My husband and I made what I now understand was an uneducated decision to purchase whole life insurance from NWM as part of our financial retirement savings package. We are in our mid-thirties.
I’ve read a bunch of articles on this and I’ve searched and read through a lot of the other questions about this in the subreddit but I haven’t seen anyone ask specifically about the best option if you have already invested a lot of money in a whole life policy. Do you cut your losses and lose everything you contributed? Or at this point does it make sense to keep going? I understand there are other things we should have done but we can’t go back.
We pay about 1700 a month total for two 1.7 million dollar policies from NWM. After 20 months of saving the cash surrender value is only 1550. We have paid in about 34,000. I feel so incredibly sick about this. I feel very dumb. My husband and I asked tons of questions and sat through multiple presentations and in the end…we got sold. We didn’t ask the right questions or talk to the right people. You don’t know what you don’t know.
You may be wondering how this even happened. First - my husband and I both come from poverty and no one in either of our families has ever had a financial advisor. We went with someone who came recommended through a coworker who seemed financially savvy and highly recommended this NWM rep.
I only recently realized all of this and learned about the downfalls of whole life insurance. This money was coming out of our accounts in a lump sum with debits for three other accounts. I knew a good chunk was for whole life but I just assumed it was going into our cash value for the plan. Once I realized it wasn’t I learned even more and now I feel paralyzed.
Submitted December 16, 2022 at 02:48AM by r4clark https://ift.tt/KIBEJpA
