selected, the Selected Monthly Premium Benefit provides, during the total disability of the Insured, for the payment of the greater of (1) the Selected Monthly Premium or (2) the amount needed to provide for the payment of the Specified Monthly Charges (current Monthly Policy Charges excluding the Monthly Policy Debt Expense Charge and the charge for this benefit). (See Optional Benefits for more information about this benefit.) The monthly charge for this benefit is the greater of the selected monthly premium rate times the Selected Monthly Premium or the specified monthly charges rate times the Specified Monthly Charges. If this optional benefit is selected, the maximum rates are shown in your Policy. 16 The maximum Payment of Selected Monthly Premium Upon Total Disability Charge assumes that the Insured has the following characteristics: Attained Age 59, standard underwriting classification. 17 The minimum Payment of Selected Monthly Premium Upon Total Disability Charge assumes that the Insured has the following characteristics: Attained Ages 0-26, standard underwriting classification. This assumes the amount of the charge determined by the Selected Monthly Premium is greater than the amount of the charge determined by the Specified Monthly Charges. 18 This assumes the amount of the charge determined by the Selected Monthly Premium is greater than the amount of the charge determined by the Specified Monthly Charges. 19 The charges for the Payment of Specified Monthly Charges Upon Total Disability vary based on the Insured s Attained Age, underwriting classification, and Specified Monthly Charges, and may increase from year to year. Specified Monthly Charges are the Monthly Policy - 4 -

8 Charges (excluding the Monthly Policy Debt Expense Charge and the charge for this benefit). The charges shown in the table may not be representative of the charges a particular Owner may pay. For substandard risks, the charges may be increased by a multiple of up to 4.5 times the standard rate. If selected, the Specified Monthly Charges Benefit provides for the payment of Specified Monthly Charges that come due during the total disability of the Insured. (See Optional Benefits for more information about this benefit.) The monthly charge for this benefit is the specified monthly charges rate times the Specified Monthly Charges. If this optional benefit is selected, the maximum rates are shown in your Policy. 20 The maximum Payment of Specified Monthly Charges Upon Total Disability Charge assumes that the Insured has the following characteristics: Attained Age 59, standard underwriting classification. 21 The minimum Payment of Specified Monthly Charges Upon Total Disability Charge assumes that the Insured has the following characteristics: Attained Ages 0-21, standard underwriting classification. 22 The charges for the Additional Purchase Benefit vary based on the Insured s gender and Attained Age at the time the benefit is added to the policy. The charges shown in the table may not be representative of the charges a particular Owner may pay. The maximum Additional Purchase Benefit amount is the lesser of two times the Specified Amount and $150, For Policies with a Policy Date after December 31, 2017 or Policies with a Policy Date prior to January 1, 2018 that have passed their Policy Anniversary in 2018: The current maximum Additional Purchase Benefit Charge assumes that the Insured has the following characteristics: Male, Benefit added at Attained Age For Policies with a Policy Date prior to January 1, 2018 that have not passed their Policy Anniversary in 2018: The current maximum Additional Purchase Benefit Charge assumes that the Insured has the following characteristics: Male, Benefit added at Attained Age The guaranteed maximum Additional Purchase Benefit Charge assumes that the Insured has the following characteristic: Benefit added at Attained Age 38. Please note the Insured characteristics for the displayed current maximum Additional Purchase Benefit Charge are different from the Insured characteristics for the displayed guaranteed maximum Additional Purchase Benefit Charge. 