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Started By
Message
Northwestern Mutual
Posted on 1/24/13 at 10:47 am
Posted on 1/24/13 at 10:47 am
I have been -utterly- convinced this is a great decision. I haven't decided on term or whole, and will prob do a mixture of both. But, they have some seriously undeniable numbers. Anyone have any experiences with this company that could convince me otherwise?
Also, do y'all agree or disagree that pegging out your disability insurance is wise?
Also, do y'all agree or disagree that pegging out your disability insurance is wise?
6
Posted on 1/24/13 at 10:51 am to m2pro
Whole Life sucks, and only a Whole Life salesman will tell you differently, it's the worst financial product ever created. I have no problem with Northwestern Mutual though.
Posted on 1/24/13 at 10:54 am to Vols&Shaft83
And here we go. 
Posted on 1/24/13 at 10:54 am to m2pro
I have a term life policy with them. I originally had it with my state farm agent, who I have everything else with except health. I literally got the same coverage for 25% of the price.
The NWM guy tried to sell me whole life, but its not something I'm interested in. I looked up the difference in comission for the two products for agents and I can see why.
The NWM guy tried to sell me whole life, but its not something I'm interested in. I looked up the difference in comission for the two products for agents and I can see why.
Posted on 1/24/13 at 10:58 am to Janky
quote:
And here we go.
WHOOPS... didn't mean to be that guy. I rarely come to this board.
Yeah, I have been convinced by my elders that term is the way to go. Heavy term, low whole balance. Basically, if you live to 60+ then you've probably paid all the debts you need to worry who you leave behind anyway, right?
Posted on 1/24/13 at 10:59 am to m2pro
I have term life with NML. No problems with them at all. Also have LTC thru NML.
This post was edited on 1/24/13 at 11:01 am
Posted on 1/24/13 at 11:00 am to m2pro
I have been out of the insurance game for a while but still hold my licenses. I can see the argument on both sides. I do think a little permanent insurance is a good idea though.
Posted on 1/24/13 at 11:05 am to ThatsAFactJack
quote:
LTC
what is LTC, and what is the name of the program where you put in for 5 years and take a hit, then after that it grows tons? <you are considered "paid up" by age 55 in this product>
Posted on 1/24/13 at 11:06 am to m2pro
quote:
Also, do y'all agree or disagree that pegging out your disability insurance is wise?
In my case, it was very wise. Never been sick and then one day, all hell broke loose. Now have a bad heart and I'm total disable from work. I will never return. My disability insurance kicked in and now I also draw SSD. Without the insurance, life would be very hard.
If you are young, having it is a plus. If you have young kids, it's a must!
Posted on 1/24/13 at 11:08 am to m2pro
LTC= Long Term Care
Posted on 1/24/13 at 11:19 am to m2pro
Northwestern Mutual is the best in the business. If you do your research, you won't find a better company. I've worked for State Farm and New York Life in the past so I know the business. Northwestern Mutual is hands down the best out there.
Term is probably the best option. Whole Life is really only great if you have an inheritance or a lawsuit settlement that involves a truckload of money. You could dump all that money into a single premium whole life policy and never have to pay it again. That policy will give you upwards of 6, 7, possibly 8% return after the first two or three years. After about 10-25 years, that policy would have made you a very, very wealthy man. Oh yea, a very, very wealthy man who does NOT PAY TAXES. Cash value from whole life policies are TAX FREE. The guvmint can't touch it by law.
Unless you have a ton of money to dump into a whole life, go with term.
OR
If you anticipate your health to decrease dramatically in the future, go with whole life because you lock your rates in permanently. With term you have to buy it again once your term is over and you are re-rated at your age and health at that time.
In summary, term is better unless you have lots of money to dump into a single premium whole life. Don't let ANYONE tell you otherwise.
This is coming from a former whole life salesman
Term is probably the best option. Whole Life is really only great if you have an inheritance or a lawsuit settlement that involves a truckload of money. You could dump all that money into a single premium whole life policy and never have to pay it again. That policy will give you upwards of 6, 7, possibly 8% return after the first two or three years. After about 10-25 years, that policy would have made you a very, very wealthy man. Oh yea, a very, very wealthy man who does NOT PAY TAXES. Cash value from whole life policies are TAX FREE. The guvmint can't touch it by law.
Unless you have a ton of money to dump into a whole life, go with term.
OR
If you anticipate your health to decrease dramatically in the future, go with whole life because you lock your rates in permanently. With term you have to buy it again once your term is over and you are re-rated at your age and health at that time.
