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Anybody have any experience with Northwestern Mutual?
Posted on 3/21/12 at 8:43 pm
Posted on 3/21/12 at 8:43 pm
had a meeting with a rep today. no pressure and he admitted it was more of a contact to initiate a long-term relationship where he'd make money on the backend. i did appreciate that honesty
seems like they're more geared at selling whole life policies and disability policies than investment growth. may just be a bad hunch. i'm ignorant as to which companies are worth trusting
seems like they're more geared at selling whole life policies and disability policies than investment growth. may just be a bad hunch. i'm ignorant as to which companies are worth trusting
9
Posted on 3/21/12 at 8:52 pm to SlowFlowPro
I have my disability insurance with them. Also have 4k in an IRA with them. You can't beat them for disability insurance. IRA wise, I should've gone with vanguard from the beginning. They'll sell you on front loaded American funds and try to sell you whole life.
Posted on 3/21/12 at 8:54 pm to Ric Flair
quote:
You can't beat them for disability insurance
that's the one thing i was somewhat interested in possibly securing through them right now
Posted on 3/21/12 at 9:13 pm to SlowFlowPro
My dad bought whole life on me with NW Mutual in 1958 for $26 a year. I own the policy now and can cash it out for $9,700 as of this year if I choose but I still pay the $26 since it grows at a pretty decent clip. Personally, I'd never buy whole life but I've always had a pretty good impression of NW Mutual.
This post was edited on 3/21/12 at 9:14 pm
Posted on 3/21/12 at 9:14 pm to SlowFlowPro
quote:
You can't beat them for disability insurance
quote:Solid Company for disability and life IMO.
that's the one thing i was somewhat interested in possibly securing through them right now
Held both w/ NW previously but dropped them only based on lack of need as our situation has changed, but held disability and life thru NW previously. From experience, a while back, disability was a challenge based on circumstance (income/risk). NW met that challenge for us. Good company. They know what they're doing.
This post was edited on 3/21/12 at 9:18 pm
Posted on 3/21/12 at 9:18 pm to SlowFlowPro
i have a disability policy and a couple term life policies with them. They are one of the top 4-5 companies nationally.
long term disability insurance has different rules for drs and lawyers vs the general public, btw.
I dont really get this logic. Who still thinks this way?
long term disability insurance has different rules for drs and lawyers vs the general public, btw.
quote:
he admitted it was more of a contact to initiate a long-term relationship where he'd make money on the backend.
I dont really get this logic. Who still thinks this way?
Posted on 3/21/12 at 9:22 pm to SlowFlowPro
Disability and Life policies with them. Very good experience with our rep and his office.
They also manage some of the ILITs we set up and they've done a great job with the ones I've been involved with.
They also manage some of the ILITs we set up and they've done a great job with the ones I've been involved with.
Posted on 3/21/12 at 9:28 pm to TortiousTiger
quote:
I dont really get this logic. Who still thinks this way?
in lake charles we still do business with handshakes, good sir
Posted on 3/21/12 at 10:27 pm to SlowFlowPro
I think the financial planner types on this board will tell you there is a place for whole life and a place for term life. It just depends.
Anyway, I have a term life policy, their rates are pretty good from what I have seen.
Anyway, I have a term life policy, their rates are pretty good from what I have seen.
Posted on 3/21/12 at 10:30 pm to SlowFlowPro
quote:
Anybody have any experience with Northwestern Mutual?
I've had disability and life with them for > 20 years. On my second rep. now. Liked the first guy. Like the second guy, too. I've referred the second guy to others in my office, and he's sold policies to quite a few of them. Never heard a complaint. He has also sent me a little business over the years.
My guy meets me with once every year or every other year to review my policies. Never any pressure to do more. He is respects my time and doesn't linger.
I met with the guy who does the disability for our firm a few years ago. We have a policy with another company. He told me that Northwestern Mutual was the gold standard in disability and I should keep my policy with them because it offered something he couldn't. (Maybe it was something that no one offers any more. I can't remember.)
My family history made me think that disability was a good idea early on. I haven't needed it (yet, knock wood). But if you can't survive without a pay check, maybe a good idea to have a little back up just in case you can't work.
Posted on 3/21/12 at 10:39 pm to SlowFlowPro
Stand up company.
They have my life and disability insurance business.
They have my life and disability insurance business.
Posted on 3/22/12 at 9:01 am to SlowFlowPro
Good company. I can't speak for whole life, but my wife and I have term life policies for very good rates.
Posted on 3/22/12 at 12:02 pm to SlowFlowPro
I had a bad experience with them. I was looking into disability insurance a couple of years ago, and being a specialized MD, I was looking for an own occupation policy. They assured me that the policy included this. Then when I got the fine print, it basically said I couldn't be meaningfully employed if I couldn't perform the duties of my job and wanted to collect the monthly payment. It was actually really shady. They definitely tried to screw me over.
