Northwestern Mutual

Review: I surrendered a policy which created a refund. Northwestern Mutual asked for my checking account number so they could electronically transfer the refund. The refund was transfered successfully with one exception, they also transfered to my account a second deposit that was obvisioly not intended for me, it had a different name referenced on it and it was more than my annual income. I called Northwestern Mutual and talked to someone in the policy services department about the error. The person was quit insistant that they did not send the extra deposit and had no record of the other name. My reaction was to visit my bank and have a banker return the wrong deposit. In the mean time Northwestern Mutual tried to recapture the funds intended for someone other than me and caused my bank account to be deactivated because the attempts failed. Two days later I got an alert from my bank that my overdraft protection kicked in draining my line of credit because Northwestern Mutual had reached into my checking account and took a second ammout equal to ammount that I returned two day earlier causing a huge overdraft. I feel that Northwestern Mutual has made a mistake, tried to covered it up and has been hacking my account to my detriment. For a company that promises to take some of the worry out of life they sure created a big worry in mine.Desired Settlement: I need to have my accounts broght back to normal at my bank (my money not yours) and because I am sure enough red flags have been raised due to money transfers that there is a good chance I could be audited next year, I need some assurance you can provide me with the correct documents that will show that you did make a mistake and that I did not profit or gain in any way from this. It wouldn't hurt to send a thank you to my banker for all of their efforts to clean up your mess

Business

Response:

Dear Revdex.com of Wisconsin: This morning, we spoke to Mr. [redacted] by phone and are following up with him by letter today. In our letter, we apologize for the error and inconvenience we caused him when funds belonging to another policyowner were erroneously deposited into Mr. [redacted]’s checking account. This was the result of a processing error. We will be reimbursing Mr. [redacted] for any bank fees he incurred as a result of our error. We will also be in touch with his banker to confirm when the funds were returned from the bank, and will provide his banker a letter of apology as well as a thank you to per Mr. [redacted]'s request. We’ve also provided contact information for Mr. [redacted] to reach one of our policyowner services specialists directly. Thank you for bringing this to our attention, and our apology again to Mr. [redacted]

Business

Response:

Dear Revdex.com of Wisconsin: Along with our letter to Mr. [redacted] dated March 4 detailing this situation and its resolution, we included a copy of the letter sent to Mr. [redacted]'s bank at his request. We also indicated in our letter, "Please use this letter as evidence for your bank and/or Internal Revenue Service should this situation raise questions in the future." We've also provided Mr. [redacted] a direct contact in our policyowner services department for any other questions or concerns. [redacted]

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Review: Over 30 years ago Northwestern Mutual sold me a $100,000 '65 term life' policy. I turn 65 this month, which is when payment of monthly premiums ends, and they have sent me notification of this. They also notified me that my Accumulated cash value and dividends (which I always left to accumulate there) equal $56,258.29. They also show a total death benefit of $89,384. When I called them, I was told that this death benefit was less than the $100,000 I originally purchased because their investments had fallen short of their projected performance. They also told me that the $89,384 included my $56,258.29 accumulated cash value and dividends... What I think I should get at death is $100,000 plus my accumulated cash value and dividends. I asked for a copy of the original policy, which they promised, but it has not arrived after months of waiting.Desired Settlement: I would like a copy of my original contract, plus written assurance that the policy will pay the $100,000 death benefit I purchased, plus all accumulated cash values and dividends, upon my death. Thank you.

Business

Response:

Dear Revdex.com of Wisconsin:

We have sent Mr. [redacted] a copy of the policy he requested. We included a letter to him addressing the points he made to the Revdex.com. The letter provides Mr. [redacted] with the name and phone number of a senior customer service representative who can help him.

As Mr. [redacted] stated to the Revdex.com, the policy he purchased was designed to provide $100,000 in coverage through age 65 at which time premiums would stop.

He also chose a policy that used dividends paid on his life insurance over the past 30 years to gradually buy whole life insurance coverage that would be fully paid for at age 65. This allows Mr. [redacted] the option of now continuing his coverage for the rest of his life with no further costs. Alternately he may surrender the whole life coverage and receive the policy’s cash value. The policy language states that the exact amount of “paid up” coverage at 65 cannot be guaranteed.

With this response, we consider the complaint closed. Please let us know if we can be of any further assistance.

