Wednesday 7th of March 2018 07:17:44 AM
Almost a decade ago, a professional acquaintance (NYL agent at the time) approached us to enroll in life insurance. We weren't familiar with life insurance options, so trusted the agent to guide us in our best interests. The agent had us sign up for Whole Life. Several years ago, we contacted the agent because we were concerned with the high monthly premiums that kept increasing yearly. The agent tried to deter our request for a lower coverage, then later just simply ignored our requests. Previous to that, our yearly meetings would end up in us paying more. Then, we simply ignored NYL thereafter, but never cancelled our auto-paying premiums that kept increasing yearly. We have paid an average of $280 per month for whole life.Now, since enrolling in Financial Peace University, we see that Whole Life is not the way to go - it is unnecessary, costs way too much, and the cash value portion gives little return. Buying term insurance allows you to then invest the remaining that you would've paid on whole insurance in a mutual fund, IRA, etc. We've also been disappointed with the lack of online resources - like online chat - to take care of our NYL needs. We would prefer to not meet with another agent who'll simply try to persuade us to buy more insurance and not listen to us. In going through brokers for insurance quotes, they supply non-biased quotes, and none of those quotes are from NYL. This, as well as our experience with NYL thus far, are reasons we are looking to leave NYL. Recommending all life insurance consumers to get educated. Whole life is not the way to go. Agents make commissions on whole life - thus pushing consumers to enroll in it.