Seeking reviews for Northwestern Mutual’s Variable Universal Life Plus insurance plan to get tax free death benefits and tax deferred accumulated value growth which can be accessed at any age often tax free. Are you folks using it? Is is advantageous or NW rep just trying to scam me into buying their insurance? I’m currently evaluating using NW Mutual to manage my finances. EDIT 1: During first 10 years of the policy, there’s a surrender charge of $3.2k if I decide to leave the policy early. I presume this is the standard with life insurance? I’m just concerned because this makes it a long term commitment from the first premium.
We have had NW for years managing our mutual funds and life insurance. Quite happy with the services. We got term for ourselves and whole life insurance for the kids.
If you need insurance to protect your family, for most people the right strategy is to buy term life insurance. It's much cheaper and you can put the difference toward tax-advantaged savings accounts such as 401(k), IRAs, etc. which in the long term will perform better than insurance-based equivalents (that's how insurers make a profit, by pocketing the difference). I've heard that life insurance can be part of a good wealth management strategy for high net-worth people, for tax reasons, but I don't know the details. Be wary of any agent pitch. They work off commission and thus have their best interests in mind, not necessarily yours.
Even I am evaluating VUL by NW Mutual. They are charging 8-10% of Target Premium as a Premium expense charge. This charge will continue for ~10 years. I am wondering is that worth it?
Op: what did you decide? I am in the same boat - considering variable life from NM as an instrument for tax free return - not getting an answer if it’s worth it.
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