Agent Leaving Industry

[westcoastins]

Hello!

I've been a long time lurker on the forums, you all have some excellent advice and a lot of experience to draw on.

I've been licensed for life insurance in California for a few years and, due to taking a job in a different industry, will be ceasing production very soon. My question is: Is there anything I need to do when I leave the industry? I've been mainly thinking in these categories:

-E&O coverage (how long do I need to keep coverage?)
- License status - I'm not going to be writing business any more - should I terminate my license?
- Current clients - I'll be handing most of my clients off to another agent, but possibly not all of them (due to company appointments). What should I do about these?
​

If there's any big issues I'm missing, I would also appreciate your input. Thank you in advance!

 

[supersupps]

I;d like to take great care of your clients.. thanks

 

[Cornelius]

From my understanding in Calif you can just go inactive but I think you have to stay current on your Continuing Ed. Of course you can check with the DOI. You never know..

 

[GreenSky]

Keep up your licensing requirements, at least for a few years. You don't know what the future will bring and taking the test again will be a PITA.

Rick

 

[Tampa Bay Rep]

Keep up your licensing requirements, at least for a few years. You don't know what the future will bring and taking the test again will be a PITA.

Rick

I couldn't agree more. That is very good advise.

 

[Todd King]

I couldn't agree more. That is very good advise.

It's even good advice too!

 

[Guest]

are you selling the agency or what are you doing?

 

[Mark]

You might can still do this part time. It dont cost a lot to keep your lic active.

 

[westcoastins]

Thanks for all your replies!

I've already worked out having another agent take over my existing clientele. I think I might put the license on inactive status, just in case, although I do not plan on doing any part time work. Does anyone know if/how long I need to keep E&O coverage?

 

[WinoBlues]

Hello!

I've been a long time lurker on the forums, you all have some excellent advice and a lot of experience to draw on.

I've been licensed for life insurance in California for a few years and, due to taking a job in a different industry, will be ceasing production very soon. My question is: Is there anything I need to do when I leave the industry? I've been mainly thinking in these categories:

-E&O coverage (how long do I need to keep coverage?)
- License status - I'm not going to be writing business any more - should I terminate my license?
- Current clients - I'll be handing most of my clients off to another agent, but possibly not all of them (due to company appointments). What should I do about these?
​

If there's any big issues I'm missing, I would also appreciate your input. Thank you in advance!

On the License, Rick's advise is spot on. Your renews could be enough to easily pay the few dollars it will cost to keep your CEs current. Assuming a new agent does not pillage your book. Which brings us to:
On your current clients, Your clients will become orphans. I recommend really look at who you assign them to. First for your clients sake and also for your renewals sake. Servicing orphans correctly is a learned skill. The best recommendation for that is me. I have orphans I have serviced for 20+ years.

Keep your license current. No need to write new business or have any production requirements. Any of us can contract you with a place holder company. (I do not recruit)


Lee
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Were you Life or P&C?