Hey everyone, I need some advice.
I’m a 35-year-old healthy, non-smoking male. A friend suggested a life insurance policy and signed me up for a $300,000 permanent policy with $175 monthly premiums. The breakdown is $126,000 base and $178,400 blended term.
I don’t understand these terms and found lower rates for higher policies elsewhere. Am I being scammed? If so, how do I back out without hurting my friend’s feelings?
I wouldn’t call it a scam, but that product seems overly complicated and expensive for someone your age. $175 a month for just $300k coverage? That’s steep. You could get a $300k 30-year term for less than your phone bill.
Ask them for a term quote instead. Stick with them if it’s reasonable, but not at this price. Make them explain the product better, especially the cash value part. If it clicks, go for it; otherwise, Northwestern Mutual has good term rates.
If your friend isn’t cool about it, maybe rethink doing business with them. Sounds like they’re more interested in a quick buck than helping you out.
Thank you, everyone. I wanted to know if NWM is a good company. My research on Reddit made me worried, but it seems like I’m in good hands. We’re looking at a $1.5M term life insurance and possibly getting whole life insurance too. Just wondering if they’re a good company. It sounds like they are! I think I will also check with Guardian and Mass Mutual to make sure we’re getting the best policy and return.