Contact [redacted]

Consumer

Response:

On Wed, Dec 11, 2013 at 11:36 AM, [redacted] wrote:

Review: I was told on 7/9/2014 that 260.00 would pay me until 8/15/2014. I sent in the money and they received it 7/25/2014 was specifically told I was up to date and that the billing account was opened and everything was fine. Then on 9/17/2014 I go to check my mail and there are letters in there with bills from 6/15/2014 and 7/15/2014 and they said my billing account is closed again!! They also told me on 7/9/14 that I could cash the checks that they sent me and I did! Now on 9/17/2014 they are telling me that I have to pay over 240 to be paid till 9/15/2014 and that I have to pay the money back for the checks that they sent me that they said I could cash!!!!!!!!!!!

Northwestern Mutual has the worst cumstomer service! For years now they tell me one thing and its usually always incorrect and then they never have notes or recordings of the LIES they tell you!Desired Settlement: I want my account paid till 8/15/2014 just like the crooks told me that I was! Also I want them held accountable for telling me to cash checks that they sent me and then telling me I have to pay them back! Also if possible I would like to see if we can make them listen to the recordings of the call

Business

Response:

Dear Revdex.com of Wisconsin: On Sept. 30, the home office in Milwaukee mailed a letter to Mr. [redacted] in response to this complaint. In our letter, we apologize for the misunderstanding regarding the need to return the dividend checks when the noted policies were terminated. We inform Mr. [redacted] in the letter that his policies and Insurance Service Account have been reinstated and are paid to Sept. 15. We also note that the ISA has closed on numerous occasions since 2013 and to avoid future terminations, Mr. [redacted] may wish to consider paying monthly premiums through automatic electronic funds transfer through his bank account. This would also save $12 per year because there is a $1 monthly service fee charged for direct bill accounts. We’ve provided an EFT authorization and instructions. We now consider this complaint to be closed. Please let me know if there are any further questions or concerns. [redacted]

Review: My husband and I purchased life insurance policies for each of our family members (7, he & I and 5 children). He also purchased a separate financial planning fund because his company doesn't have 401K (self contractor). Our monthly premium on all policies was just over 300.00 a month. In April we had some family issues to arrise and with the economy my husband [redacted] called to cancel the policies 2 days before the autodraft for the premium was to come out of the bank. It drafted 2 days later to take a payment of over 300. We figured that could be because 2 days is a short amount of time for processing. Called the representative that sold us the policy and he said no problem it was cancelled and he would return our money. No money came. The following month another premium drafted for over 300. Again the representative apologized and said it would be processed for a return to us. In June 300 drafted again from our account. By this time we are sure there has been time for processing a cancellation and call for answers. Again the representative apologized and said to await a refund. It never came. I called the corporate office and opened a investigation case to request our refund. The company sent us a 250 check, which in the letter explains it's the amount that had been payed into the policy before cancellation. Still no 900.00 refund. Now we cannot reach the representative by phone, goes to voice mail and mailbox isn't setup. I called the corporate office again and their number says not accepting calls. I called each of the representatives (2) and their assistant and receive no answer. I really believe at this point that this company or at least this group is running a scam.Desired Settlement: I would like to have the 900.00 returned to us that was deducted via autodraft from our banking account after our policy was cancelled.

Business

Response:

Dear Revdex.com of Wisconsin: The home office in Milwaukee has been in contact with Mr. [redacted] and he is aware that we are working providing premium refunds on his policies dating to April. A surrender form was signed canceling these policies in April, but could not be located in the office of the financial representative. We're working to complete this refund as soon as possible based on this complaint and will provide a final response when that work is completed. [redacted]

Review: [redacted] set up an IRA account with automatic withdrawals from my savings account for $750 a month. At no time was I ever informed that you can only put $5500 a year into an IRA or you will be penalized 6% every year for excess contribution. I discovered this when shopping for an IRA CD to put my mutual funds into and was informed by a banker of the limit. I contacted [redacted] and said he had a lot of clients and failed to tell me this and was sorry but could not refund the $650 penalties I have incurred nor credit me for the fees I have paid him in the past for his financial advice. The information I did not receive was vital to this type of account and the penalties have directly affected my future goal of investing in an IRA. Clearly $750 a month into an IRA would put a person over the $5500 limit and suffer financial consequences.Desired Settlement: I desire to be reimbursed for my penalties and past membership fees I paid for advice I never received.