24 For Policies with a Policy Date after December 31, 2017 or Policies with a Policy Date prior to January 1, 2018 that have passed their Policy Anniversary in 2018: The minimum current Additional Purchase Benefit Charge assumes that the Insured has the following characteristics: Female, Benefit added at Attained Age For Policies with a Policy Date prior to January 1, 2018 that have not passed their Policy Anniversary in 2018: The minimum current Additional Purchase Benefit Charge assumes that the Insured has the following characteristics: Female, Benefit added at Attained Age 0. The minimum guaranteed maximum Additional Purchase Benefit Charge assumes that the Insured has the following characteristic: Benefit added at Attained Age 0. Please note the Insured characteristics for the displayed minimum current Additional Purchase Benefit Charge are different from the Insured characteristics for the displayed minimum guaranteed maximum Additional Purchase Benefit Charge. The Monthly Policy Charges and Service Charges section is hereby replaced in its entirety with the following: Monthly Policy Charges and Service Charges We deduct a Monthly Policy Charge from Invested Assets on each Monthly Processing Date. The Monthly Policy Charge includes the monthly Cost of Insurance Charge, the monthly Mortality and Expense Risk Charge, the monthly Administrative Charge, the monthly Underwriting and Issue Charge, the monthly Deferred Sales Charge, and, if applicable, the monthly Policy Debt Expense Charge, the monthly Death Benefit Guarantee Charge, and the monthly charge for optional benefits. These components of the Monthly Policy Charge are described in the following paragraphs. Monthly Cost of Insurance Charge. We determine the amount of the charge by multiplying the net amount at risk by the cost of insurance rate, which is based on factors including but not limited to the Issue Age, sex, and underwriting classification of the Insured, the underwriting amount, and the Policy Year. The net amount at risk is the difference between the Death Benefit (or the Guaranteed Minimum Death Benefit if the Policy is in force under the Death Benefit Guarantee) and the Policy Value. The net amount at risk will be affected by investment performance, the amount and timing of Premium Payments, and the charges and expenses for the Policy. The maximum cost of insurance rates are included in the Policy schedule pages. All things being equal, higher Issue Ages and/or worse underwriting classifications will result in higher cost of insurance rates, and men will pay higher rates than women. In addition, cost of insurance rates will generally increase each Policy Year. The Cost of Insurance Charge covers the cost of mortality and some expenses. Our revenues attributable to this charge may exceed our mortality and expense costs covered by this charge, in which case we may realize a gain. Monthly Mortality and Expense Risk Charge. The maximum amount of the charge is equal to an annual rate of 0.60% (0.05% monthly rate) of Invested Assets. Currently the charge is equal to an annual rate of 0.19% ( % monthly rate) of Invested Assets for the first ten Policy Years, - 5 -

9 0.05% ( % monthly rate) of Invested Assets for Policy Years 11-20, and 0.00% ( % monthly rate) of Invested Assets for Policy Years 21 and higher. The mortality risk is the risk that Insureds may not live as long as we estimated. The expense risk includes the risk that expenses of issuing and administering the Policies may exceed the estimated costs. Our revenues attributable to this charge may exceed our mortality and expense costs covered by this charge, in which case we may realize a gain. Monthly Administrative Charge. This charge, which varies based on factors including but not limited to the Insured s Issue Age, underwriting classification on the Date of Issue, and the Policy Year, is for administrative expenses, including costs of Premium Payment collection, processing claims, keeping records and communicating with Owners. The current charge ranges from $9 to $27 (monthly) for Policy Years 1-10 and from $5 to $8 (monthly) for Policy Years 11 and beyond. Monthly Underwriting and Issue Charge. This charge applies only during the first ten Policy Years and is based on the Initial Specified Amount, the Insured s Issue Age and the underwriting classification of the Insured on the Date of Issue. The charge ranges from $0.005 to $0.03 (monthly) per $1,000 of Initial Specified Amount. Monthly Policy Debt Expense Charge. This charge is for the expenses and taxes associated with Policy Debt, if any. The maximum amount of the charge is equal to an annual rate of 