Complaint Review: Northwestern Mutual Insurance - Milwaukee Wisconsin
- Northwestern Mutual Insurance 720 Wisconsin Ave., Milwaukee, Wi Milwaukee, Wisconsin U.S.A.
- Phone: 414-271-1444
- Web:
- Category: Insurance Companies
Northwestern Mutual Insurance ripoff for 50 years we have paid premiums on life insurance, now they have forced us to surrender the policy Milwaukee Wisconsin
*UPDATE Employee: Just w question in regards to this matter
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My inlaws took out a $5000 policy on my husband who was 5 at the time. My husband is now 54, we have paid on this insurance policy for 34 years, which was $69 yearly, about 10-12 years ago an agent for Northwestern Mutual came to us and and had us increase the policy amount, saying that it would be self funding seeing how we had paid for so long, so we continued to pay our $69 ayear.
Now we have received a notice that we owe them $22,148.77, of this $10,960.80 is unpaid interest. We were so shocked, they said that we would have a taxable gain of $8852 they have to report, we are so lost with this policy, nothing was ever explained, we just feel totally ripped off, oh by the way, they did give us a check for $125, saying that's all they owed us, this is for 50 years worth of payments????
We always thought they were a reputable and honest company, but the more I hear, that's not true, heck there is even a website of complaints against Northwestern Mutual, started by former employees that had worked for them.
So this is a warning to any of you who have policies with them--you better check it out!!
Linda
Elmira, Michigan
U.S.A.
This report was posted on Ripoff Report on 11/03/2003 07:51 PM and is a permanent record located here: https://www.ripoffreport.com/reports/northwestern-mutual-insurance/milwaukee-wisconsin-53202/northwestern-mutual-insurance-ripoff-for-50-years-we-have-paid-premiums-on-life-insurance-70901. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 UPDATE Employee
Just w question in regards to this matter
AUTHOR: B - (U.S.A.)
SUBMITTED: Thursday, July 15, 2004
Did you receive you premium bills every year for the $69.00? Yes?
Well Then you would have received other notices in regards to the depleting cash value on your policy as well as a bill for the annual interest charged on the loan.
The reason this happened is because you increased the death benefit on the policy and never increased the premium. I understand the agent told you that you didn't have to. His error I assure you. When the premium is not paid in full in cash by you waht happens is called an automatic premium loan. They take the unpaid portion of your premium and charge it to the policies cash value. What dividend option were you using? Were they set to reduce the premium or increase the cash value?
I can assure you that all agents of Northwestern Mutual do not opperate this way. However I also know that it wasn't just one day that you received the bill for interest owed on the loan because that bill goes out every year on the policy anniversay to give you the opportunity to pay the accumulated interest on the loan. Which right now is only 8% annually. Id be happy to answer any other questions you might have.
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