I have been the victim of deceptive and misleading practices followed by the Northwestern Mutual Life Insurance Company (NML) and one of it's sales agents.
Here's what happened.
Failed to make any mention of policy loans, interest costs, and the potential for taxable "phantom income."
Dishonestly exaggerated the benefits and purpose of life insurance.
Misrepresented NML's actual rate of return as being 30 to 50% higher than reality.
Told me that I could get free life insurance by using dividends or cash values from one policy to pay the premiums for another. I subsequently discovered that this is a fraudulent scheme known as churning.
Told me that my cash value was like dividends in a savings account.
Told me that taking a policy loan would just simply reduce the amount of your life insurance.
Told me that my debt to NML from automatic policy loans were the result of their company losing my address.
Subsequently mismanaged my policies by failing to correctly transfer dividends and cash value to cover policy loans.
Here's how NML responded to my complaints.
They ignored my complaints until the State Insurance Commissioner demanded an explanation.
They told me caveat emptor. I should have understood agreements I had signed. This is despite the fact that the directions on the agreements included a statement to the effect that if you don't understand the agreement to contact your NML financial representative. I was subsequently lied to by their representative.
Continued to ignore my complaints about agreements signed under false pretenses, and misrepresentations made by their agents when marketing their products.
Admitted that they lost my address, generating automatic policy loans that have accumulated interest, but refused to make any adjustments. This is despite the fact that the managing partner of their Baltimore office was of the opinion that NML had made a mistake, and would rectify it.
Claim no responsibility for the actions of their agents.
Here's what I am doing about it.
I've done extensive research of consumer complaint sources, and discovered that I'm not the only one who has been victimized by this company.
Warn other NML policy holders and potential NML customers.
Widely publicize my experience and other facts about NML's nefarious practices.
Institute a class action lawsuit against NML. To this end, I have a website detailing my experiences, along with a solicitation for additional plaintiffs.
I have placed classified advertisements in several newspapers advertising the website and soliciting for plaintiffs.
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