2.0% ( % monthly rate) of Policy Debt. Currently the charge when the Insured is Attained Age 99 and below varies by Policy Date. For Policies with a Policy Date on or after January 1, 2016, the current charge is equal to an annual rate of 0.90% (0.075% monthly rate) of Policy Debt for Policy Years one through ten, 0.75% (0.0625% monthly rate) of Policy Debt for Policy Years 11-20, and 0.20% ( % monthly rate) of Policy Debt for Policy Years 21 and higher. For Policies with a Policy Date prior to January 1, 2016, the current charge is equal to an annual rate of 0.65% ( % monthly rate) of Policy Debt for Policy Years one through ten, 0.50% ( % monthly rate) of Policy Debt for Policy Years 11-20, and 0.35% ( % monthly rate) of Policy Debt for Policy Years 21 and higher. The current charge for all Policies when the Insured is Attained Age 100 and above is 0.00% annually of Policy Debt. This charge is in addition to the interest charged on any Policy Loan and is deducted from Invested Assets. Monthly Deferred Sales Charge. This charge for sales expenses is deducted only during the first ten Policy Years, and is based on factors including but not limited to the Insured s Issue Age and underwriting classification on the Date of Issue. During the first Policy Year, the charge on each Monthly Processing Date is a percent of cumulative premiums paid through that date (up to the Target Premium). The charge applied during Policy Years two through ten is based on the cumulative premiums paid in the first Policy Year (up to the Target Premium). Monthly Death Benefit Guarantee Charge. This charge compensates us for the risk we have assumed by guaranteeing the Guaranteed Minimum Death Benefit. For a Policy that has a Death Benefit Guarantee, the maximum amount of the charge is $0.02 (monthly) per $1,000 of Guaranteed Minimum Death Benefit. Currently the charge is $0.01 (monthly) per $1,000 of Guaranteed Minimum Death Benefit. Waiver Benefit: Payment of Selected Monthly Premium Upon Total Disability. Waiver Benefit: Payment of Specified Monthly Charges Upon Total Disability and Additional Purchase Benefit. The charge for a Waiver Upon Total Disability Benefit is deducted if either of the Waiver benefits is selected. Charges for these optional benefits vary based on factors including but not limited to the Insured s Attained Age and underwriting classification, and the amount of the benefit, and may increase from year to year. For substandard risks, the charges may be increased by a multiple of up - 6 -

10 to 4.5 times the standard risk rate. We also deduct a charge for the Additional Purchase Benefit, if selected. The charge for this optional benefit varies based on the Insured s Attained Age at the time the benefit is added to the policy, gender, and the amount of the benefit. The guaranteed maximum charge for the Payment of Selected Monthly Premium Upon Total Disability Benefit is the greater of $0.09 (monthly) per $1.00 of Selected Monthly Premium, or $0.15 (monthly) per $1.00 of Specified Monthly Charges. The guaranteed maximum charge for the Payment of Specified Monthly Charges Upon Total Disability Benefit is $0.15 (monthly) per $1.00 of Specified Monthly Charges. We also charge certain transaction fees (also referred to as service charges) to be deducted from Invested Assets on the dates on which transactions take place. These service charges are $25 per change if more than one change occurs in Specified Amount in a Policy Year, $25 per withdrawal, $25 per transfer of assets among the Divisions of the Separate Account, and $25 per change of the Death Benefit option. Currently we waive all of these fees. You may have the option of receiving funds via wire transfer or priority mail. Currently, a fee of $25 is charged for wire transfers (up to $50 for international wires) and a $15 fee (up to $45 for next day, a.m. delivery) for priority mail. These fees are to cover our administrative costs or other expenses. We may discontinue the availability of these options at any time, with or without notice. We will apportion deductions from Invested Assets among the Divisions of the Separate Account in proportion to the amounts invested in the Divisions. A surrender charge will be deducted from Invested Assets only during the first ten Policy Years if the Policy is surrendered or changed to Fixed Paid-Up insurance. The surrender charge during the first