Northwestern mutual whole life policy
Feeling scammed.. I bought a whole life policy through Northwestern mutual last year from a friend (I thought) I went to college with.. I inherited some money from my grandma and he convinced me to put about $1500 per month in last year. I asked him many times on whether I can pull out the money or not and he said absolutely and that that it wasn't a loan, which I found out was the complete opposite. My other friend who she works at another firm, looked at the policy for me and was shocked he sold me a whole life at 24 with no beneficiaries or large amounts of income ect. The policy has about $15,000 in it currently. She also said shame on him for not explaining it to me properly and basically taking advantage. Its a cash value policy, so taking the money out would be a $6,500 blow. If I kept the policy, I can't even borrow $ for another 5ish years for it to make sense.. so this money is doing nothing for me unless I die and even then I have no children or beneficiaries (24y/o F). I would really like to get my money back and maybe invest in starting my own business or going to trade school but I obviously missed the window and my financial advisor basically said sorry you can't read the paperwork you're not getting you're money back without a penalty. I heard you can call NWM and explain to them the situation and they MIGHT give it back if you explain you were mislead. I also feel badly and don't want him to get fired. Has anyone been through this/have any advice? Would be much appreciated!
submitted by /u/Rude_Sherbert472
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