‘I never signed off on a whole life policy NWM took $5000 from me. Bunch of scammers!’: Got scammed into Whole life policy (North Western Mutual). I did not sign off on it. How can I get my money back?

Hi Money Minder,

So, I met with this so-called “financial advisor” from North Western Mutual. I was really hoping to get a better handle on my finances, but it turned out to be nothing but a sales pitch for whole life insurance. I told them I needed some time to think about it because let’s face it, it wasn’t something I was interested in.

They tried to sell me on a Roth IRA and term insurance policy, which I was cool with. The amount being deducted from my account for the Roth IRA matched what they said the whole life policy would be, so I didn’t bother checking my NWM account. But guess what? Turns out, I was actually paying for a whole life policy and not investing anything. And to top it off, I never even agreed to this whole life policy in the first place! They took $5000 from me and now they won’t stop hassling me about it!

I’ve already closed my account with them, but they’re still trying to charge me for something I never wanted in the first place!

Has anyone else gone through something like this? How can I get my $5000 back from these scammers?!

Farewell,
Baffled and Furious_Customer

Response from THE MONEY MINDER:

Hello There,

I’m sorry to hear about your experience with North Western Mutual, and I can understand how frustrating and upsetting it must be to find out that you were misled regarding your financial products. It’s certainly not uncommon for individuals to encounter similar situations when dealing with financial advisors who prioritize sales over genuine financial advice.

To address the issue of getting your $5000 back, the first step would be to reach out to North Western Mutual directly and request a refund for the whole life policy that you did not sign off on or authorize. Be sure to gather any documentation, emails, or paperwork that prove your case and show that you did not consent to this policy. Stay firm in your stance and insist on a refund, as it is your right to have your money returned if it was taken without your approval.

If North Western Mutual continues to try to charge you or is uncooperative in providing a refund, you may need to consider escalating the issue by filing a formal complaint with the appropriate regulatory bodies that oversee financial institutions. This can include agencies like the Consumer Financial Protection Bureau (CFPB) or your state’s department of insurance. They will investigate your complaint and work towards a resolution on your behalf.

In the future, it’s crucial to always thoroughly review any financial agreements or policies before signing off on them. Ensure that you understand the terms and conditions, and don’t hesitate to ask questions or seek clarification if anything seems unclear. Additionally, it’s essential to regularly monitor your accounts and statements to catch any discrepancies or unauthorized transactions promptly.

I hope that you are able to successfully resolve this issue and get your money back. If you need further assistance or guidance, feel free to reach out for additional support. Take care and stay vigilant in protecting your finances.

Farewell from THE MONEY MINDER.