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Northwestern Mutual staff are salesmen who earn commissions by selling products laden with hidden fees. Ignore their titles - they are not true financial advisors creating a financial plan in your best interest. Some of NWM's offerings may be appropriate for you, but do your own research before accepting their recommendations. For example, whole life insurance is an expensive product appropriate only for certain situations, not every person who walks through the door. See the White Coat Investor's blog post, Confessions of a "Financial Advisor" for more detail on that.
There are plenty of free resources and podcasts nowadays that will teach you the basics so you can make informed decisions – check out JL Collins, Meaningful Money, Dough Roller or ChooseFI for starters. I wish I had known about these when I naively signed up for a bucket of inappropriate NWM products when I first started out. It would have saved me a lot of money!
I am a full-time instructor at a community college. About 1 year ago, I was approached by an ex-student (now employed at NW Mutual) and his supervisor. They seemed to be very interested in helping me obtain a life insurance plan that would provide for my 10 year old son. The plan sounded great and was at a reasonable price. During the health screening process, I told the NP that I had been on ** for years to help me sleep due to a disorder. I told the NP that I got off the ** when I found out it was linked to dementia, instead taking a few drops of a legal **/** a couple times a week for sleep.
The whole application process took about 4 months to complete and when I was approved and asked to make my first payment, they raised my premium over 25%! The company wrote a letter to me saying my premium was changed due to my “** use” and that my premium may be lowered if I were in a “more favorable risk classification.” I would think that a risk of dementia is a “less favorable” risk as opposed to taking a ** tincture a couple of times of week.
I actually think the whole thing was a ploy and that the application process takes so long, that they feel they can raise the rates at the last instant and a customer will capitulate. Northwestern Mutual is a shoddy, dishonest company. Update...I recently applied through Banner Life Insurance and told them exactly the same info I told Northwestern Mutual. They offered me a much lower rate and were very honest about everything. Shop around and you will find the honest companies. Just avoid Northwestern Mutual at all costs.
I could NEVER recommend Northwestern Mutual again. I completed a form concerning dividend use. Box checked by agent states that SS# required complete W-9. Agent says can't find my form. So now where is my SS# floating around. Totally incompetent!!!
While at a B2B social, a beautiful woman approached me and asked me a little about my business. She then said that she was working on a summer project for a college class and would like to interview me for her report. Being a start-up I was intrigued and agreed to meet her at an office address that her school said we could use. A week later I followed my GPS and discovered it led me to a Northwestern Mutual office in Charlottesville. I thought that was weird. So I went in to see if I was lost. She walked out and met me and led me to a back office where we could talk. She then introduced me to their financial advisor and disappeared. I never saw her again.
I asked the FA what was going on and he gave me a vague answer and explained that the assistant was probably confused. For whatever reason I bought the policy and was a client for 3 years. But every time my bill auto-drafted I was reminded of that dishonest and deplorable beginning. So I finally canceled it. Be warned, many FAs are creating schemes to get you in the door ever since they became heavily regulated in doing other forms of advertising or lying.
I am extremely disappointed in Northwestern Mutual's policy of NOT calling a customer when a payment is late and in danger of lapsing. Requesting a call in such a situation, I was told that calling was not their policy. In addition, they also would not sent notices to two addresses. Their selfish policy benefits the company financially by increasing the chances of a policy lapsing.
Had terrible experience with Northwestern Mutual Life Insurance Company. I called them a month before the check was released and warned them about one of the beneficiaries who was committing fraud and involved in family lawsuit of elder financial abuse. 5 Beneficiaries surrendered the half million policy. Northwestern wrote the $50000.00 check to the person committing elder abuse - the one involved in Elder Financial Fraud! They were suppose to write 5 separate checks to each beneficiary. Northwestern allowed this to happen. Northwestern employees were rude and careless. One employee said, "That is your problem. We can write the total check to only one of you." Northwestern's incompetent employees allowed this to happened. We had to threatened Northwestern with lawsuits to cancel the check.
I've contacted NW representative to cancel my term life insurance due to increasing premiums. He told me that Term Life is now less expensive and he suggested to switch to another policy. His numbers were good for the same coverage so I signed up. Unfortunately, when signing the final document I only paid attention to the payment amount which was as agreed and I missed the coverage amount. Later on I noticed that it was reduced from $578K to $130K! No one has even bothered to warn me! Right after discovering that fact I asked for cancellation. That was October 22, 2018. Today is May 5, 2019 and I was notified that policy will auto-renew as it is still in force! And that is after few confirmations that my policy is being cancelled.
I bought several whole life policies from this company and wish to warn people not to buy this product from Northwestern Mutual based on NAIC Illustrations. Those marketing material are total and complete lies. Instead of 15 years, I will be luck in 25 years if the dividend ever gets close to covering the premiums. Plan on paying premiums until you die.
NWM claims that they are a great company. This is true as long as you are paying them money. Once they have to pay you they are just another insurance company trying to get rid of you. Don't pay their high prices, any other company is just as good.
I was approached by one of Northwestern Mutual's (MW) purported "financial advisors," who told me that he was a fiduciary. After a brief coffee-appointment, we met again at his office to discuss a more detailed financial plan. His advice was to invest in a Whole Life Insurance policy. (He failed to tell me about what commission he would receive if I were to complete the transaction.)
Later the next day, his assistant sent me an incomplete insurance-application PDF to sign within 48 hours. I told him there were many problems and false statements on it, but his assistant told me that if I signed it—which was under penalty of perjury—they could change the text of the form after the fact before sending it.
I'm fairly confident that giving false statements to an insurance company isn't a good thing to do. I then realized that, because this was an insurance policy, the "financial advisor" had no fiduciary obligation to me in procuring it under section 2-2201 of the Code of Civil Procedure. When I confronted him by email about this, directing him to stop communicating with me, he said he was still a fiduciary. But the law was clear: insurance agents owe no fiduciary duties in procuring, selling, or preparing insurance policies. Obviously, Whole Life Insurance is an insurance policy. So, end of story.
The encounter was full of red flags, I cut all ties with Northwestern Mutual before signing anything. I'm sure it's a fine insurance company. But this experience didn't get any confidence from me in them as financial planners. If you've been approached by one of their "financial advisors" and they try to sell you an insurance policy, do your research before you sign anything about whether it's actually a good decision *for you.* A quick Google search of "Northwestern Mutual whole life" will get you a lot of message-board posts about people who regret buying these policies.
Northwestern Mutual Life Insurance author review by Neal Frankle
Northwestern Mutual Life Insurance is a financial services company that provides its clients various insurance options and investment opportunities. It can aid individuals and businesses to possess a lifetime of financial stability.
Specialized planning: Northwestern Mutual creates flexibility through a range of financial options — such as life, disability, long-term care insurance, investment products and services.
Guidance: It employs financial representatives who aid clients individually to develop a personalized account using their range of services and plans.
Reliability: The life insurance plan has a persistency rate of 96 percent. Such a high persistency rate means a large percentage of policies stay in force through the end of the designated period.
Long-term prioritizing: Northwestern Mutual wants financial stability for its clients and want to create long-term value for them. Thus, the company doesn't pursue short-term gains through fads or take unneeded risks.
Educational tools: It offers the Northwestern Mutual Learning Center, which helps clients obtain their financial goals through online tools and resources including videos, articles and market information.
Northwestern Mutual Life Insurance Company Information
- Company Name:
- Northwestern Mutual Life Insurance
- Year Founded:
- 720 East Wisconsin Avenue
- Postal Code:
- United States