I'm looking for a little help here, so please be gentle.
A while ago my career took off, and so did my pay. I was convinced to buy a whole life insurance policy from Northwestern Mutual for a VERY HIGH premium. Since then, a few things have changed in my life ...
- My spousal situation and dependents have changed; I don't need to provide this kind of financial security for them upon my death. If whole life ever made sense, it surely doesn't now.
- I've mastered other areas of my finances, am debt-free (other than my mortgage) and am eager to use that money for something else.
- Career took off even more and since other more traditional retirement planning is taken care of, I'm looking at investing or perhaps even real estate.
So ...
I've already halted the auto pay, but here is the ignorant part. I am not sure what I can get back OUT of this whole life policy. In the "way back" conversations with the insurance salesman, many assurances were made about getting my money back if I ever changed my mind. But my understanding of an insurance premium is that it's not like banking money. It seems like this might have all been money down the drain. The information on the NWMU website is painfully sparse.
Basically I just want to recover as much liquid cash from this as I can, stop the policy, and cut all ties. I'm gathering that it's going to be a call with the insurance salesman and some attempts of him to salvage the deal, and whatnot, which I'll say no to. But I am hoping you can help me understand what I can get back out of this, etc. I've paid in enough basically for an addition to my house. The cash value of the policy is many tens of thousands of dollars. In an ideal situation, they send me a check for most or all of what I put in and we part ways.
Thank you PF. Give it to me straight!
Submitted March 30, 2019 at 10:38PM by theSchmoozer https://ift.tt/2OBcUTX
