Northwestern Mutual – Second to Die Policy Bait and Switch Scam
Beware of fraud from insurers. Northwestern Mutual is one of the most disreputable insurance companies out there. They cannot be trusted. I will never do business with them again and counsel all my clients to avoid them. Specifically, on their second-to-die policy they will tempt you with an introductory premium that is never designed to hold firm. They claim to invest the policy premiums and earn market returns so in a bull market the policy premiums should stay flat. In reality and once you put money in, they start gradually increasing the premiums even when their investments are performing well. Total fraud! The surrender value of these policies are always less that what you put in and, as a result, the tendency is to put good money in after bad. After a few too many years I broke the policy. When I asked to exercise my surrender right, Northwestern Mutual delayed the processing for months and reduced the surrender value when I refused to pay the next premium. Lesson learned but not soon enough to avoid losing $50K. Northwestern Mutual should be investigated for unscrupulous business practices but until then and they make some changes to the way they do business, stay as far away as you can.
submitted by /u/Ok-Addition4497
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