do med sup renewals pass to a spouse?

[inreverse]

in the event of an agents death can
med sup renewals pass to an unlicensed spouse?

 

[rousemark]

in the event of an agents death can
med sup renewals pass to an unlicensed spouse?

Will depend on your contract but generally speaking, yes they will.

 

[SamIam]

Will depend on your contract but generally speaking, yes they will.

I don't think so, I believe temporarily they will but you have like 6 months to sell or to get a license.

 

[billyb]

All of my commissions are direct deposited into my corporate checking account. Told my wife to keep it open and the checks will keep coming. If she doesn't tell the carriers they will never know I passed.

 

[alohakevin]

All of my commissions are direct deposited into my corporate checking account. Told my wife to keep it open and the checks will keep coming. If she doesn't tell the carriers they will never know I passed.

Someone has to cert for the Corp usually the principal.

 

[somarco]

All of my commissions are direct deposited into my corporate checking account. Told my wife to keep it open and the checks will keep coming. If she doesn't tell the carriers they will never know I passed.

Mine are the same way.

GA requires agency license and agent license. CE every 2 yrs for agent. If agent license not renewed checks to agency stop.

 

[billyb]

I guess I need to do more research into this because her continuing to receive my renewals is why I bought a smaller face life policy for her. There has to be a way that you can pass these commissions to your spouse. Life renewals shouldn't be an issue, but MA could be.

 

[rousemark]

I don't think so, I believe temporarily they will but you have like 6 months to sell or to get a license.

It may vary by state but in TN vested renewals can pass to an unlicensed individual as long as they do not have to service the business.. If it were debit type business where the agent collects the premium, they would have to be licensed.

 

[inreverse]

MA business would not work due to certifications, ahip, etc.
I'm thinking commission deposited in a joint checking should work , but then the continuing ed requirement will eventually mess that up.

 

[rousemark]

MA business would not work due to certifications, ahip, etc.
I'm thinking commission deposited in a joint checking should work , but then the continuing ed requirement will eventually mess that up.

I know of children that are receiving vested commissions on business written by their dad. He retired, let his license go but continued to receive his vested renewals. He died, the wife received them until she died.. Now the estate receives them.. Neither the wife nor anyone involved with the estate were ever licensed. Involves commissions from several companies. Commissions will be paid until they fall below the company's minimum payment threshold. (varies from company to company according to contract but it seems the average is around $600 per year)