Policy Year is a percentage of the Premium Payments paid up to the Target Premium, where the percentage varies by Issue Age, but never exceeds 50% of the premium paid. After the first Policy Year, the surrender charge remains level through the end of the fifth Policy Year, and then grades down monthly in Policy Years six through ten to zero. All charges in this section expressed in dollars have been rounded to the nearest dollar, where appropriate. Amounts that would round to zero have been rounded to the nearest penny or less, as necessary. The value of the net assets of each Division reflects the management fees and other expenses incurred by the corresponding Portfolio in which the Division invests. For certain Portfolios, certain expenses may have been reimbursed or fees may have been waived during It is anticipated that any such voluntary expense reimbursement and fee waiver arrangements would continue past the current year, although certain arrangements may be terminated at any time. After taking into account these arrangements and any contractual fee waiver or expense reimbursement arrangements, Annual Portfolio Operating Expenses would have ranged from a minimum of 0.21% to a maximum of 1.11%. For further information, consult the Portfolio s prospectuses and the Annual Portfolio Operating Expenses table included in the Fee Table of this prospectus. Please read this Supplement carefully and keep it with your Prospectus for future reference. This Supplement is dated December 13,

11 Russell Investment Funds RUSSELL INVESTMENT FUNDS Supplement dated September 14, 2017 to INTERNATIONAL DEVELOPED MARKETS FUND SUMMARY PROSPECTUS DATED May 1, 2017, As supplemented September 14, 2017 I. SUMMARY PROSPECTUS LEGEND: The legend appearing at the top of the first page of the Summary Prospectus is hereby replaced with the following: Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund and its risks. You can find the Fund s Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: service@russellinvestments.com. The Fund s Prospectus and SAI, both dated May 1, 2017, as supplemented through September 14, 2017, and the Fund s most recent shareholder report, dated June 30, 2017, are all incorporated by reference into this Summary Prospectus. II. PERFORMANCE: The following is added at the end of the second paragraph in the sub-section entitled Performance in the Summary Prospectus: Effective January 1, 2018, RIM will change the Fund s primary benchmark from the Russell Developed ex- US Large Cap Index (net of tax on dividends from foreign holdings) to the MSCI World ex USA Index (net of tax on dividends from foreign holdings). RIM believes that the MSCI World ex USA Index (net of tax on dividends from foreign holdings) more accurately provides a means to compare the Fund's average annual total returns to a benchmark that currently best represents the investable global and international equity markets.

12 Russell Investment Funds RUSSELL INVESTMENT FUNDS Supplement dated September 14, 2017 to BALANCED STRATEGY FUND GROWTH STRATEGY FUND EQUITY GROWTH STRATEGY FUND SUMMARY PROSPECTUS DATED May 1, 2017, As supplemented September 14, 2017 I. SUMMARY PROSPECTUS LEGEND: The legend appearing at the top of the first page of the Summary Prospectus is hereby replaced with the following: Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund and its risks. You can find the Fund s Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: service@russellinvestments.com. The Fund s Prospectus and SAI, both dated May 1, 2017, as supplemented through September 14, 2017, and the Fund s most recent shareholder report, dated June 30, 2017, are all incorporated by reference into this Summary Prospectus. II. PERFORMANCE: The following is added at the end of the second paragraph in the sub-section entitled Performance in the Summary Prospectus: Effective January 1, 2018, RIM will change the Fund s secondary benchmark from the Russell Developed ex-us Large Cap Index (net of tax on dividends from foreign holdings) to the MSCI World ex USA Index (net of tax on dividends from foreign holdings). RIM believes that the MSCI World ex USA Index (net of tax on dividends from foreign holdings) more accurately provides a means to compare the Fund s average annual total returns to a benchmark that currently best represents the investable global and international equity markets.

