These advisors were seeking “something more,” such as: The desire to move away from a “sales-driven, insurance-first” culture to one that puts a less limiting wealth management ethos first. Access to more modern technology, better trading tools and the products and services that appeal to higher net worth clients.

In 2015, claims were brought against Northwestern Mutual for illegally changing how it calculated dividends on deferred, fixed annuities, reducing yearly payouts to 4000 current and 29,000 former annuity owners. The change had been made in 1985. Northwestern agreed to pay $84 million dollars to settle the lawsuit.

Can you cash out whole life insurance? Yes, there are several ways you can tap into the value of your whole life policy. The best option for you will depend on several things like whether you want to keep your coverage or not and how much money you want to access.

At Kenneth's request, Northwestern set up an Insurance Service Account (“ISA”) whereby the premiums on the two policies would be paid on a monthly basis and funded through electronic fund transfers (“EFT”) from Kenneth's bank account.