Commissions After Death

[jn8691mr]

What happens to an agents commissions/renewals after death? The reason I as is ... I just received my appointment paperwork from a carrier in the mail and my upline put his mother as the beneficiary to receive commissions in the event of a death

So if I died, my upline, would receive my commissions/renewals????

 

[BNTRS]

What happens to an agents commissions/renewals after death? The reason I as is ... I just received my appointment paperwork from a carrier in the mail and my upline put his mother as the beneficiary to receive commissions in the event of a death

So if I died, my upline, would receive my commissions/renewals????

Are you assigning commissions? If not the commissions are paid directly to you from the carrier and the answer to what happens to commissions/renewals upon death is dependent on the contract (some ask you to specify a person to received unpaid commissions and renewals and some don't).

It's weird for you to receive paperwork that speaks to what the upline is doing. If not assigning commissions, then this is probably just speaking to what happens to the upline's overrides and commissions; not yours.

 

[rousemark]

What happens to an agents commissions/renewals after death? The reason I as is ... I just received my appointment paperwork from a carrier in the mail and my upline put his mother as the beneficiary to receive commissions in the event of a death

So if I died, my upline, would receive my commissions/renewals????

Sounds like a less than desirable upline.. Run.. Vested renewals will go to a stated beneficiary but it should be your family not his... If no beneficiary is stated most contracts read they will go to your spouse or your estate.

 

[Newby]

What happens to an agents commissions/renewals after death? The reason I as is ... I just received my appointment paperwork from a carrier in the mail and my upline put his mother as the beneficiary to receive commissions in the event of a death So if I died, my upline, would receive my commissions/renewals????

Settlers made a point of talking about this last week at their agent Road Shows. Apparently some companies stop paying renewals upon the agent's death.

They made a point of talking about it because they keep paying forever as long as you have payers on the books. So if I died, my wife keeps getting the renewals. When she dies, my kids keep getting the renewals.

Someone will always have to get licensed. But they have six months after the death to do it.

Something to think about if you are writing a large volume with a main company. I don't know which companies do it that way and which cut it off. Some pay a lifetime trail commission. Some don't.

I wonder how American Memorial does it? They have the nicest trails and occasionally are a good fit for a young adult.

 

[rousemark]

Are you assigning commissions? If not the commissions are paid directly to you from the carrier and the answer to what happens to commissions/renewals upon death is dependent on the contract (some ask you to specify a person to received unpaid commissions and renewals and some don't).

It's weird for you to receive paperwork that speaks to what the upline is doing. If not assigning commissions, then this is probably just speaking to what happens to the upline's overrides and commissions; not yours.

There would be no reason for an agent to receive paperwork detailing what happens to the upline's renewals. Sounds more like the upline has completed the beneficiary section on the agent's contract.. Possibly hoping that the agent will not notice or will not knwo what it means. If that be the case, t is not someone a person wants to do business with.

 

[BNTRS]

There would be no reason for an agent to receive paperwork detailing what happens to the upline's renewals. Sounds more like the upline has completed the beneficiary section on the agent's contract.. Possibly hoping that the agent will not notice or will not knwo what it means. If that be the case, t is not someone a person wants to do business with.

That's precisely why I said it would be weird to receive any information regarding what the upline is doing. You are certainly correct that if the upline has filled this out and directed the agent's commissions and renewals to be paid concealing that the agent has a choice, that is seriously underhanded.

 

[Tahoe Ray]

That's precisely why I said it would be weird to receive any information regarding what the upline is doing. You are certainly correct that if the upline has filled this out and directed the agent's commissions and renewals to be paid concealing that the agent has a choice, that is seriously underhanded.

An agent that does that probably names himself as contingent on his clients' policies too.

 

[rousemark]

An agent that does that probably names himself as contingent on his clients' policies too.

Known a few of those agents...

 

[goillini52]

Settlers made a point of talking about this last week at their agent Road Shows. Apparently some companies stop paying renewals upon the agent's death.

They made a point of talking about it because they keep paying forever as long as you have payers on the books. So if I died, my wife keeps getting the renewals. When she dies, my kids keep getting the renewals.

Someone will always have to get licensed. But they have six months after the death to do it.

Something to think about if you are writing a large volume with a main company. I don't know which companies do it that way and which cut it off. Some pay a lifetime trail commission. Some don't.

I wonder how American Memorial does it? They have the nicest trails and occasionally are a good fit for a young adult.

If your renewals are direct deposited how would they know you died?

 

[Newby]

If your renewals are direct deposited how would they know you died?

1. Death claim on your own policy.

2. It's not wise to keep bank accounts active on dead people.

3. Believe it or not, banks read the obituaries. They freeze accounts when they verify a death.

4. It's insurance fraud if someone is collecting the renewals that is not licensed and/or not legally entitled to them.

But I'm sure some would try anyway.