13 Northwestern Mutual Series Fund, Inc. Large Cap Core Stock Portfolio Supplement Dated September 27, 2017 to the Summary Prospectus for the Large Cap Core Stock Portfolio Dated May 1, 2017 The following information supplements the Summary Prospectus for the Large Cap Core Stock Portfolio of Northwestern Mutual Series Fund, Inc. ( Fund ) dated May 1, 2017 (the Summary Prospectus ), a copy of which you have already received. You should read this Supplement together with the Summary Prospectus. Sub-Adviser Change On or about October 27, 2017, Wellington Management Company LLP ( Wellington Management ) will replace Fayez Sarofim & Co. as the sub-adviser for the Fund s Large Cap Core Stock Portfolio (the Portfolio ). Wellington Management will provide investment sub-advisory services for the Portfolio pursuant to an Investment Sub-Advisory Agreement approved by the Fund s Board of Directors on August 15, In approving the Investment Sub-Advisory Agreement, the Fund relied on an Exemptive Order issued by the Securities and Exchange Commission that permits the Fund and its investment adviser to hire or terminate a subadviser at any time without shareholder approval so long as, among other conditions, shareholders are provided notice of the change. As a result of this change, the Summary Prospectus shall be amended effective October 27, 2017 as noted below. The PRINCIPAL INVESTMENT STRATEGIES section is amended to read as follows: Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of large capitalization companies. For this purpose, large capitalization equity investments are those whose market capitalizations are above $5 billion at the time of purchase. In managing the Portfolio, the adviser allocates the Portfolio s assets across a variety of industries, selecting companies in each industry based on the research of a team of global industry analysts. The Portfolio typically seeks to maintain representation in each major industry represented by broad-based, large cap U.S. equity indices. In analyzing a prospective investment for the Portfolio, the adviser utilizes a bottom-up approach, which is the use of fundamental analysis to identify specific securities for purchase or sale. Fundamental analysis of a company involves the assessment of a variety of factors, including the company s business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures or indicators of valuation and growth potential. The Portfolio s sector exposures generally conform with the sector weights present in the Portfolio s benchmark index and as a result, in combination with the Portfolio s reliance on fundamental company analysis, and based upon market or economic conditions, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector of the market. Page 1 of 2

14 The Portfolio invests primarily in U.S. common stocks. Up to 20% of the Portfolio s net assets may be invested in foreign based companies listed on foreign exchanges, either directly or through American Depositary Receipts (ADRs). The Portfolio may sell a security for a variety of reasons, including a significant adverse change in the company s business fundamentals, if the company has become significantly overvalued in terms of earnings, assets or growth prospects, or more attractive alternatives exist. The PERFORMANCE section is amended by inserting the following as the third and fourth sentences of the first paragraph: Prior to October 27, 2017, the sub-adviser to the Portfolio was different. Performance shown may have been different if the current strategy, and the current sub-adviser, had been in place during the periods shown. The PORTFOLIO MANAGEMENT section is amended to read as follows: Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: Wellington Management Company LLP (Wellington Management) Portfolio Managers: Mark D. Mandel, CFA and Director of Global Industry Research, joined Wellington Management in 1995 and has co-managed the Portfolio since October Jonathan G. White, CFA and Director of Research Portfolios, joined Wellington Management in 1999 and has co-managed the Portfolio since October The Portfolio may experience increased portfolio turnover over the short term in connection with the transition to a new sub-adviser. Increased portfolio turnover can result in higher brokerage commissions and other transaction costs, which can adversely affect performance. Please retain this Supplement for future reference. Page 2 of 2

15 Northwestern Mutual Series Fund, Inc. Mid Cap Growth Stock Portfolio Supplement Dated September 27, 2017 to the Summary Prospectus for the Mid Cap Growth Stock Portfolio Dated May 1, 2017 The following information supplements the Summary Prospectus for the Mid Cap Growth Stock Portfolio of Northwestern Mutual Series Fund, Inc. ( Fund ) dated May 1, 2017 (the Summary Prospectus ), a copy of which you have already received. You should read this Supplement together with the Summary Prospectus. Sub-Adviser Change On or about October 27, 2017, Wellington Management Company LLP ( Wellington Management ) will replace William Blair Investment Management, LLC as the sub-adviser for the Fund s Mid Cap Growth Stock Portfolio (the Portfolio ). Wellington Management will provide investment sub-advisory services for the Portfolio pursuant to an Investment Sub-Advisory Agreement approved by