Business

Response:

Dear Revdex.com of Wisconsin: On Jan. 13, our home office in Milwaukee replied to Ms. [redacted] by letter. Our financial representative began working with Ms. [redacted] in 2011 and she opened a brokerage account with [redacted]western Mutual Investment Services. She also discussed opening an IRA, and our representative indicates he discussed with Ms. [redacted] how an IRA works including contribution limits and required minimum distributions. Ms. [redacted] chose to open an IRA funded by a variable annuity contract. At the time of application, the monthly electronic funds transfer established from Ms. [redacted]’s bank account was $400, which placed her under the annual contribution limit at that time of $5,000. The variable annuity contract was not established with a $750 monthly payment. In addition, our representative provided the IRA, Roth IRA, or SEP Disclosure Statements, which Ms. [redacted] acknowledged receiving when she signed the annuity application. Our Jan. 13 letter includes a copy of these statements highlighting the contribution limits. This document, along with others signed and recived, clearly state neither [redacted]western Mutual nor its financial representtives can give legal or tax advice. We also detail in the letter Ms. [redacted]’s month payment increases and annual contributions. Each time a payment was made, Ms. [redacted] was sent a Variable Annuity Confirmation Statement containing the tax amount and tax year. While we note it is unfortunate Ms. [redacted] exceeded the annual contribution limits, our representatives are not tax advisers and cannot give legal or tax advice. Therefore, we are unable to reimburse the $650 requested. Sincerely, [redacted]western Mutual Liaison to the Revdex.com

Review: I have been trying to contact my financial representative([redacted]) to cancel my products with the company for over six months.

in this time span I have lost my job and can not afford these services anymore. I still get billed and the money is taken directly out of my bank account with out my consent and since I do not have any income; my bank account is being hit with hefty overdraft fees. I have notified my advisor on multiple occasions and he simply ignores my calls/emails.Desired Settlement: I wish to receive back all the money I have paid into my products, stop payments and to end my business with the company.

Business

Response:

Dear Revdex.com,Thank you for making us aware of Mr. [redacted]’s situation. We strive to provide an outstanding client experience and we have sent a letter offering him the following actions to resolve his situation.Mr. [redacted] made us aware his financial representative, [redacted], had not responded to his request to cancel his policies and discontinue his EFT payments. We apologize for Mr. [redacted]’s lack of attentiveness.Since we have a record that Mr. [redacted] contacted his representative on Feb. 4, we have offered to reimburse him for the EFT payments made on 2/4/16 and 3/4/16 and we will also reimburse him for the payment made from his insurance service account on 4/4/16.If Mr. [redacted] incurred any overdraft fees associated with these EFT payments, we will reimburse him for those charges if he provides a copy of his bank statement. We apologize for the inconvenience this may have caused him. No further EFT payments will be made from his bank account.Mr. [redacted] has also indicated he would like to discontinue his long-term care policy with our company, and we have forwarded to him the form needed to cancel it.We hope Mr. [redacted]’s employment situation is resolved quickly and according to his preference.Regards,[redacted]

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,

Review: My policy number is [redacted]. I haved called the office in [redacted] asking why for months my payments of $50.00 only reduces my loan by 0.48 dollars! No return call. I also sent the same message over the internet to the home office. No response. My ISA No. is [redacted]Desired Settlement: How my $50.00 is applied in reduction of indebtedness.

Business

Response:

Dear Revdex.com of Wisconsin:

We're sending a letter to Mr. [redacted] today in response to this complaint and an online request he made July 3. This is in addition to a telephone discussion July 17.

In the letter, we provide detail about how interest is accrued and loan payments are applied. Briefly, if a loan is taken from the policy, we no longer have the full cash value amount to invest. The company relies on investment earnings from the entire cash value to fund its future obligations. Therefore, an appropriate rate of interest, specified in the policy, must be charged to recoup the investment earnings lost.

When a loan payment is received, payments are first applied to the interest and then principal unless requested differently. We have provided a copy of the available loan history for this policy, which includes a record of how interest compounded and how the loan has been reduced when payments were applied.

We now consider this complaint to be closed. Please let me know if I can be of further assistance.

