# Northwestern Mutual, you suck
**URL:** https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980
**Category:** The BBQ Pit
**Created:** [September 4, 2013, 8:27am UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980 "2013-09-04T08:27:46Z")
**Posts on this page:** 20
**Page:** 2
### Author:  [@Frank](https://boards.straightdope.com/u/Frank)
#### Post date: [September 5, 2013, 12:08pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/21 "2013-09-05T12:08:17Z")
> [@Steophan](#):
>
> I have no idea what your problem is with them keeping the money until he’s 18,…
It’s not the insurance company’s money. It’s the OP’s son’s money.
I guarantee you that they will make more income off holding that money than they would pay in interest–that’s their vested interest in holding on to it. Why shouldn’t the boy be making that income while the money is held in trust in his own account?
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### Author:  [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)
#### Post date: [September 5, 2013, 1:25pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/22 "2013-09-05T13:25:27Z")
> [@Heropsychodreamer](#):
>
> …each and every legal form is because somebody, at some point, tried to get away with something illegal.
Bullshit.
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### Author:  [@Labrador\_Deceiver](https://boards.straightdope.com/u/Labrador_Deceiver)
#### Post date: [September 5, 2013, 1:43pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/23 "2013-09-05T13:43:20Z")
> [@Heropsychodreamer](#):
>
> NWM is one of the most highly regarded life insurance companies as well as one of the most financially stable companies in the world. I am pretty confident they would hold that $65K in an interest bearing account for your son.
Not really. They’re generally regarded as pushing whole-life products that are abnormally high for the industry. And whole-life sucks ass anyway.
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### Author:  [@LavenderBlue](https://boards.straightdope.com/u/LavenderBlue)
#### Post date: [September 5, 2013, 2:00pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/24 "2013-09-05T14:00:28Z")
You can’t be too careful with banks and minors. I set up a savings account for my eldest daughter with Bank of America. Those assholes treated the account as a regular savings account and started stealing fifteen bucks a month from her because they filed a wrong form. It took me three visits and several months to get them to refund the money.
I am sorry about your mom’s passing although I know your feelings about her are mixed at best.
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### Author:  [@Heropsychodreamer](https://boards.straightdope.com/u/Heropsychodreamer)
#### Post date: [September 5, 2013, 2:36pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/25 "2013-09-05T14:36:09Z")
> [@CairoCarol](#):
>
> What exactly do you think I’m supposed to do here, **Heropsychodreamer**? Move to the US, leaving behind my job and my entire life, just so I can have standing in a US court? Please do tell me what solution you propose.
I don’t work for NWM, nor do I know enough about what is going on to give you a good answer, but based on this thread I would either, let NWM hold it until he turns 18 then have him claim it, or call the state insurance department. They take most phone calls very seriously (at least in my state).
Really Not All that Bright - ok, maybe not each and every, but most of them.
Labrador - WL does not suck ass. Maybe for you, but there are certainly many situations where it is the better product for somebody. The one size fits philosophy of only buying term is bad advice.
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### Author:  [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)
#### Post date: [September 5, 2013, 3:51pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/26 "2013-09-05T15:51:58Z")
Fair enough then.
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### Author:  [@Labrador\_Deceiver](https://boards.straightdope.com/u/Labrador_Deceiver)
#### Post date: [September 5, 2013, 3:55pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/27 "2013-09-05T15:55:33Z")
> [@Heropsychodreamer](#):
>
> Labrador - WL does not suck ass. Maybe for you, but there are certainly many situations where it is the better product for somebody. The one size fits philosophy of only buying term is bad advice.
Bull. Its a good choice for a very small subset of the population. Most people who buy it are given a snow job, don’t understand how investing works, or have no idea how much term they can get for the same price.
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### Author:  [@DrDeth](https://boards.straightdope.com/u/DrDeth)
#### Post date: [September 5, 2013, 4:07pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/28 "2013-09-05T16:07:46Z")
> [@Heropsychodreamer](#):
>
> NWM is one of the most highly regarded life insurance companies as well as one of the most financially stable companies in the world. I am pretty confident they would hold that $65K in an interest bearing account for your son.
Well, this thread seems to show otherwise, since they are making up "laws’ and refusing to pay out.
My Bro, who worked for the IRS for 20 years sez there is no such law.
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### Author:  [@Jackmannii](https://boards.straightdope.com/u/Jackmannii)
#### Post date: [September 5, 2013, 6:43pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/29 "2013-09-05T18:43:24Z")
> [@Zakalwe](#):
>
> Call the Dept. of Insurance in the home state of Northwestern Mutual and in the state where the policy was sold and file a formal complaint.
Yes.