the Fund s Board of Directors on August 15, In approving the Investment Sub-Advisory Agreement, the Fund relied on an Exemptive Order issued by the Securities and Exchange Commission that permits the Fund and its investment adviser to hire or terminate a sub-adviser at any time without shareholder approval so long as, among other conditions, shareholders are provided notice of the change. As a result of this change, the Summary Prospectus shall be amended effective October 27, 2017 as noted below. The PRINCIPAL INVESTMENT STRATEGIES section is amended to read as follows: Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks of mid-sized companies. The Portfolio considers a company to be a midcapitalization company if it has a market capitalization within the collective range of the Russell MidCap Index and the S&P MidCap 400 Index. As of June 30, 2017, this range was approximately $1.2 billion to $47.2 billion. The market capitalization range of these indices changes over time. Securities of companies whose market capitalizations no longer fall within this collective range after purchase may continue to be held by the Portfolio. The Portfolio invests primarily in common stocks of mid cap companies selected on the basis of their potential for capital appreciation. The Portfolio focuses on companies that are determined to be of high quality. The key characteristics of high quality companies include a leadership position within an industry, a strong balance sheet, a high return on equity, and/or a strong management team. The Portfolio seeks to reduce overall risk by diversifying across sectors, industry groups and companies. The Portfolio s sector exposure relative to its benchmark is driven by an investment process which relies on fundamental company analysis and individual stock selection. As a result, based upon market or economic conditions, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector of the market. Page 1 of 2

16 The Portfolio invests primarily in U.S. common stocks. The Portfolio may also invest up to 20% of net assets in American Depositary Receipts (ADRs) and other securities of foreign issuers, including non-u.s. dollar denominated securities. The Portfolio typically trims positions as valuation appears incrementally less attractive, and may sell a stock when the adviser s investment thesis is no longer valid, typically due to an erosion of company fundamentals relative to expectations or when valuation is no longer attractive. The Portfolio may, but is not required to, exit a position if the company s capitalization grows beyond the mid cap range. The PRINCIPAL RISKS section is amended by adding the following Foreign Currency Risk factor: Foreign Currency Risk The risk that foreign (non-u.s. dollar) currency denominated securities may be adversely affected by decreases in foreign currency values relative to the U.S. dollar. Investments in securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses than investments in U.S. dollar denominated securities. The PERFORMANCE section is amended by inserting the following as the third and fourth sentences of the first paragraph: Prior to October 27, 2017, the sub-adviser to the Portfolio was different. Performance shown may have been different if the current strategy, and the current sub-adviser, had been in place during the periods shown. The PORTFOLIO MANAGEMENT section is amended to read as follows: Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: Wellington Management Company LLP (Wellington Management) Portfolio Managers: Philip W. Ruedi, CFA, Senior Managing Director and Equity Portfolio Manager, joined Wellington Management in 2004 and has co-managed the Portfolio since October Mark Whitaker, CFA, Senior Managing Director and Equity Portfolio Manager, joined Wellington Management in 2004 and has co-managed the Portfolio since October The Portfolio may experience increased portfolio turnover over the short term in connection with the transition to a new sub-adviser. Increased portfolio turnover can result in higher brokerage commissions and other transaction costs, which can adversely affect performance. Please retain this Supplement for future reference. Page 2 of 2

17 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY SUPPLEMENT TO THE PROSPECTUSES (MAY 1, 2017) NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT VARIABLE LIFE VARIABLE COMPLIFE VARIABLE JOINT LIFE VARIABLE EXECUTIVE LIFE NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II CUSTOM VARIABLE UNIVERSAL LIFE EXECUTIVE VARIABLE UNIVERSAL LIFE SURVIVORSHIP VARIABLE UNIVERSAL LIFE This Supplement amends certain information contained in the Prospectuses referenced above. 1. On or about October 27, 2017, in the section titled, The Funds Northwestern Mutual Series Fund, Inc., the following table is amended to contain the following information for the Mid Cap Growth Stock Portfolio and the Large Cap Core Stock Portfolio: Portfolio Investment Objective Sub-adviser (if applicable) Mid Cap Growth Stock Portfolio Long-term growth of capital Wellington Management Company LLP Long-term growth of capital and Large Cap Core Stock Portfolio income Wellington Management Company LLP Please read this Supplement carefully and keep it with your Prospectus for future reference. This Supplement is dated August 21, 2017.

