Menu

Northwestern Mutual

Home Financial Advisors Northwestern Mutual

  • Jason Veirs Jason Veirs 
    Participant
    Status: Insurance Agent, Small Business Owner
    Posts: 76
    Joined: 05/17/2017

    This is true and a valid point, but as was the case with Genworth, another more financially stable carrier will usually come along and assume/purchase the block of business of another carrier, should that carrier become insolvent and run into any hiccups. There’s also usually a State Guarantee Association/Fund as others have mentioned, which would cover at least a minimum amount of the death benefit (usually very minimal and around $200-300k, depending on the specific state where the policy was written). This way, the policyholders aren’t left completely out in the cold, and without their life insurance death benefit – Also, I could be wrong, but to my knowledge, there has never been a situation where policyholders have been left on the hook by an insurance carrier who has gone insolvent and has not had another carrier come in to “pick up the tab”?

    Of course in an assumption scenario, the new carrier will usually absorb all of the initial contractual guarantees which were put in-place by the initial carrier. Yes, your annual premium statement might have a different carrier’s name, but it’s typically not a doom-and-gloom sort of thing.

    Also, although no one can predict the future, going with a carrier like Prudential, Banner Life, Protective Life, or Transamerica, etc., who all have around a 90-95 Comdex score is usually a much better value than another carrier who has a 100 Comdex score but is 20-30% more in premium for the life of the contract – Do the math, this 20-30% over the life of the contract equates to thousands of dollars in extra premiums. I always equate this 95 vs. 100 Comdex score argument to someone having an 800 FICO vs. a 740+ FICO. Yes, you can brag to all of your friends about your 800 FICO score at a cocktail party, but the person with a 740+ FICO is usually going to qualify for the same percentage rate on a car loan or mortgage, assuming that all things are equal. Of course, Northwestern Mutual and New York Life agents will be the first to tell you about how great they are because they have a 100 Comdex score, as that’s how they’re trained to sell and that’s the ship that they will go down on.. It’s quite comical actually.

    Jason P. Veirs - Life | Disability | Health | Long-Term Care Insurance Broker located in San Diego, CA | Owner of Insurance Experts Solutions, Inc.
    Office Direct: (619) 334-2400 | [email protected] | http://www.InsuranceExperts.com

    #62153 Reply
    Liked by adventure
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3469
    Joined: 01/21/2016

    Which could it be considered, libel or slander, if I share my personal experiences with NWML on this forum? I guess I better just keep my mouth shut. 🙂

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #62202 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4521
    Joined: 05/13/2011

    Which could it be considered, libel or slander, if I share my personal experiences with NWML on this forum? I guess I better just keep my mouth shut. ????

    Click to expand…

    You can say whatever you want. You just need to make sure your opinions are clearly identified and your facts are true. Then you’re guilty of neither libel or slander.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #62227 Reply
    Rando Rando 
    Participant
    Status: Physician
    Posts: 204
    Joined: 01/08/2016

    In my case I did my undergrad and medical training in Milwaukee, where NML is based.  They had a great reputation in the city, I believe offered free lunches to their employees and were consistently rated one of the best places to work, plus they had the very high insurer ratings.  So to me, as a young physician ignorant of financial matters, I figured such a good company would be equally good to its clients.  It took me some time to figure out they were not.  Luckily I never bought any of their whole life or annuities.

    #62938 Reply
    Liked by Jason Veirs
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4521
    Joined: 05/13/2011

    In my case I did my undergrad and medical training in Milwaukee, where NML is based.  They had a great reputation in the city, I believe offered free lunches to their employees and were consistently rated one of the best places to work, plus they had the very high insurer ratings.  So to me, as a young physician ignorant of financial matters, I figured such a good company would be equally good to its clients.  It took me some time to figure out they were not.  Luckily I never bought any of their whole life or annuities.

    Click to expand…

    Which is the really disappointing thing about it. I mean, they’re mutual! It’s not a matter of treating the clients well, it’s a matter of treating the OWNERS well. What kind of a company doesn’t treat the owners well? It’s tragic, really.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #63314 Reply
    Liked by Jason Veirs
    Donnie Donnie 
    Participant
    Status: Other Professional
    Posts: 770
    Joined: 01/11/2017

    If it makes you guys feel any better, docs aren’t the only ones getting hassled by NWM.  I get a cold call from NWM about once a quarter.  I get a lot of calls from wealth management people.  It wasn’t until I started reading the forum here that I realized one of the repeat callers is NWM since I always end the call quickly after the intro.