Review: [redacted] gave me bad advice after my divorce from my ex-wife in 2002. I assumed I would cancel my ex-wife's 2 insurance policies, but [redacted] told me to keep paying on them. I trusted her advice. Boy, was I wrong. In June, 2013 my ex-wife cashed out the $25,000 whole life policy that I had been paying on for 11 years. It cost me over $3000. Is that good financial advice? Knowing what I know now, and what she knew at the time is that she should've advised me to take my name off as payer and allow my ex-wife to take over payments. But [redacted] wasn't looking out for my best financial interest. She was looking out for her own. Is that what a financial advisor is supposed to do? I would sure hope not.Desired Settlement: DesiredSettlementID: Refund

I would like all of the premiums back that I paid on those two policies from 2002-June 2013.

Business

Response:

Dear Revdex.com of Wisconsin: Per our original response to the [redacted] on Jan. 9, information is being shared with the policyowner regarding our assessment: We found no record of conversations with the policyowner regarding how he should handle his ex-wife's policy following their divorce. The payer did authorize the payments and received annual policy statements indicating that payments were being made on the policy in question. At any time over the past 10-plus years, he could have contacted us to stop the payments he was making. We've provided this information to the policyowner as well as contact information should he wish to discuss this further and make modifications. We now consider this matter to be closed. Please let me know if I can be of further assistance. [redacted]

Business

Response:

Dear Revdex.com of Wisconsin: As we have previously noted, Northwestern Mutual recommends that a payer continue to pay the premiums on insurance so that there is no lapse in coverage during divorce proceedings. Once a divorce is final, a client should provide a printed copy of the decree to Northwestern Mutual. Similar to any significant life event – whether a birth, death or other personal change – it’s the responsibility of our clients to provide that information directly to us. In order to help explain this particular situation more fully, we’ve attached our correspondence with the Minnesota Department of Commerce. (Personally identifiable information has been removed under relevant rules and regulations as well as our own privacy policy.) In each contact with our financial representative, Mr. [redacted] could have noted that his divorce was final and received advice on next steps. Our representative does not have any record of Mr. [redacted] sharing that the divorce was final. In addition, Mr. [redacted] received notices each year about his payee status that included contact information for the company. At any time over a period of more than 10 years, Mr. [redacted] could have contacted us to stop the payments he was making. [redacted]

Consumer

Response:

Review: A Northwestern Mutual agent called my home and issued a threat seeking to obtain a favor for an "important client." This harassing phone call had absolutely nothing to do with our professional relationship as client and insurance firm. NWM is aware of the issue but has failed to acknowledge any wrongdoing in this matter.Desired Settlement: Would like to hear from NWM corporate headquarters regarding this matter. It seems as though they have no problem with financial advisers calling clients (at home) and issuing threats in order to help a VIP client.

Business

Response:

Dear Revdex.com of Wisconsin:

On April 11, the home office in Milwaukee mailed a letter to Ms. [redacted] in response to this complaint. We expect our field force to maintain high standards of conduct while communicating with their clients and we hope to restore her trust in our company.

In the letter, we share that the financial representative who made the call sent a letter to Ms. [redacted] in March apologizing for any misunderstanding that may have occurred in the telephone discussion noted. Our financial representative indicates in the letter that he was unable to reach Mr. [redacted] at his place of work and called his home phone number to get alternative contact information.

In addition, the director of network office supervision where the financial representative is contracted also sent a letter to Ms. [redacted] in March apologizing for any concerns the phone call caused. He also shared that he has spoken with the financial representative, who stated that it was not his intent to be threatening or harassing when he spoke with Ms. [redacted]. In noting this in our April 11 letter, however, we have shared that we do not take Ms. [redacted]’ comments lightly.

We are truly sorry for any inconvenience or concern and have provided Ms. [redacted] with a direct contact at the home office in Milwaukee for any follow-up.

We now consider this complaint to be closed. Please let me know if there are any further questions or concerns.

Business

Response:

Dear Revdex.com of Wisconsin:

On April 29, the home office in Milwaukee mailed a letter to Ms. [redacted] in response to this continued communication. As we indicated before, we expect our field force to maintain high standards of conduct while communicating with their clients and we hope to restore her trust in our company.

