Options on Converting an In-Force Whole Life Policy from NMFN

Big4Banker

New Member
1
Hello All,

I figured I would get some outside unbiased opinions based on my situation.

I currently have two perm-whole life polices from NMFN.

Plan 1:65 Life
Policy Date: 02/17/2010
Coverage & Values
Net Death Benefit $110,937
Net Cash Value $3,843.74
Monthly Premium $94.84
Premium Paid to Date 08/17/2014
2014 Dividend $210.49
Dividend Used To Purchase Additions

Plan 2:65 Life
#2 Policy Date: 07/31/2013
Coverage & Values
Net Death Benefit $202,129
Net Cash Value $459.29
Monthly Premium $215.87
2014 Dividend $330.49
Dividend Used To Purchase Additions


Just to give a background on myself I am currently 26 years old with minimal debt and hovering a little above 80k income a year.

I took the first whole life policy out when I actually worked at NMFN as a rep. and I plan on keeping that one in tact.

I took the second one out after a large pay increase at my current employer little over a year ago. I eventually plan on having a family, mortgage, etc and being believer in the product I figured I would be making a good long term move taking out the second policy while I could lock in good rates at a young age. I'm also maxing my 401k and the whole life came across as a good tax advantageous place to stick extra cash.

However I'm just starting to have some buyers remorse on the second policy...:1err:
I'm just wondering what options I have in regards to the second policy besides completely cashing it out and calling it a day.
I realized I would like more emphasis on cash growth rather then death benefit.... would it be a good idea to convert the second policy into a deferred annuity such as indexed or VA?

Or is there a way to try and shave down the policy to a UAL/ cut the premium payments in half. I would just take the difference and put it into a standard brokerage.

Thanks!
 
Being that you are so young if i were you i would have a IUL instead of whole life because it double as a death benefit and cash accumalation with earning potential as high as 14% with never taking a loss in the market
 
"earning potential as high as 14% "

Tony? Please don't tell me you're using this in your sales practices?

Even Dave Ramsey caps his mythological mutual fund at 12%. Know why? It's against the law (SEC) to estimate a higher return. Pretty sure if you're making a claim of 14% return on an insurance product, you're breaking some of your rules to work by. And please, don't try and skate by claiming how you stated it is OK. Nope.

Plus I question your advice and have to ask Do YOU have a Dividend paying WL product to offer? My guess is you don't by your statement. I am assuming his policies are WL with Northwestern Mutual. Solid company, just sort of stuck up agents in some cases, but that has jack to do with the policies. He has very strong policies. He owns them with a locked in premium. ARE you 100% certain dumping them and buying a new policy is his best choice?
 
yes he is paying too much in this case. i wont disclose the company but for the same coverage he is getting i can get him a participating wl policy for $79 a month cheaper and some iul copmainies you can put 14% caps on
 
yes he is paying too much in this case. i wont disclose the company but for the same coverage he is getting i can get him a participating wl policy for $79 a month cheaper and some iul copmainies you can put 14% caps on

No dog in this, However, How can you or anyone else advise someone one off of one limited post?
 
Just giving a opinion that's all didn't say I was the know all be all brother

Same here. Just an option. No blood no foul.

images
 
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Tony?

Disclose the company, otherwise you're not being truthful. Other professionals can check out your claims and compare.

Lots of agents do that here, because lots of people like yourself make claims but then state that they are "secret"...

Can you understand how that looks?

Name your products, You have agents from 50 states here and if whom you're making statements about is that good, why shouldn't other agents benefit?

As I said you wouldn't be the first who has stepped in here and make a bunch of claims. Some share what they know with others disappear because they haven't been honest about it.

Which guy are you?
 
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