This post was edited on 3/22/12 at 12:06 pm
Posted on 3/22/12 at 12:26 pm to medtiger
quote:
medtiger
Not to get into a debate about this, because I have no idea what the agent tried to show/sell you, but NW's Medical Occupation definition does do the same thing as any "own occupation" policy, but it does offer other options. Mainly, if you are gainfully employed elsewhere, you can earn up to 20% of pre-disability income and still receive full benefits. If you earn more than 20%, you get partial benefits. The biggest difference, is that if you are able to perform some of your principle duties of your occupation, you can continue gainful employment and receive partial benefit, or cease to work and receive full benefit. Most other own occs will consider you not totally disabled, and you will have to be gainfully employed to receive any partial benefit.
Again, no Idea what he showed you, but I do know that their medical occupation definition is techinically an "own occ" definition.
Posted on 3/22/12 at 2:33 pm to GoCrazyAuburn
quote:
NW's Medical Occupation definition does do the same thing as any "own occupation" policy
My current disability insurance that I bought after my contact with NW states that I can earn 100% or more of my previous income working in another occupation and still receive full benefits. Let's say I lose my arm in an accident and can no longer practice ophthalmology because of this, but I decide to go to law school. No matter how much $ I make practicing law, I'll still receive full benefits from being disabled from being an ophthalmologist. NW couldn't offer me that.
Posted on 3/22/12 at 2:44 pm to medtiger
Gotcha.
NW's definition chooses to give you greater options if you are still able to work in your current occupation, regardless of the amount of time or amount of principle duties you are able to do. No other policy allows the choice to keep working at the time of claim.
I have no idea how the guy you talked with presented everything, but the problem with any company in this industry, is that there are bad agents out there. Hopefully he wasn't trying to purposefully deceive you, because the basic points that I had discussed absolutely should have been communicated with you.
NW's definition chooses to give you greater options if you are still able to work in your current occupation, regardless of the amount of time or amount of principle duties you are able to do. No other policy allows the choice to keep working at the time of claim.
I have no idea how the guy you talked with presented everything, but the problem with any company in this industry, is that there are bad agents out there. Hopefully he wasn't trying to purposefully deceive you, because the basic points that I had discussed absolutely should have been communicated with you.
This post was edited on 3/22/12 at 2:47 pm
Posted on 3/22/12 at 3:34 pm to GoCrazyAuburn
quote:
the basic points that I had discussed absolutely should have been communicated with you.
I did hear all of the stuff you mentioned. I understand that the most likely scenario is a partial disability scenario; however, my specialty is fairly specific. If I lose a finger and can't perform eye surgery any more, I wanted the option to be able to do something else and still collect a full benefit. My problem with what I went through with NW was that I outlined that specific scenario, and they gave me a policy that I told them I didn't want. I had even signed it at the office and didn't realize it until I got home when I read all the fine print.
My situation is fairly specific though. I'm sure NW is a fine company with plenty of fine agents. If the right policy was available, I think they'd be fine long term.
Posted on 3/22/12 at 3:40 pm to medtiger
Oh, I completely understand. I wasn't trying to infer that you chose wrong or anything like that. From what it sounds like, a tradition "own occ" definition probably is the correct call for you.
All I wanted to get accross is that the NW's medical definition is specifically designed for physicians and dentists, from their feedback. Mainly, that it is more important to have an option to continue working in their field due to a partial disability and receiving benefits. Thats all.
Thanks for the discussion
Posted on 3/22/12 at 4:22 pm to medtiger
quote:
My current disability insurance that I bought after my contact with NW states that I can earn 100% or more of my previous income working in another occupation and still receive full benefits.
i have this policy with NW.
maybe you just had an inexperienced agent.
This post was edited on 3/22/12 at 4:23 pm
Posted on 3/23/12 at 9:49 am to SlowFlowPro
in my experience NM agents are pushy about you buying whole life and their disability policies, which has an own occ rider that is very vague and potentially a loophole for them. I had NM when i lived in BR and when I got a new agent from a different company after moving, I found out he was investing my SEP IRA into American Funds and Fidelity, effectively charging me double fees. I am naive with investments but this seems illegit.
But back to disability... I've reviewed NM, MetLife, Standard, and more. NM has the shadiest wording regarding own occ. My current company has "emergency room doctor" written in the policy. Because if I lose my hands I could still technically read x-rays although I'd never find a job or get into a rad residency, I need something specific. NM wouldn't do that.
But back to disability... I've reviewed NM, MetLife, Standard, and more. NM has the shadiest wording regarding own occ. My current company has "emergency room doctor" written in the policy. Because if I lose my hands I could still technically read x-rays although I'd never find a job or get into a rad residency, I need something specific. NM wouldn't do that.
This post was edited on 3/23/12 at 9:54 am
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