In the letter, we share again that the director of network office supervision where the financial representative is contracted spoke with the financial representative. We are confident he has addressed these concerns with our representative and taken the steps necessary to prevent this unfortunate situation from happening again. However, due to confidentiality, we cannot share details of these conversations or any action taken.

We hope that the new financial representative working with Ms. [redacted] will provide the professionalism and service that she rightly expects from us. We have again provided Ms. [redacted] with a direct contact at the home office in Milwaukee for any follow-up.

We now consider this complaint to be closed. Please let me know if there are any further questions or concerns.

Consumer

Response:

Review: I was a northwest mutual account holder with financial advertiser [redacted]. Through our initial introduction of the plan he described the plan to be a fail safe plan. He guaranteed I could withdraw money when I needed without penalty as well as when cancelling my plan, no penalty. Over a course of months we became personal and at ease with each other. When missing a meeting with [redacted], he text my phone a series of messages that were unprofessional, hurtful, and degrading. Then he recommended I cancel my account because it does not affect him monetarily. After the conversation ended I asked him to just send me my money. He said he would and that was the end. After 1-2 weeks which he promised id have my money, no money was deposited into my account. It had been 13 (business) days so I decided to text. He said my money should be in the account. I said OK, and waited a couple more days (very unprofessional). After the money still was not there I called him and asked why there was no money and how much it would be. He told me that he filed my money later than he said but when it comes it should be $1.97 in my account!! I asked him about all the money I had deposited and he said I get nothing back! None of this was initially told to me and explained. [redacted] and Northwest mutual are unprofessional and basically legal thieves. They use conniving ways, words, and motives to suck people into this legal scheme.

Product_Or_Service: Northwest Mutual Life insurance policyDesired Settlement: I believe that all the money or a certain percentage I deposited into Northwest Mutual with financial adviser [redacted], should be returned to myself. He was not at all a financial adviser for me. He was a financial gainer for Northwest Mutual. Nothing that happened was ever explained to me. Even with him knowing my personal life and goals, he did not care. It is unprofessional, unethical, and flat out wrong.

Business

Response:

Dear Revdex.com of Wisconsin:

On July 18, the home office in Milwaukee mailed a letter to Mr. [redacted] in response to this complaint. In our letter, we explain that the cash value of his policy is contractually guaranteed to grow over time. Withdrawal or surrender penalties do not apply to this type of policy.

Mr. [redacted] expresses concern that no surrender value or premium refund was paid. The premiums were paid with automatic bank draws through an Insurance Service Account, which is designed to allow extra money to accumulate. Northwestern Mutual returned the excess collected by depositing the excess into his bank account.

A surrender form signed June 13 was received in the home office on June 23. Because the policy was not in force long enough to accrue a cash value, a surrender value is not payable.

Northwestern Mutual offers its policyowners the ability to change permanent polices to term insurance within the first 11 months of purchase. Since our financial representative was not able to offer this alternative, we have extended it to Mr. [redacted] in our letter. Because this would be retroactive to issue and term premiums are less costly than permanent insurance, he would receive a refund. We have provided Mr. [redacted] with instructions on how he can make this change.

Finally, we have reviewed the log of text messages exchanged by our financial representative and Mr. [redacted] and have provided this log for his reference.

We now consider this complaint to be closed. Please let me know if there are any further questions or concerns.

Northwestern Mutual Liaison to the Revdex.com

Review: I reached out to my advisor on December 9th to let him know that I wanted to cancel my policy. We met December 17th and he informed me that he was unable to help me as he was no [redacted]er with Northwestern Mutual, but that he would put me in contact with a new advisor. After a couple of weeks with no contact from NM, I reached out repeatedly but was not contacted until January 22nd at which point I told the new advisor that I wanted to cancel my policy. I was not given cancellation paperwork until February 7th, at which time I filled it out and faxed it in. Though I have a screenshot that shows the fax was sent to the correct number, they didn't receive it, which I didn't discover until yet another premium was withdrawn from my account.

Every day they stretch out the cancellation process is more of my premium that they have "earned", it is unacceptable for it to take 11 weeks to cancel a policy.

My phone calls are not resolving the issue and I have sent many unanswered emails.Desired Settlement: I want a refund of the premiums paid after I attempted to cancel my policy.

