Packerland
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We provide each of our agents a complete succession plan and the current rules by carrier..
do med sup renewals pass to a spouse?
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True I won't be there to pay the $150 fee for my corporation so it may dissolved. However no one will contact the bank so my corporate account will remain open. My license will also not renew after I fail to complete my CE. The only Medicare Supplement carrier I sell for that requires certification is UHC. May lose those renewals, but I am not sure about that. I don't write MA so nothing there to lose.
I got a notice from Anthem a few years ago when GA didn't process my license application in time. They STOPPED paying me until the state got their act together.
When I wrote UHC business they would write to tell me they needed proof I renewed my corp license before they would pay me.
I believe Equitable is another carrier that hiccups if they aren't notified by the state.
I have almost nothing with UHC but losing Anthem and Equitable would create a problem.
When I wrote UHC business they would write to tell me they needed proof I renewed my corp license before they would pay me.
I believe Equitable is another carrier that hiccups if they aren't notified by the state.
I have almost nothing with UHC but losing Anthem and Equitable would create a problem.
Actually your bank will know it before you are in the ground. My BIL died a couple of weeks ago. His son was also a signatory on the account so he tried taking money out using his dad's debit card a couple of days after his death. Card had already been cancelled. I have no idea how they were notified.
renewals will eventually stop if the wife is not licensed and appointed.
Best thing to do would be to put together some kind of succession plan with a business partner or friend that is licensed. That individual could buy out your book of business from your wife. This way, while she wont get a steady stream of income, she will get a lump sum of money - similar to a life insurance policy.
Best thing to do would be to put together some kind of succession plan with a business partner or friend that is licensed. That individual could buy out your book of business from your wife. This way, while she wont get a steady stream of income, she will get a lump sum of money - similar to a life insurance policy.
Not in TN and I don't think in other states.. Suggest you speak with your cos. agency dept. about the vesting terms.. In the case of MAs and debit type business the recipient does have to be licensed. The debit type business is usually sold. Liberty Bankers has someone who will purchase all books of debit business. I don't know if MA business can be bought or not. Have never sold MA and have no intention of doing so therefore I have never checked into the commission process.
Thank you for sharing so much info.
Packerland
Guru
- 513
I am sure you provide the same info to your agents as a valued added ...
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I think that's the best option for almost all parties involved.
- The widow or widower
- The clients
- The other agent
- The insurer
Two things though.
- Unless the other agent has deep pockets, the deal needs to be funded with life insurance. You'll have to let the other agent take out a policy on your life. That might be a little uncomfortable.
- Some policies will require a BOR from each client. And some companies won't accept a BOR. They'll just keep the renewals. They won't care that you're worm food and your spouse has to eat cat food.
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