18 Northwestern Mutual Series Fund, Inc. Prospectus Supplement Dated August 18, 2017 The following information supplements the Statutory Prospectus for the Northwestern Mutual Series Fund, Inc. (the Fund ) dated May 1, 2017, as supplemented May 24, 2017 (the Prospectus ). You should read this Supplement together with the Prospectus. Sub-Adviser Changes for Mid Cap Growth Stock and Large Cap Core Stock Portfolios On or about October 27, 2017, Wellington Management Company LLP ( Wellington Management ) will replace William Blair Investment Management, LLC as the sub-adviser for the Fund s Mid Cap Growth Stock Portfolio and will also replace Fayez Sarofim & Co. as the sub-adviser for the Fund s Large Cap Core Stock Portfolio. Wellington Management will provide investment subadvisory services for the Portfolios pursuant to Investment Sub-Advisory Agreements approved by the Fund s Board of Directors on August 15, In approving the new Investment Sub-Advisory Agreements, the Fund relied on an Exemptive Order issued by the Securities and Exchange Commission that permits the Fund and its investment adviser to hire or terminate a sub-adviser at any time without shareholder approval so long as, among other conditions, shareholders are provided notice of the change. Additional information about Wellington Management, its investment strategies for the Portfolios, associated risks, and other information will be made available in the coming months consistent with the requirements of the Exemptive Order. Please retain this Supplement for future reference.

19 Northwestern Mutual Series Fund, Inc. Prospectus Supplement Dated May 24, 2017 The following information supplements the Statutory Prospectus for the Northwestern Mutual Series Fund, Inc. (the Fund ) dated May 1, 2017 (the Prospectus ). You should read this Supplement together with the Prospectus. Amendments to Investment Sub-Advisory Agreements with Certain Sub-Advisers Effective February 22, 2017, the Board of Directors of the Fund approved amended and restated investment sub-advisory agreements between Mason Street Advisors, LLC ( Mason Street Advisors ) and (i) The Boston Company Asset Management, LLC ( The Boston Company ) with respect to the Growth Stock Portfolio; (ii) William Blair Investment Management, LLC ( William Blair ) with respect to the Mid Cap Growth Stock Portfolio; and (iii) Wellington Management Company LLP ( Wellington ) with respect to the Small Cap Growth Portfolio. Effective May 10, 2017, the Board of Directors of the Fund approved amended and restated investment sub-advisory agreements between Mason Street Advisors and (i) Fayez Sarofim & Co. ( Sarofim & Co. ) with respect to the Large Cap Core Stock Portfolio; (ii) FIAM LLC ( FIAM ) with respect to the International Growth Portfolio; (iii) Fiduciary Management, Inc. ( FMI ) with respect to the Large Cap Blend Portfolio; (iv) Massachusetts Financial Services Company ( MFS ) with respect to the Research International Core Portfolio; and (v) Templeton Investment Counsel, LLC ( Templeton ) with respect to the International Equity Portfolio. In approving the foregoing amended and restated investment sub-advisory agreements (the Amended Agreements ), the Fund relied on an Exemptive Order issued by the Securities and Exchange Commission that permits the Fund and Mason Street Advisors to amend investment sub-advisory agreements without shareholder approval so long as, among other conditions, shareholders are provided notice of the amendment. The Amended Agreements, which conform the existing agreements with The Boston Company, William Blair, Wellington, Sarofim & Co., FIAM, FMI, MFS and Templeton to Mason Street Advisors current form of Investment Sub-Advisory Agreement, include updated provisions reflecting developments in the investment management industry and memorializing certain business practices in place between Mason Street Advisors and its sub-advisers. The Amended Agreements include certain reporting and monitoring obligations applicable to investments in commodity interests, particularly involving derivatives transactions. The Amended Agreements also set forth the sub-advisers responsibilities regarding the establishment and implementation of a reasonably-designed cybersecurity program and associated policies. Except for a modification regarding the fee schedule applicable to the Large Cap Blend Portfolio managed by FMI, the Amended Agreements did not include any changes to fees. Please retain this Supplement for future reference.