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  • recommendation

    Hi all,

    I am working with Northwest Mutual, already bought life and disability policies. So far happy with them, but I am happy w/ anyone who sounds like they know what they are doing. After reading some of the things on hear I am scared I "fell for it". Though so far I have been happy with their services. They most recently advised us on our budget once I become an attending in the fall and gave us the breakdown of what we should pay for mortgage, etc.., given our salaries. The primary person we are working with is a CFP and specializes on working with physicians (for whatever its worth.) Wanted to get peoples perspective on the company. As of now we are not paying them anything and don't know any details of what it will be once I am an attending.


    Thank you.


  • #2
    I'm sure others will comment but, for physicians, NML has not been competitive in terms of disability insurance since September, 1997. You can typically find policies that are more comprehensive for a lower premium rate elsewhere.

    If you purchased term life insurance (which is what you should have purchased), they only offer policies with either an annually increasing premium rate or a level premium rate for 20 years. If you have a young family or no children yet, the odds are pretty good that you would be best served having at least some of your coverage with a fixed premium rate for 30 years.

    While I stated that they are good company (from a financial stability standpoint) in another thread, WCI replied with the following: I disagree that NML is a “very good” company. I dislike many of their business practices and find most, maybe all, of their products to be overpriced. I won’t ever be purchasing any policy from them ever again after the way they treated me. They like to boast of their “financial strength” but it seems pretty clear to me where that strength comes from. I sure like the idea of a “mutual” company but am not impressed with how this particular mutual company does business.
    Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF


    • #3
      Term life? Why don't you get a second opinion on the disability policy from LBKCLU (who should be a lot more familiar with their insurance practices than I)? I doubt you are going to get any real financial planning from them, even though your agent is a CFP, but if you have a good term life and disability policy, you might be just fine. Not every insurance agent is in it just for him/herself. I wouldn't recommend using Northwestern for investing, either, but I haven't heard the horror stories like I've heard regarding Edward Jones and Woodmen of the World.
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087