Commissions after Death

[Alston]

Why not sell or gift her your bob?

That made me think. The best option might be to do a buy/sell with my son. He's licensed.

But I don't think selling or gifting my book posthumously is a simple process. Won't each client need to sign a separate BOR? My book is all life and health.

 

[goillini52]

I may be wrong, but just because you are vested doesn't mean they will pay you if your license isn't current. Once you die how you gonna do the CE and renew your license?

Asking for a friend . . .

Dead guys don't cash checks.

What Rouse said. If something happens to your wife, and then to you, your kids can keep getting your renewals.....as long as the policies are on the books. But some Med Supps only pay for 6 years and if you're dead, you won't be able to move them and get a fresh 6 years(3 for Travis).

That's why you need to cross sell dental plans Bob. Lifetime renewals.

 

[Travis Price]

When Frank passed circa 2012-2013(?), I thought his wife had to get a temp license to keep getting renewals.

Here's what MI says about it, along with their 3 year max comm for most carriers

DIFS - Temporary Licenses

SC was the same way. They gave out temp licenses for family members to continue to get renewal commission.

I don't know how the Insurance companies do it, just what the state does.

 

[vic120]

I may be wrong, but just because you are vested doesn't mean they will pay you if your license isn't current. Once you die how you gonna do the CE and renew your license?

Asking for a friend . . .

Dead guys don't cash checks.

Dead people do vote Democrat though

 

[somarco]

The vested is for life of the policies.. Renewal commission is paid even after your license is terminated.. I have friends that are still drawing some pretty nice checks every month even though they lat their license expire 5+years ago.

Must be a TN thing. UHC, Aetna and BX stopped paying the next day when they did not have my license renewal information.

I do still get renewals from carriers where I am no longer active including one where we agreed to get a divorce.

But my license is active.

And I am not dead

 

[somarco]

sell dental plans Bob. Lifetime renewals.

Or until they have no more teeth . . .

That made me think. The best option might be to do a buy/sell with my son. He's licensed.

But I don't think selling or gifting my book posthumously is a simple process. Won't each client need to sign a separate BOR? My book is all life and health.

Can't speak to the BOR question but your carriers would have to "approve" the new agent.

 

[goillini52]

And I am not dead

Are you sure about that?

 

[rousemark]

When Frank passed circa 2012-2013(?), I thought his wife had to get a temp license to keep getting renewals.

Here's what MI says about it, along with their 3 year max comm for most carriers

DIFS - Temporary Licenses

SC was the same way. They gave out temp licenses for family members to continue to get renewal commission.

I don't know how the Insurance companies do it, just what the state does.

TN has temporary license also... but they are not needed in most cases for vested life and health commissions.. However, if receiving commissions requires servicing the business such as in the case of collecting debit premiums the the temp license is required..

 

[goillini52]

Or until they have no more teeth .

Then they'd need dentures...and maybe glasses and hearing aids.

 

[Travis Price]

TN has temporary license also... but they are not needed in most cases for vested life and health commissions.. However, if receiving commissions requires servicing the business such as in the case of collecting debit premiums the the temp license is required..

Yeah, I don't really know how it works in MI. When I read it, it looks like something similar.