Scroll down for a discussion on Bad Experiences with Agents within the Life Insurance Forum.
Originally Posted by Mr. Friendly
I just wanted to ask first. I found out some info about Northwestern Mutual Financial Network from a former agent ...
I just wanted to ask first. I found out some info about Northwestern Mutual Financial Network from a former agent I used to work with. I since then have cancelled my policies there. They are very overpriced and all they brag about is how they pay a dividend that is the highest in the industry. They are not the highest. They over charge for their policies and use the excess funds to invest for themselves and then return a small portion back to you in the form of a dividend. I also found out about their motivation to sell. They have an annual meeting and a regional meeting that they all get ribbons to wear. The more you sell the more ribbons you get and thats all that some care about. One agent, I will not mention his name, told my friend to tell the people what they want to hear to sell the case. I later found out that this Agent is one of the managers an office! I since have gone with a nationwide term.
You were conned into buying a permanent protection for yourself and your family? May the agent burn in hell forever. Out of curisority who are "they" that keep all that left over $ after returning you a small portioned dividend? You should consult your local Primerica agents. They always have your best interest in mind and hate NWFN as much as you do if not more.
Doesn't matter to me if you are hot or not, I am indebted to you for your timely post. Thank you so very much! I did a lot of digging since I first saw the info you put on here, since I was about to contract with Equita. It gives me more insight as to maybe why they are dragging their heels about my contract questions and the subject of a pre-negotiated release.
If they have the same mind-set as Parker, NAA, and others of the same ilk, it will come out sooner or later. At the moment, it appears that they have taken on several former NAA managers, including Christine Butcher (the hottie).
I only hope I am wrong, but I have a gut feeling about this...
Several would be quite an understatement. I think it goes without saying what is going on over there. I really hope you don't get sucked in to the kool-aid fest. Insurance is not meant to be what they have made it out to be. It's unethical, in my opinion.
Good luck to you. You will find several people here that would be a much better option for you, including myself but I suggest talking with a few people before making a decision. You need to find what best suits your areas of expertise and your selling style.
Doesn't matter to me if you are hot or not, I am indebted to you for your timely post. Thank you so very much! I did a lot of digging since I first saw the info you put on here, since I was about to contract with Equita. It gives me more insight as to maybe why they are dragging their heels about my contract questions and the subject of a pre-negotiated release.
If they have the same mind-set as Parker, NAA, and others of the same ilk, it will come out sooner or later. At the moment, it appears that they have taken on several former NAA managers, including Christine Butcher (the hottie).
I only hope I am wrong, but I have a gut feeling about this...
Actually this is what brought me to this forum.. I would just ask anyone you are talking to at Equita if they are honoring their agent agreements regarding releases in their Educator Group. If they say yes they are full of it. I am new to the insurance world but to me a contract is a contract, and anything they represent is suspect since they refuse to grant releases. Go in with your eyes open.
I want to know WHY an IMO wants an agent agreement! Why would you go and work supposedly as an independent agent and end up being captive? Crap, if you want to be captive just go somewhere and at least get the ramp up salary.
Yes! One at American Income. He was my managing agent, was a liar and owes me money.
Yes! One at Senior Solutions (Pyramid). He was my GA, was paranoid, and owes me money.
Yes! One at an Indy office. He promised the sun and moon and delivered a cow chip if you know what I mean.
Yes! One at Bankers Life and Casualty.
Only two of the places that I have been associated with did I have a positive experience. I guess 34% isn't bad.
Maybe the question should be has anybody had any positive experiences with a certain company or agent?
</IMG></IMG>
YES! I am with 360 Financial and I am very happy. There has been complete honesty and transparency. No jerking around on my commissions, no twisting of info, no freaking agent contracts that make me captive.
I've had tons of support and I couldn't be happier. There have been some hurdles with contracting because it is a new IMO but I would rather deal with those hurdles than having to chase down my money and getting screwed.
I think every company has hurdles anyway but it is better when they don't involve my pocket
I want to know WHY an IMO wants an agent agreement! Why would you go and work supposedly as an independent agent and end up being captive? Crap, if you want to be captive just go somewhere and at least get the ramp up salary.
Does anyone else in the industry have a waiver of premium on term that instantly converts to whole life if triggered besides NML? Understand all your policies features before you go off on premium price. There is a reason not everybody in the world shops at Wal-mart. That being said I left NML after college because they seemed quite full of themselves. But so do microsoft employees.
Mass Mutual and New York Life also have that same feature.
