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!!
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