In summary, term is better unless you have lots of money to dump into a single premium whole life. Don't let ANYONE tell you otherwise.
This is coming from a former whole life salesman
Posted on 1/24/13 at 11:22 am to fishfighter
What happened if you don't mind me asking?
Posted on 1/24/13 at 11:26 am to m2pro
I have had a great experience with the company. They take a conservative approach to everything we plan for. They do more than just insurance, I want to say they are also one of the largest broker dealers out there.
A mixture of term and whole life is what we do and the whole life is doing very very well! Just got to stick with it.
I'm a big fan, I say go for it!
A mixture of term and whole life is what we do and the whole life is doing very very well! Just got to stick with it.
I'm a big fan, I say go for it!
Posted on 1/24/13 at 11:29 am to TDsngumbo
quote:
TDsngumbo
I absolutely agree. I figured I'd have someone chime in with this type of response, too.
quote:
In summary, term is better unless you have lots of money to dump into a single premium whole life. Don't let ANYONE tell you otherwise.
This is coming from a former whole life salesman
Term it is!
Posted on 1/24/13 at 11:30 am to Janky
quote:
And here we go.
YOU ------- YOU
FIGHT!!!!!
Posted on 1/24/13 at 11:40 am to TDsngumbo
quote:
summary, term is better unless you have lots of money to dump into a single premium whole life
I'll have to disagree with you there. Single premiums have been worse off for a lot of clients and very often causes a MEC. However, I do agree with you that if you can't afford the WL, it isn't for you.
To the OP, it sounds like you are fairly young. First things first is getting the right death benefit amount. Then figure out what you can spend, that will dictate what to do. WL works well if it is given time, but I would suggest doing some of both. Term to protect temporary liabilities, WL to protect the permanent ones. The beauty of the term is that you can convert any portion of it later on, if you aren't sure about it yet. Also, whatever you end up doing, get the disability waiver benefit. It will waive premiums if you become disabled, and converts term to Permanent with you having access to all the cash.
As far as NML is concerned, I'm sure the rep you saw showed you all their rah rah stuff, so their reputation is their. They are an extremely strong company.
This post was edited on 1/24/13 at 11:54 am
Posted on 1/24/13 at 12:27 pm to GoCrazyAuburn
they both did a great job of being excited about what they sell and made sure to point out that, of course, even by action they believe in their products. but they were uncannily talented at NOT seeming too rah rah or pushy. yeah, i'm 30. they were probably my age or a year or two older. anyway, thx for all the responses. MY faith in TD.com having people that actually respond and talk has been fairly revitalized.... outdoor board is solid, too.
*edit*
td.com is always fun... but not always helpful/useful like this.
*edit*
td.com is always fun... but not always helpful/useful like this.
This post was edited on 1/24/13 at 12:28 pm
Posted on 1/24/13 at 12:40 pm to m2pro
Sounds like you talked to some good agents then.
At the end of the day make sure they educate you on how both work so that you understand it fully and aren't just getting sold something. Also, make sure you get them to go into detail on why their specific recommendation is best for you so you can understand where they are coming from, and give you the ability to explain your opinions. That is the best way to come to the best plan for you, because the best life insurance you buy is the one that pays when you die. Everything else is just added benefits.
At the end of the day make sure they educate you on how both work so that you understand it fully and aren't just getting sold something. Also, make sure you get them to go into detail on why their specific recommendation is best for you so you can understand where they are coming from, and give you the ability to explain your opinions. That is the best way to come to the best plan for you, because the best life insurance you buy is the one that pays when you die. Everything else is just added benefits.
Posted on 1/24/13 at 4:27 pm to TDsngumbo
Whole Life is really only great if you have an inheritance or a lawsuit settlement that involves a truckload of money. You could dump all that money into a single premium whole life policy and never have to pay it again. That policy will give you upwards of 6, 7, possibly 8% return after the first two or three years. After about 10-25 years, that policy would have made you a very, very wealthy man. Oh yea, a very, very wealthy man who does NOT PAY TAXES. Cash value from whole life policies are TAX FREE. The guvmint can't touch it by law.
How do you take money out of it if you do not die? I guess I do not understand life insurance as much as I thought.
How do you take money out of it if you do not die? I guess I do not understand life insurance as much as I thought.
Posted on 1/24/13 at 4:32 pm to lsu13lsu
Permanent instance has a cash value account in it. You call up your advisor and request the cash if you want it. As long as the policy is in force, it is tax free. If you surrender the policy for the cash (stupid move in most cases), anything over the contributions is taxed.
This post was edited on 1/24/13 at 4:45 pm
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