You guys have a nice, impressive web site and name. I love downtown Charleston. It has a nice feel to it. I was only there once about 15 years ago trying to land some non-insurance related business with Dowell Slumberberger
Mass Mutual and New York Life also have that same feature.
I didn't even no that and I own a MASS High early cash value life contract. Doesn't pay a dividend till year 5 but 90% of premium is credited to cash value on day 1. Thanks
For the info.
I think this sums up a lot of people's bad experiences with agencies... look at Mr. Montebon's affadavit... does it get any worse than that?
- - - - - - - - - - - - - - - - - -
And to be completely unbiased, here is a cute video showing you the new face of the defendants... yay... what's the difference between the plaintiff and the defendant. I'm still waiting for someone to tell me.
I just wanted to ask first. I found out some info about Northwestern Mutual Financial Network from a former agent I used to work with. I since then have cancelled my policies there. They are very overpriced and all they brag about is how they pay a dividend that is the highest in the industry. They are not the highest. They over charge for their policies and use the excess funds to invest for themselves and then return a small portion back to you in the form of a dividend. I also found out about their motivation to sell. They have an annual meeting and a regional meeting that they all get ribbons to wear. The more you sell the more ribbons you get and thats all that some care about. One agent, I will not mention his name, told my friend to tell the people what they want to hear to sell the case. I later found out that this Agent is one of the managers an office! I since have gone with a nationwide term.
Good thing you got rid of the permanent insurance (WL) and got the good old temporay kind (Term). Reckon I should get rid of my permanent $1,000,000 policy I have with a different old line mutual company? Boy is it expensive but of course unlike term if I pay the premiums coverage will NEVER stop. Maybe I should trade it in for a good CHEAPER deal like you have. Of course I want to be certain that I have coverage when I die even if I live to age 80 or 90 so I can be certain that my wife won't have to depend upon SS or work at McDonalds. Can you do that with the coverage you now have?
Does anyone else in the industry have a waiver of premium on term that instantly converts to whole life if triggered besides NML? Understand all your policies features before you go off on premium price. There is a reason not everybody in the world shops at Wal-mart. That being said I left NML after college because they seemed quite full of themselves. But so do microsoft employees.
Good thing you got rid of the permanent insurance (WL) and got the good old temporay kind (Term). Reckon I should get rid of my permanent $1,000,000 policy I have with a different old line mutual company? Boy is it expensive but of course unlike term if I pay the premiums coverage will NEVER stop. Maybe I should trade it in for a good CHEAPER deal like you have. Of course I want to be certain that I have coverage when I die even if I live to age 80 or 90 so I can be certain that my wife won't have to depend upon SS or work at McDonalds. Can you do that with the coverage you now have?
Is your policy a whole life or universal life? If you want to cut down the premium and still have the guaranteed death benefit, you could get $1M of UL a hell of a lot cheaper than $1M of whole life. As long as you pay the premiums on a no-lapse UL, coverage is guaranteed until age 121. You could always use the cash value you have in the WL policy to do a 1035 exchange to the UL and really knock those premiums down (or get more coverage for the same amount).
Is your policy a whole life or universal life? If you want to cut down the premium and still have the guaranteed death benefit, you could get $1M of UL a hell of a lot cheaper than $1M of whole life. As long as you pay the premiums on a no-lapse UL, coverage is guaranteed until age 121. You could always use the cash value you have in the WL policy to do a 1035 exchange to the UL and really knock those premiums down (or get more coverage for the same amount).
I am curious if you know what happens to the policy at age 121?
Is your policy a whole life or universal life? If you want to cut down the premium and still have the guaranteed death benefit, you could get $1M of UL a hell of a lot cheaper than $1M of whole life. As long as you pay the premiums on a no-lapse UL, coverage is guaranteed until age 121. You could always use the cash value you have in the WL policy to do a 1035 exchange to the UL and really knock those premiums down (or get more coverage for the same amount).
Or you could buy a participating policy and let the dividends pay the premium 15 years in FOREVER!!!!
I am curious if you know what happens to the policy at age 121?
Whatever remaining cash value (likely $0) would be paid and the death benefit would end. As of yet, nobody has ever lived past that point, so it's not really an issue.
ProsperSBC - You could do that, but how much would you have to pay in premium to get there compared to a UL?
Whatever remaining cash value (likely $0) would be paid and the death benefit would end. As of yet, nobody has ever lived past that point, so it's not really an issue.
ProsperSBC - You could do that, but how much would you have to pay in premium to get there compared to a UL?
Are the guarantees as solid in the UL? Or is it just a masked yearly renewable term with a sub account and the cost of insurance is rising every year?
Re: Bad Experiences with Agents
Linear Mode