Business

Response:

Dear Revdex.com of Wisconsin:

On April 14, the home office in Milwaukee mailed a letter to Ms. [redacted] in response to this complaint. As we note in the letter, this is an opportunity to improve our customer service and we’ll be following up with the relevant field office regarding communications to clients when our financial representatives are in transition.

In the letter, we also share that the home office received her signed Surrender of Policy for Cash Value on Feb. 19 and an analyst spoke to her on Feb. 20. Ms. [redacted] shared that she had requested that the January and February policy premiums be refunded since she had contacted her financial representative in December about canceling the policy as she notes. As a result, the policy was terminated with the premium paid to Dec. 16 and a surrender check for cash value was issued. Our records indicate the check was cashed Feb. 24. The premium refund was included separately in the closing refund and a check for that amount was issued March 3.

After a review of the policy details, we have confirmed that Ms. [redacted] received the correct policy surrender value and premium refund and that no additional money is payable. We therefore consider this complaint to be closed.

Please let me know if there are any further questions or concerns.

[redacted] to the Revdex.com

Review: I have filed a claim for a disability starting 4/15/2013,and am trying to gain update information but continually get letters that say he will contact me next week but never does, seems as though he wants to avoid me.I have called multiple times but my representative refuses to call me back.Desired Settlement: Communication, I at least deserve that

Business

Response:

Dear Revdex.com of Wisconsin:

In response to this complaint, we are mailing a letter to Mr. [redacted] in which we explain we have reviewed the entire claim file and are taking action. This includes asking Mr. [redacted] for specific information in order to complete the calculation of certain benefits. Once we have that information, we will be able to complete the claim.

We also apologize to Mr. [redacted] for not providing detailed updates and for not responding to his phone calls on a timely basis. He rightly expects better service from us, and it is not the way that Northwestern Mutual typically handles such claims. We've provided direct contact information of a specialist in our home office for any questions or concerns he has going forward.

We will consider this complaint closed when we receive the necessary information from Mr. [redacted] to complete the claim. Please let me know if there are any further concerns.

I am losing my home of thirty years because Northwestern Mutual Life would not pay the benefits in my disability insurance policy. They covered me for nine years for a total disability, but refused to may my vocational rehab benefit. Now if you think someone can go back to work in the computer age without retraining after 9 years off work, you should have faith in this company. My California State Dept. of Insurance investigated and agreed I have the benefit and it should be paid. However, they have no enforcement powers. No attorney will take a claim for voc rehab because it is too short. Northwestern knows this. Their staff told me they know they owe the benefit, but said: "sue us." My premiums were over $1000/mo and I had their premium package including life insurance. I now live on welfare and receive disability benefits from the taxpayers. They don't honor their commitments.

Review: Northwestern mutual used undue influence, which is illegal, by using someone I held as a confidant who I owed a favor to, to beg me and use high pressure sales tactics on me so I would buy an unnecessary life insurance. Not to mention the insurance plan was misrepresented and the insurance policy charges a ridiculously higher rate than standard insurance rate.Desired Settlement: A cancellation has been requested and is pending. Only the cash surrender value, which is 30% of what I paid into the policy. I would like at least 70% of the full amount I have paid into the policy. (Full amount = random fees charged supposedly not part of the insurance plan)

Business

Response:

Dear Revdex.com of Wisconsin: On Sept. 12, a representative of the home office in Milwaukee called Ms. [redacted] in order to get a better understanding of her concerns. During the conversation, Ms. [redacted] explained that her reference to “undue influence” was about her concern with how individuals in our college internship program go about their business by contacting friends and family. We explained to Ms. [redacted] that our college interns are licensed individuals trained in our products and services. Ms. [redacted] also alleged in her complaint that the insurance plan she purchased was misrepresented. According to Ms. [redacted], she asked for the least expensive product she could purchase and has seen the prices of other insurers’ policies, which are less expensive than her policy. She also indicated these other policies were term life insurance. Our representative explained that Ms. [redacted] had purchased permanent life insurance rather than term insurance. PLI builds cash value over time and is often used for retirement planning. Because of the accumulation feature, PLI is generally more expensive than term insurance. Ms. [redacted] confirmed she understood that PLI is for retirement planning. Ms. [redacted] continued to pay premiums for two years but indicated she no longer wishes to do so and that she had asked for her policy to be canceled. This had been done Sept. 11 and Ms. [redacted] is receiving a check for all proceeds of surrendering her policy. We now consider this complaint to be closed. Please let me know if there are any further questions or concerns. [redacted]

