Jump to content
GSCalifornia

Getting Out Of National Life Group/life Insurance Company Of Southwest

Recommended Posts

Congrats on your move. It's worth whatever it costs to get out of that plan. When informing colleagues about this info be prepared to get little response at first. People will be grateful for the information but their interest will fade or they'll think it's over their head. Share whatever info you find useful and offer help when needed. Good luck

Share this post


Link to post
Share on other sites

GS,

Thank you for posting this information.  I just wish I had found it sooner.  I've been contributing a little ($1820/year) to a National Life Group (Elite 5) Fixed Annuity - 403b.  It's earned me $375 in interest over last 5 years and I would have to pay an 8% surrender fee ($627) to move it to Vanguard.  It's frustrating when you think you're doing the right thing by "having a 403b", to later learn that not all 403b's are the same and there are far better vehicles to put your money into.  I've started a shell IRA with Vanguard and will work with NLG tomorrow to begin moving that money.

 

Thanks to all that have contributed to this post.  Very helpful!

Share this post


Link to post
Share on other sites
20 hours ago, carrjar said:

GS,

Thank you for posting this information.  I just wish I had found it sooner.  I've been contributing a little ($1820/year) to a National Life Group (Elite 5) Fixed Annuity - 403b.  It's earned me $375 in interest over last 5 years and I would have to pay an 8% surrender fee ($627) to move it to Vanguard.  It's frustrating when you think you're doing the right thing by "having a 403b", to later learn that not all 403b's are the same and there are far better vehicles to put your money into.  I've started a shell IRA with Vanguard and will work with NLG tomorrow to begin moving that money.

 

Thanks to all that have contributed to this post.  Very helpful!

We have all, or mostly all, of us made the same mistake. It is criminal that these products are STILL being sold each and every day to our public k12 403b plans. $375 dollars after the last five years is criminal! I was in my middle 40s when I had to pay an 18% surrender fee to get out of two horrible fixed annuities, but I did it in 1994 and was happy I did. I was so angry at the time, that I vowed to write a book, and I wrote two books to try and inform our colleagues to stay away from the "nice" guy or gal in the cafeteria.  

You might be able to take it out over five years, but depending on the contract, you might not get any interest. But in your case, assuming you have 20 years until retirement, I would pay the $627 so you can invest it in genuine stock and bond markets. 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...