    #63321 Reply
    Avatar Tpeters2010 
    Participant
    Status: Physician
    Posts: 13
    Joined: 09/04/2017

    I have a cousin who works for NML. They have ties inside my residency, that’s undeniable.

    I purchased a modest own occ disability & small term life policy from him about 4 years ago. I’m a pediatrician, DINK household, so don’t need lots with no kids and spouse who can support self. Premiums amount to 2-3 hundred per month. (Maybe I could do better if 30% less for others’ premiums is ossicle per previous posts?)

    Since I didn’t know an insurance broker in the area, I figured this was reasonable disability product as any of the big 5. My other residency peers sounded clueless about finances so I didn’t ask them.

    +1: he offered to set up a backdoor Roth – I declined. He never gave the WL pitch. ( I was Boglehead / WCI reader so I knew to avoid WL)

    #63341 Reply
    SerrateAndDominate SerrateAndDominate 
    Participant
    Status: Physician
    Posts: 486
    Joined: 02/01/2018

    Just got a calendar invite at my fellowship program that this company has someone giving a talk in two weeks. I kinda want to sit in and troll it

     

    Earn everything.

    #205822 Reply
    mkintx mkintx 
    Participant
    Status: Physician
    Posts: 58
    Joined: 01/08/2016

    I have my disability with them.  It’s not the greatest, but I’ve had it so long that it is fairly inexpensive and is good enough at this point.  They used to try to sell me on whole life all the time but I got aggressive with them and they stopped.  When I canceled my life insurance with them, they tried to scare me into keeping it, saying that at my age I wouldn’t be able to qualify for such a good rate, and I told them I just qualified with a different company for a new 20 year policy for significantly less money (thanks, term4sale.com!).  They don’t even bother calling me anymore.

    I initially started with them because they were recommended by a colleague I trusted, and I was ignorant.  He was as well.  We are our own worst enemies.

    #205848 Reply
    FunkDoc83 FunkDoc83 
    Participant
    Status: Physician
    Posts: 219
    Joined: 04/12/2018

    Anyone know how much a NWM insurance sales person makes?  Low end to upper end?

    #205852 Reply
    SerrateAndDominate SerrateAndDominate 
    Participant
    Status: Physician
    Posts: 486
    Joined: 02/01/2018

    No idea, but I’d be happy to field questions for the group 😉

    Earn everything.

    #205854 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3469
    Joined: 01/21/2016

    Anyone know how much a NWM insurance sales person makes?  Low end to upper end?

    Click to expand…

    I would guess the range is between $5000 and $5M, 95% plus falling in that range. The better you are at sales and the better (read: wealthier) your contacts, the more you will earn.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #205858 Reply
    FunkDoc83 FunkDoc83 
    Participant
    Status: Physician
    Posts: 219
    Joined: 04/12/2018

    Anyone know how much a NWM insurance sales person makes?  Low end to upper end?

    Click to expand…

    I would guess the range is between $5000 and $5M, 95% plus falling in that range. The better you are at sales and the better (read: wealthier) your contacts, the more you will earn.

    Click to expand…

    5 million is a lot of money for insurance sales right!!!  Maybe I’ll transition into my second career, LOL

    #205866 Reply
    Liked by Vagabond MD
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3469
    Joined: 01/21/2016

    Anyone know how much a NWM insurance sales person makes?  Low end to upper end?

    Click to expand…

    I would guess the range is between $5000 and $5M, 95% plus falling in that range. The better you are at sales and the better (read: wealthier) your contacts, the more you will earn.

    Click to expand…

    5 million is a lot of money for insurance sales right!!!  Maybe I’ll transition into my second career, LOL

    Click to expand…

    A good salesperson has greater earning potential than a good doc. Most docs are not wired or brought up to be good at sales.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #205867 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3030
    Joined: 09/18/2018
    cool slide-shows and freebies

    Click to expand…

    Johanna,

    What has this world come to?

    Click to expand…

    You answered your own question. Take a deep breath. Tax season is over in a few days. It’s asked and answered. Not answered and asked.

    It’s 5 pm, would a glass of wine help? Sign of burnout.

    #205869 Reply

Reply To: Northwestern Mutual

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear