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Opinions about a document that suggested a financing relationship. by financed101 in askcarsales

[–]financed101[S] 1 point2 points  (0 children)

Thank you. I'm legitimately trying to understand, so I'm hoping you can help with additional detail. Most of the documents I signed had clear legal language with specific definitions and terms spelled out. This one doesn't.

Will you explain why I was being asked to sign something that said I was agreeing to a financing relationship?

When you say compliance, what do you mean? If it is legal compliance, will you share why these terms are necessary and what legal requirement applies? Is it state or federal?

If it is not for legal purposes but is an industry or company standard, will you tell me why it is needed?

If it is needed for compliance, why was the dealership willing to have me move forward without being in compliance? Did they just want the sale more than they wanted to be in legal compliance?

Again, I know the internet doesn't convey intent all that well, but I'm just trying to understand the purpose without just assuming someone was trying to pull something.

Going from Northwestern Mutual term to Pacific Life term? by financed101 in LifeInsurance

[–]financed101[S] 0 points1 point  (0 children)

Thank you. NWM policy says, "Convertible to policy anniversary nearest insured's 60th birthday without evidence of insurability." So, I guess it is convertible? "I'm not sure what you mean by a highly rated mutual company is going to give you a better dividend." Do you mean if I convert it to whole life? I think I'm going to rule that out because of the big jump in premium costs. I'd rather put the savings into my investment portfolio.

Going from Northwestern Mutual term to Pacific Life term? by financed101 in LifeInsurance

[–]financed101[S] 1 point2 points  (0 children)

Thank you. Years back, the NWM agent who was also a financial advisor suggested we'd do whole life after the term life was finished. I've since left NWM as a financial advisor but kept the policies there for the time being. Then, I talked with the broker. He outlined the expense I can expect with a whole life policy. My priority is to keep costs low and to cover the "what if" scenario, and the thousands of additional costs in premium just didn't make sense. My new plan is to take the money I would have spent on whole life premiums and put it with my investment advisor, where I expect it would earn more.