Northwestern mutual scam?
Hi everyone! I'm trying to seek advice on what to do. I'm 24 years old and last year I bought a whole life policy from a friend who works At northwestern mutual (I know bad mistake) it was a good tax saving he said and I put 1500 in for about a year. I asked him many times if I could take the money out and he assured me I could. Come to find out it's a cash value policy and the only way to take it out is in the form of a loan. Which I also can't do for a few years for it to even make sense. My friend who works at another firm (she doesn't take friends or family members as clients because she feels they should not handle their money which I find to be very smart of her for this reason) and she was shocked he sold me this policy being that I'm 24 not married no kids no beneficiaries. This policy has about $15,000 currently in it. She also said shame on him for for not explaining this properly and this is common at northwestern mutual.. surrendering the policy would be a $6,500 blow. So that doesn't seem like an option. I would like to get my money back and maybe invest in a business or go to school or literally just throw it in the market I don't know, just wanting to utilize it for something that could cash flow or a house in a few years.. I obviously missed my window to cancel without a penalty. Shame on me for not reading the 150 page policy or at least doing my research. I thought he was my friend so I trusted him and feel he took advantage of me. I heard you can call NWM and file a complaint and explain I was mislead, but I also would feel bad if he got fired. Has anyone been through this or have any advice?! Much appreciated!!
submitted by /u/Rude_Sherbert472
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