Reputable? Whole Life with Northwestern Mutual...

[HealthGuy]

Death Cab: I don't know if I get a bigger kick out of you or LGilmore. For one, I laugh every time I hear the statement that NWML is a 'good company'. To me every life company is a 'good company' because they all pay their death benefits. Whats the difference? Why do people get such a hard on over their life policies with NWML? Second: I was with NYL, not NWML. I didn't fail at all my friend - I just learned over time there is NO advantage being captive and NWML offers nothing special with their polices except they are overpriced.

 

[Death Cab For Tootie]

Death Cab: I don't know if I get a bigger kick out of you or LGilmore. For one, I laugh every time I hear the statement that NWML is a 'good company'. To me every life company is a 'good company' because they all pay their death benefits. Whats the difference? Why do people get such a hard on over their life policies with NWML? Second: I was with NYL, not NWML. I didn't fail at all my friend - I just learned over time there is NO advantage being captive and NWML offers nothing special with their polices except they are overpriced.

Look, you'll get no argument from me regarding NML. A lot of their agents think their **** don't stink. But to compare strictly on price is amateur hour. Do you live in a trailer in the ghetto? Do you drive a Yugo? Do you only eat beans out of the can? Those are far less expensive options than living in a nicer neighborhood, driving a more reliable car, and eating more complete meals. Why don't we live by the cheapest options available?

From what I gather, all you seem to do is compare premium and come to the conclusion that you don't get something extra for the extra premium of, say, WL vs. term or UL. If you had something else to offer, I'd lay off the snarky comments. However, you continually pop into threads where you have no business, spout off that "OMG (insert mutual company) is soooooo expensive, why would you buy whole life?!!!!!!!!!!111", then leave without adding any value.

In short, butt out.

 

[HealthGuy]

Death Cab: I'm not going to butt out or go anywhere. I love working guys like you up into a frenzy because you take yourself so seriously. I can add no value or a lot, up to me. I will pop in and out of any thread, up to me as well. You can't control me, neither can AL3 - and thats what I love about this forum. Maybe I am a scholar and you just don't know it yet. I am whatever you want me to be, I don't care. As long as I have more fun than you and make money in this industry its all good to me. Maybe you are a "Mega producer" and are the biggest swinging di$k in the life industry. I could really care less. And maybe you are a great guy, who knows and who cares. Nobody cares about me and nobody cares about you, not even our clients - so none of the pontification on this forum really matters. Go have a shot of whiskey and take a hit on your bong and mellow out man. Happy Thanksgiving. And if having your NWML whole life policy tucked away in your drawer makes you feel better and you can sleep at night, then so be it.

 

[LGilmore]

" You can't control me,"

Well spoken as always...

I've always found that the more someone b itches about a competitor, the more the competitor has won from that individual. Did you ever stop to think your approach isn't working because you're coming from a point of weakness?

You don't like the preceived arrogance of the NWM agents, however it seems alot of clients do. Have you lost a battle or two to NwM? You always seem so bent out of shape about them, yet you were a NYLer, shouldn't your anger be pointed there?

You never answered my question from before about how long you were with NYL? From your questions on other topics I wondered how long myself as most NYL agents learn a great deal in their first three years, yet you're asking questions about things taught in the first 18 months.

I was actually surprized you recently mentioned you were a NYL agent at one time. Reading your previous posts on different subjects, one never would have guessed it.

 

[mx_599]

I think alot here are trying really hard to make a sale. Hoping this kid changes his mind and agent and decides to buy from someone here.

okay, i missed a bunch of posts. will try to catch up...

i am just trying to become more informed. it wouldn't be the hardest thing in the world for any of you to mislead me. i hope i am getting mostly honest advice and i am savvy enough to survive this thread.
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Buy the friggin NML policy and move on with your life. You are making a mountain out of an ant hill. If you are concerned about the tiny difference when paying the policy monthly between carriers, then you are missing it.

yes, i know. patience. these things don't happen over night. now my agent is the one dragging, not me!

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Really variable? That's the last place I would see this individual going. You've not read much of this, the answer you ask was posted a long time ago. And not, maxing out other products isn't in his best interest based on what he's trying to accomplish.

My Bad, did not realize how far back the thread went. I went to "new messages since last visit" and it put me near the end. There is nothing wrong with Variable, if you want to improve returns and guarantee a minimum, however. Returns on basic whole life is going to be challenging over the next couple of years. I guess I'll have to read back to see why he wants to over fund, but to be honest I really don't care that much to read through the bickering. As far as picking a large carrier with a lot of exposer, with Baby boomers on the verge of dying off, I say the bigger they are, the harder they fall with higher capital requirements.[/quote]
i have my hands full with WL. i am not sure i understand the overlying concept of variable or universal life insurance.
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I kept waiting for you to come on here and bash NWML and WL. I can't say I am a huge fan of NWML, but they are a good company. Do you even understand why he wants this policy, hint, its not for the death benefit. A permanent policy is the only way to achieve want he wants.

Now, I have to agree with ticket_shuffle, variable might be a way to go. I don't recall reading anything earlier that suggested this person was very risk adverse, in fact I'd say he likes risk, wanting to go without malpractice. Also, a good VUL will probably be easier to access the money from. Of course, as I understand it, NWML doesn't have a particularly strong VUL, but there might be a good one his B/D allows. Also the VUL is going to be vastly more flexible when it comes to making premium payments.

That said, I'd say its time to stop thinking about it, and just go ahead and pull the trigger.

i am okay with some risk, i don't mind keeping tabs a little. i don't want to be day trading, but i don't mind keeping tabs on insurance...i think anyway...