Business

Response:

Dear Revdex.com of Wisconsin: On Sept. 30, the home office in Milwaukee mailed a letter to Ms. [redacted]. In our letter, we address several items. When one of our home office members spoke to Ms. [redacted] on Sept. 12, Ms. [redacted] clarified that her concerns are not about Mr. Donahue, but rather Northwestern Mutual and its college intern program. Our college interns are licensed by the states to sell insurance products within those states and they complete pre-licensing requirements. They are essentially full-fledged financial representatives who get an opportunity to build close relationships with clients, analyze financial situations, and make recommendations to help clients address insurance and financial needs. Northwestern Mutual has a training program for our interns consistent with training offered to full-time career representatives. In addition, the office in which the college interns work provide additional support. Many work jointly with more experienced financial representatives and others receive assistance from a team of trained professionals who provide sales support, including analysis of client needs and preparation of customized plans to meet those needs. Our program has been named as one of America’s top 10 internships from 1997 to 2014 on [redacted], a career information website. Our review of the documents pertaining to Ms. [redacted]’s work with Mr. Donahue indicate she discussed with him her desire to provide for her family in the event of her premature death. She also wished to plan for retirement. The primary purpose of permanent life insurance is to provide a death benefit, but it also accumulates cash value over time that can be used. Although Ms. [redacted] states that she should have been offered term insurance because it is a lower cost, term does not accumulate cash and therefore would not have been suitable for retirement planning. When the policy was issued, we provided a contract detailing the terms and conditions as well as premium requirements. Ms. [redacted] had the opportunity to review the policy and under the Right to Return provision, could have returned it for a full refund of premiums for any reason. By choosing to accept, Ms. [redacted] also accepted the insurance protection it provided and Northwestern Mutual accepted its contractual responsibility to provide the benefits detailed. Ms. [redacted] requested that her policy be surrendered and on Sept. 11, it was canceled and she was sent $430.58, which is the cash surrender value. Although Ms. [redacted] may wishes she had handled her insurance planning differently, we cannot conclude that she was unduly pressured or that the policy was misrepresented to her or unsuitable. We now consider this complaint to be closed. Please let me know if there are any further questions or concerns. [redacted] Northwestern Mutual Liaison to the Revdex.com

Consumer

Response:

I have been a Northwestern Mutual client for 6 years. Recently my representative left without so much as a phone call, and I received a letter in the mail simply stating that he was gone and my money was in the hands of someone I've never met. Very ho-hum, your life savings and retirement are just being passed around and here's a stock letter to let you know after the fact. After finding this out, I attempted to contact my new representative with no success. I also tried to contact his secretary. No response. Well needless to say I am closing my account, but it has been over two weeks and I still haven't been able to do this. I've sent letters, faxes, emails, customer complaints, all to no avail. The only response I have received so far was a quick email letting me know that a surrender form was being mailed. I received it and faxed it back the same day. At this point, it's been a week, and I haven't even received confirmation that my request was received. I'm not sure what kind of clown car operation they are running at Northwestern Mutual, but I will highly recommend to my colleagues and friends to steer clear of this highly impersonal, unresponsive company. Not only have I not received a check for MY money, they also ignored my request to stop automatic billing and took a automatic payment from my bank account after I specifically requested that I was no longer interested in paying into the account, which I see as borderline theft. I am giving them until the end of the week to respond to yet another fax/email/voicemail barrage, and then I will be seeking legal recourse. I understand that things take time to process, but the fact that I haven't received a single phone call is preposterous. Northwestern Mutual is garbage.

Review: Northwestern Mutual did not tell me about the fees associated with transferring some funds from their company and refused to explain them.

