No problem. We won't insist you die to find out.
Fogged a mirror earlier, so I guess my body is still above room temp.
Commissions after Death
- Thread starter Alston
- Start date
No problem. We won't insist you die to find out.
Fogged a mirror earlier, so I guess my body is still above room temp.
jinger j snapp
New Member
- 2
I have a question, my Dad sold Medicare supplement and life policies, he just passed away, and is still getting his renewal commissions from various companies. Do these get passed on to the beneficiary? What do I do?
Thank you
Thank you
- 4,201
Ummm. It can. I'd first contact your state department of insurance. You'll first need to find out if your beneficiary can get a temporary license. Secondly, if you want the renewals long term, you'll need to get a perm license.
Secondly, I'd get in contact with the carriers he represented.
If the plans are med supp and life, no license should be required for vested commissions. MA may be a different story. Best place to start is by contacting the carriers.
- 4,201
That's probably more accurate. You'd only need a license on MS and life if you planned to service those policies.
jinger j snapp
New Member
- 2
Thanks, no Mom divorced, and I am beneficiary. We have a joint account, and they are auto deposited into the account.
Just let it be then. Cross that bridge if and when you get to it.
do you know who your Dad's FMO was? i'd talk to them
First I would set up a corporation and have commissions paid to that s corp.
Next, have your wife as an officer of corporation and get her health license asap. No need for carrier appts or e&o for her, just do CE testing to keep license active.
AARP UHC med supps have a "surrogate agent program" for when agents pass away. Commissions will be passed on to surviving spouse within 90 days if licensed. They now pay for life of policy, like $40 year after year 11. 500 policies equals 2k a month.
It's mostly based on carriers, and type of biz and state laws. She would have to rewrite ACA biz probably and get appointed. I also hope my son takes over biz down the road.
Next, have your wife as an officer of corporation and get her health license asap. No need for carrier appts or e&o for her, just do CE testing to keep license active.
AARP UHC med supps have a "surrogate agent program" for when agents pass away. Commissions will be passed on to surviving spouse within 90 days if licensed. They now pay for life of policy, like $40 year after year 11. 500 policies equals 2k a month.
It's mostly based on carriers, and type of biz and state laws. She would have to rewrite ACA biz probably and get appointed. I also hope my son takes over biz down the road.
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