VUL? variable universal life?
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"a good VUL "

will require more attention than this guy can probably give. VUL is a product that is not a fire and forget for 20 years product. You're looking at a person whose profession will require alot of hours for a long time. While I don't believe there is a bad product (term, gul,ul, vul and whole life) each has to fit the right situation. The VUl's I've sold have been to people who do check and move and pay attention to their statements. They enjoy that aspect. Lots of folks don't.

All you have to do is look at the mf industry and the maturity dated funds.. most are sold as fire and forget, even though they aren't supposed to (wink wink, nudge nudge) as told by the fund companies.

I think his job is going to take alot of his time and attention and his desire to tinker, might not be that great.

i think i could follow it a bit. i do not know how it works, what choices do you have if you are following it?
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Note I said monitor, not trade. Personally I'd prefer to never make trades on a client's behalf. Also, I think you read too much into what I said. If you are doing right by your client, keeping abreast of what is going on in his situation and keeping him up to date on his portfolio, referrals and additional sales are a natural by-product.

After all, this guy wants to retire by 50. He is going to be putting quite a lot of money away. Either you can stick with him, keep him up to date on what he has and hopefully get the additional money, or you can make a quick sale and disappear for someone else to handle the new money. I'd rather keep in touch with him and earn his trust through a continued good job. That way hopefully he'll place the new money through me instead of using someone else.

you can trade life ins? to what extent?
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"After all, this guy wants to retire by 50. He is going to be putting quite a lot of money away."

And he is going to have to bust his ass at work to do so...

yes, i know this might not be possible at this stage of the game. it never hurts to dream though
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their money if they had not believe the BTID guys and figured life insurance in their retirement

not sure what BTID is?

 

[BNTRS]

BTID = Buy term and invest the difference. Financially devistating strategy championed by people who work for companies that only sell term life insurance and stock brokers.

Universal life is a term product with a cash account attached to it.

Variable universal life takes the cash account and invests it in insurance-like mutual funds called sub accounts.

Universal life came about during the ramp up in interest rates during the late 70s and 80s. Insurance companies bore the brunt of a large supply of criticisms regarding the comparitively low whole life yields. The insurance companies agreed to create a product that gave more upward potential but in return required the client to assume more risk. As a result the guaranteed mortality expenses, guaranteed death benefit, and guaranteed rate of return were all removed.

My favorite explanation of Universal Life Insurance I stold some time ago and goes like this...

Think of a bucket with two spigots pouring water into it. One spigot represents the money you put in, and the other the interest (or growth from investments if variable universal life). Now the rule is as long as there is water in the bucket the policy will not lapse. The balancing act however is that the insurance company is going to come a long a punch three holes into the buttom of the bucket and drain water out of it. Additionally one of the holes is going to get bigger over time.

The flow charts is

1.) You turn on the spigot for your deposit

2.) Money drains out of the holes

3.) A calculation occurs to credit interest on the money based on what money remains in the bucket

4.) The other spigot turns on to pour in the interest the proportionate.

5.) Repeat steps 1-4

It's not a return of premium product; instead carries costs that go to the insurance company. Whatever money is left over remains and gains interest (or is put into the sub accounts as an investment). No dividends are paid.

 

[NMFNMDRT]

BTID = Primerica at it's finest!

 

[LGilmore]

OK MX,

In a nutshell the difference between whole and variable. Whole life you pay a premium, they do the work (investment choice), usually a conservative steady path. There's not alot to play with or risk acceptence on your part. It is not a product that will surprize you.

With Variable, you pay the premium, but you make the choices of where the premium goes from their selections. You pick em. So you could do better or you could do worse. Performance becomes your responsibility. You could trade availble funds as much or as little as you want. The risk is yours. And the surprize can go both ways. You can be successful or you can suck.

My point is you will eventually have many different investment choices to make in a multitude of investment products. It's going to depend on you and how much tinkering you want to do with your portfoilio as it grows.

Down the road (as I am) you might find it reassuring that something you put money in, hasn't kicked you in the ass.

Do you want to tinker with everything or just some things?

This is your "just how anal are you exam?". Hint? There isn't a right answer, just yours.

 

[BNTRS]

BTID = Primerica at it's finest!

HAHAHAHAH! Now there's something NML and I can unite on!

In central NY the NML agency is right across the road from a Primerca...uh "agency"...I laughed pretty hard when I discovered this.

That was while I was on my way to the Primerica meeting, held on a Thursday night (around 7pm) because they need a time that works for their agents who are out of work from their regular jobs at that hour.

What was I doing there? The guy who sold me some furniture invited me. He was just getting into the industry with them and sometimes I lust for awkward moments.

I spent most of the time there talking to a girl I knew who I discovered that night worked there at their front desk. I returned to the meeting for the last 15 minutes or so, just in enough time to hear them blab on about how whole life insurance is the anti christ and cheer on their "crusade."

After the actual meeting the guy who invited me there asked if I wanted to meet the guy who ran the agency. Of course I agreed and proceeded to get him all worked up about whole life insurance. Squirly guy with all the gaudy rings that MLM people have. He started screaming and telling me how much money he made and how he didn't have whole life insurance (you can only imagine how shocked I was to hear this). Then he tried to tell me that the capital gains on muni bonds aren't taxable.

 

[ikeman07]

On a completely different note, please tell me you and your agent have talked about disability insurance--you just spent all that time and money on med school, don't chance it--and please tell me you don't have a northwestern policy. I can give you mountains of reasons why I state this.

Northwestern has gotten extremely competative in DI within the last month. New Medical definition for DI. Just an fyi.