Becoming an Insurance Agent After a Chapter 7 Bankruptcy

[ang133]

I had my discharge January, 2014. I would like to become a life/health insurance agent. Will I have trouble getting appointed? Most likely by the time I get the license it will be January, 2018. I have read other posts that some companies like to see 18 months go by before appointing, but I read one application and it asks if you've had a bankruptcy in the last 7 years. Do I need to wait until the 7 years have passed?

 

[adjusterjack]

I doubt if you'll have to wait the full 7 years. There are thousands of life/health insurance companies and probably as many different policies about appointing agents with a bankruptcy on their record.

Nobody is going to be able to predict what any one company will do. Even the 7 year question doesn't necessarily mean that you won't get appointed.

All I can suggest is get your license and start looking for companies. Though I suggest you ask about it before submitting an application. You don't want numerous credit checks in a short period of time. Hard pulls tend to drop your score temporarily but lots of them can do some damage.

A lot has to do with how you've handled credit in the time since your discharge. Any delinquencies? Run up any big credit card balances? What's your score now compared to the score after bankruptcy?

 

[rousemark]

I had my discharge January, 2014. I would like to become a life/health insurance agent. Will I have trouble getting appointed? Most likely by the time I get the license it will be January, 2018. I have read other posts that some companies like to see 18 months go by before appointing, but I read one application and it asks if you've had a bankruptcy in the last 7 years. Do I need to wait until the 7 years have passed?

As long as no insurance company money as involved in the bankruptcy, you will have no trouble at all with most companies even though many ask if you have ever filed bankruptcy, last 10 years, last 7 years, etc..

 

[johndf]

You can get appointed, I have had numerous agents that had filed either 7 or 13 in the past that have gotten appointed. However, sometimes when it comes to the amount of advance you want, the company may be cautious about that. Unless of course you want as-earned.

 

[reed1256]

I only know of one instance that an agent was denied being appointed by Foresters but other than that, no other issues at all.

 

[Matthew King]

It's as many of the others have already said. As long as it didn't include insurance carriers you shouldn't have much of a problem. The most issue you should see is only being to get approved on an as earned basis.

 

[ang133]

Thank you everyone for all your advice! My credit score is between 661-720 now. And no insurance companies were involved in the bk.