And it’s worth a try beforehand to get an attorney with knowledge of state laws applicable in this situation to write a letter to the insurance company informing them that unless funds are released to you there will be 1) a complaint to the state, and 2) legal action.
It wouldn’t surprise me if they then discovered that why yes, they can legally release the money to you.
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### Author:  [@Inigo\_Montoya](https://boards.straightdope.com/u/Inigo_Montoya)
#### Post date: [September 5, 2013, 8:13pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/30 "2013-09-05T20:13:11Z")
> [@Jackmannii](#):
>
> …get an attorney with knowledge of state laws applicable in this situation to write a letter to the insurance company informing them that unless funds are released to you there will be 1) a complaint to the state, and 2) legal action.
1. Insurance companies don’t make decisions based on the threat of legal action; 2) a (ethical) lawyer with the requisite knowledge would operate within the appropriate legal framework to either get you what you want, or explain to you why what you’re asking is not possible. And if it turns out the company in question is in fact breaking the law, (s)he’d facilitate your suit of the company for damages far exceeding the death benefit of your paltry life insurance policy.
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### Author:  [@CairoCarol](https://boards.straightdope.com/u/CairoCarol)
#### Post date: [September 6, 2013, 1:12am UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/31 "2013-09-06T01:12:27Z")
> [@Steophan](#):
>
> I’m sure you’re not trying to steal your son’s money, but the laws and regulations exist to protect both the children of less scrupulous parents _and_ the insurance companies, who would be liable if they gave the money to people who aren’t entitled to it.
>
> I have no idea what your problem is with them keeping the money until he’s 18, rather than a different financial institution doing so. But hey, if it makes you happy to assume they’re trying to steal his money, and that any questions about what you’re doing are accusations, go for it.
It would make me happy if they would apply the same standards of care to EVERYTHING they do, instead of having a double standard. Did you notice the difference in their response:
1. I want to move the funds (which I am entitled to do, by the way; I am the executor of my mother’s estate) to a special account set up for my son = NOOOOO! WE NEED UNREASONABLE PAPERWORK.
2. I want to leave the money with Northwestern = okay, sure, we’ll accept a VERBAL notification from your husband (not even the executor of the estate, and just some male voice as far as they know) that these are your wishes, even though we have paperwork in our possession stating the opposite.
I don’t think they are trying to “steal” the money outright, but I do think they are “stealing” the right to keep the money so that it is in their portfolio instead of where it would be in the best interests of my son to put it.
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### Author:  [@CairoCarol](https://boards.straightdope.com/u/CairoCarol)
#### Post date: [September 6, 2013, 1:22am UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/32 "2013-09-06T01:22:49Z")
To all of the posters suggesting I go after NM - in theory, I completely agree, and I also thank you for the support - a little shared indignation is always a day-brightener!
But one does have to pick one’s battles. My mother left her estate in a little bit of disarray (not too bad, I’m not really complaining - but let’s just say it is taking a bit of work to sort things out) and I’m a bit overworked at the moment. If I didn’t have other things on my plate, I’d go after them relentlessly. However, the cost would fall mostly on me, in terms of stress, time, phone calls, paying an attorney, etc. There are other things that need my attention more than this matter does. So, as much as I might enjoy hassling them, I’m not going to.
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### Author:  [@Saint\_Cad](https://boards.straightdope.com/u/Saint_Cad)
#### Post date: [September 6, 2013, 2:36am UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/33 "2013-09-06T02:36:40Z")
Here’s a question. What if you’re son filled out the paperwork to get HIS\* money. How could NM stonewall that. If NW keeps the money they will charge you up the ass.
But let me ask a question, what does the executor or probate court have to say about this? Isn’t it their job to make NM pay up?
\*Like Steophan I’m not accusing you of trying to steal the money but I technically and legally it is his and so NM loses that opportunity to come up with an excuse to hold his money.
ETA: Just saw you’re the executrix. I say you file a motion with the court ordering them to pay out.
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### Author:  [@CairoCarol](https://boards.straightdope.com/u/CairoCarol)
#### Post date: [September 6, 2013, 11:26am UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/34 "2013-09-06T11:26:45Z")
> [@Saint\_Cad](#):
>
> Here’s a question. What if you’re son filled out the paperwork to get HIS\* money. How could NM stonewall that. If NW keeps the money they will charge you up the ass.
>
> But let me ask a question, what does the executor or probate court have to say about this? Isn’t it their job to make NM pay up?
> \*Like Steophan I’m not accusing you of trying to steal the money but I technically and legally it is his and so NM loses that opportunity to come up with an excuse to hold his money.
>
> ETA: Just saw you’re the executrix. I say you file a motion with the court ordering them to pay out.
