Just cashed out a policy with new york life, not something i wanted to do but like many people right now i am struggling financially, they have been deducting 80.00 a mo. For the last 9 yrs out of my checking with out a single hitch, if your not familier with this type of policy it is supposed to be a type of retirement plan that i was told would pay out over a hundred thousand when i turned 60. OUTRIGHT LIE by the little piece of s*t that sold it to me. OK i will take the blame on that because i didnt check into it. I was in my early twenties, self employed, and had no retirement plan, so i thought this was right for me. Now i have a computer, and you could type this up on search and see what a poor investment scam it really is. This is not just new york life but all ins.Co. That said, however, NYLIC will nickle and dime you with monthly fees as to where small amt of interest you earn is negated. Well actually you will lose money for many years, i think at least first 14 yrs depending on int. Rates that fluctuate, mine was only earning 4% at time of closing. There is then the matter of surrender fee, mine was whopping$680 BYEBYE hard earned money! This reduces slowly with time, my fee would have been gone in another 5 yrs but i couldnt wait that long. That said my policy lost YES LOSTme about $3,000 I want some little NYLIC puppet/brown noser to please chime in about how this is all my fault for early termination go ahead, i know its coming! Dont take my word, search and you shall see the light, any investor will gladly clue you in. Actually though if you die you come out pretty good though you probably wont enjoy spending the money LOL
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