I made a decision to transfer some money from one of my accounts. The decision was made due to poor customer service and poor results of the company which I believe was due to neglect. The company made no attempt to tell me and my wife about $800 in fees associated with the move. When my wife complained she was told that they only dealt with me even though one of the accounts was in her name alone. When I complained they said the fees were in the contract I signed some years ago. When I asked specifically what the fees were for the local branch transferred me to the national branch. After three days of chasing them I finally spoke to someone who could not explain what the charges were for but kept saying they were in the contract. I have shown all the documents to several other brokers who have said the fees are no where close to the industry average. Finally the response was that Northwest Mutual would waive all the fees if I would put the money back and they sent me paperwork to do that. This only reinforces my belief that whatever they did did not really cost them any money.Desired Settlement: I am seeking that a reasonable fee for the services provided be charged and an apology for treating a long time customer in this manner and for treating my wife in this manner.

Business

Response:

Dear Revdex.com, Thank you for making us aware of Mr. [redacted]’s complaint and allowing us to share our perspective. Mr. [redacted] signed a contract to purchase a back-end variable annuity on March 24, 2014. He states that we did not disclose there were withdrawal charges associated with the annuity and he demands a refund of $386.51 in withdrawal fees. Our records show that Mr. [redacted] was informed numerous times that his annuity included withdrawal fees. This information was disclosed to Mr. [redacted] when he signed an application, when he signed his contract which contained a detailed explanation of withdrawal fees, in the quarterly summaries he received for approximately two years, and when he contacted us requesting a withdrawal. Mr. [redacted] also signed a suitability form acknowledging that he did not anticipate surrendering his funds within the eight year period when surrender fees would apply. The third party advisor who recommended to Mr. [redacted] that he transfer his variable annuity to a different provider should have been aware of the withdrawal fees when he viewed Mr. [redacted]’s quarterly summary. We have offered Mr. [redacted] two choices to refund his $386.51 in fees. He may transfer it back to Northwestern Mutual and we will reinvest his withdrawal charge, or he can ask the advisor who recommended the transfer to refund the fee. Regards,[redacted]

Consumer

Response:

Review: We have three life insurance policies with Northwestern that have a stipulation that if the insured becomes disabled then the premiums are waived. The company (Northwestern) was made aware that the insured had become fully disabled several years ago but never acknowledged this 'premium waiver' stipulation, never waived the premiums, and ultimately canceled the policies due to non payment of premiums. Now, after bringing this matter to their attention, they have acknowledged the premiums should have been waived. They are stating that they will reinstate the policies and adjust cash values. All of this appears to be moving ahead, but at a snails pace. We were informed that the process will need to be done manually and will take another 4 weeks or more to process. We feel that manual processing of these policies should not take 4 to 6 weeks, and is unacceptable. This started in March 4, 2014 , and now they say it will still be another 4-6 weeks. Since this began it has been 5 months! It is our position that it should take a reasonably informed agent a few hours to do the paperwork and they should do it immediately - manual or otherwise!Desired Settlement: Immediate reconciliation of policies

Business

Response:

Dear Revdex.com of Wisconsin:

On Aug. 13, the home office in Milwaukee mailed a letter to Ms. [redacted] in response to this complaint. In our letter, we reiterate a telephone discussion with Ms. [redacted] on July 24 in which we approved the requested Waiver of Benefit claim. We also explain that because of the circumstances spanning 14 years and because two policies had lapsed, it took time to calculate the needed adjustments retroactively to determine if the policies could be restored.

Those calculations have been completed, the policies and have been restored, and policy values have been brought up to date. While this was done as quickly as possible, we continue to process the accounting adjustments that may result from the premiums being waived. The premium payors will be notified if there are any adjustments.

Ms. [redacted] also asserts that we were made aware of the disability several years ago but did not acknowledge it or waive the premiums, which resulted in termination of two policies because she stated it was her understanding that the premiums were waived. The communications we have made over the years did not indicate premiums were waived.

We also have no record of a claim until being contacted by Ms. [redacted] on March 26. At that time, we promptly sent a claim kit outlining the process and the information necessary as proof of disability. The needed form was received April 17 and our evaluation began.

We also kept Ms. [redacted] updated on the status of the review and outstanding information needed, both in writing and in response to phone inquiries. This included a conversation July 2 in which we specified the need for additional information. The information needed was received via fax on July 22 and the claim was approved July 24.

We appreciate Ms. [redacted]’s patience during the process and have apologized that the calculations took longer than she expected. We now consider this complaint to be closed. Please let me know if there are any further questions or concerns.

North western mutual operates in bad faith to deny own occupation policy's.
Avoid the sales pitch. You will be covered for a few months before a denial.