The paperwork is the same no matter who fills it out. They request information about the beneficiary, including birth date. The forms make clear that minors do not have the power to do anything - the guardian has to sign. So the only difference between my son filling out the forms and a guardian filling out the forms is who provides signatures at the end. If he signs, it isn’t valid because he is a minor (I have no problem with this BTW - it seems pretty standard that minors can’t sign a lot of legal papers.)
I do appreciate the idea of filing a motion to order them to pay; like I said earlier, it would be a satisfying battle if I had the time.
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### Author:  [@muldoonthief](https://boards.straightdope.com/u/muldoonthief)
#### Post date: [September 6, 2013, 1:37pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/35 "2013-09-06T13:37:35Z")
> [@Saint\_Cad](#):
>
> Here’s a question. What if you’re son filled out the paperwork to get HIS\* money. How could NM stonewall that. If NW keeps the money they will charge you up the ass.
>
> But let me ask a question, what does the executor or probate court have to say about this? Isn’t it their job to make NM pay up?
> \*Like Steophan I’m not accusing you of trying to steal the money but I technically and legally it is his and so NM loses that opportunity to come up with an excuse to hold his money.
>
> ETA: Just saw you’re the executrix. I say you file a motion with the court ordering them to pay out.
Forgive me if I’m wrong, but I always thought life insurance didn’t go through the estate and the executor, unless the _estate_ is listed as a beneficiary. A named beneficiary gets the money without the executor being involved at all.
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### Author:  [@Fiddle\_Peghead](https://boards.straightdope.com/u/Fiddle_Peghead)
#### Post date: [September 6, 2013, 7:10pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/36 "2013-09-06T19:10:18Z")
> [@Frank](#):
>
> I guarantee you that they will make more income off holding that money than they would pay in interest–that’s their vested interest in holding on to it. Why shouldn’t the boy be making that income while the money is held in trust in his own account?
The key point of the whole thread. Insurance companies don’t give a damn about anything, except making money. Allstate doesn’t have “good hands”, they have grubby hands. State Farm is not your neighbor, unless it’s the one who blasts music at full blast all hours of the night and hasn’t mowed their lawn in five years. And Nationwide is decidedly not on your side!
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### Author:  [@Kimballkid](https://boards.straightdope.com/u/Kimballkid)
#### Post date: [September 6, 2013, 7:45pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/37 "2013-09-06T19:45:31Z")
> [@Fiddle\_Peghead](#):
>
> And Nationwide is decidedly not on your side!
They’re probably behind me.
😃
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### Author:  [@Fiddle\_Peghead](https://boards.straightdope.com/u/Fiddle_Peghead)
#### Post date: [September 6, 2013, 7:52pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/38 "2013-09-06T19:52:56Z")
> [@Kimballkid](#):
>
> They’re probably behind me.
>
> 😃
And I bet I know what they’re doing back there.
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### Author:  [@Inigo\_Montoya](https://boards.straightdope.com/u/Inigo_Montoya)
#### Post date: [September 6, 2013, 8:21pm UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/39 "2013-09-06T20:21:07Z")
> [@CairoCarol](#):
>
> But one does have to pick one’s battles. … So, as much as I might enjoy hassling them, I’m not going to.
Don’t be a pussy! You owe it to US to bring the fight to them! Salt their fields, scorch their earth, take off and nuke 'em from orbit! (it’s the only way to be sure)
And give us regular updates, you owe us that too, so we can give you more excellent advice. It’s in the user agreement. Really. And no, I’m not going to look it up for you.
---
### Author:  [@Cat\_Whisperer](https://boards.straightdope.com/u/Cat_Whisperer)
#### Post date: [September 7, 2013, 2:47am UTC](https://boards.straightdope.com/t/northwestern-mutual-you-suck/667980/40 "2013-09-07T02:47:30Z")
> [@CairoCarol](#):
>
> To all of the posters suggesting I go after NM - in theory, I completely agree, and I also thank you for the support - a little shared indignation is always a day-brightener!
>
> But one does have to pick one’s battles. My mother left her estate in a little bit of disarray (not too bad, I’m not really complaining - but let’s just say it is taking a bit of work to sort things out) and I’m a bit overworked at the moment. If I didn’t have other things on my plate, I’d go after them relentlessly. However, the cost would fall mostly on me, in terms of stress, time, phone calls, paying an attorney, etc. There are other things that need my attention more than this matter does. So, as much as I might enjoy hassling them, I’m not going to.
Fair enough. 🙂
> [@The Great Sun Jester](#):
>
> Don’t be a pussy! You owe it to US to bring the fight to them! Salt their fields, scorch their earth, take off and nuke 'em from orbit! (it’s the only way to be sure)
>
> And give us regular updates, you owe us that too, so we can give you more excellent advice. It’s in the user agreement. Really. And no, I’m not going to look it up for you.
Yeah!
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