Thanks everyone for your input, you all have given great insight. The person who took me into this policy was a friend of high school. Ina ny rate, I called NYlife and asked many questions.
I told them that my agent told me that this is compounding and guaranteed, so what's the interest?
-No interest, but we do have a fixed variable that runs 3.1%, (pshhh what the heck?). That'll cost 25%.
-In regards to allocation changes and recommendations, who manages and gives recommendations?
Your agent (He never called me to tell me that the units are doing so horrible that I should change it)
-What fees am I currently paying in that I don't see it in my quarterly statement?
$30 plus commission for your agent
Oh yea? How much am I paying him on commission when I'm losing money here?
-We can't disclose that information and he should have given you a prospectus on how much he is making commission. (he never has).
What is the surrender charge if I was to take it all out?
-This will take 9 years from intial activation of policy, since it was Oct '04 you will have to wait until 2013
So all in all, I have been screwed it seems. I decided to wait until 2013 to make another decision in hopes things will be better and I can make a clearer decision. This is a long long term since I am 28 years old and I have another 30 some odd years to go. Being in the military makes it difficult for me to check up on these issues as often as I would like to. So thanks to everyone and if you have more advice, I would really appreciate it.
PS. I contribute $400 a month, with all this craziness, should I decrease the contribution to let's say $200?