FE and Medi-Cal

[DayTimer]

f you own the policy (you don't in case of a fraternal),

I am so screwed!

I have over 200 issued/paid with RNA and I had my client sign thus on every single one of them there applications ...



You mean to tell me I got to go back out and get the real owner to sign all these ... sign, date, and initial, no doubt! And just who is this guy or gal who owns all fo my clients's insurance contracts with RNA? And does this mean my KSKJ contracts are also void? I've written a few with Forester's too? Jeesh. This is gonna hurt.

How the heck was I supposed to know you didn't own your insurance contract with a fraternal? That is, unless you do own it! I'm actually pretty sure that they do own it, and therefore should have all the rights of ownership conferred by state law.

 

[PhxSunsFan]

so.. who else is there that will write GI.. telesales where the insured isnt the owner? I can get things signed by email or fax if needed???

 

[rousemark]

I am so screwed!

I have over 200 issued/paid with RNA and I had my client sign thus on every single one of them there applications ...

View attachment 6814

You mean to tell me I got to go back out and get the real owner to sign all these ... sign, date, and initial, no doubt! And just who is this guy or gal who owns all fo my clients's insurance contracts with RNA? And does this mean my KSKJ contracts are also void? I've written a few with Forester's too? Jeesh. This is gonna hurt.

How the heck was I supposed to know you didn't own your insurance contract with a fraternal? That is, unless you do own it! I'm actually pretty sure that they do own it, and therefore should have all the rights of ownership conferred by state law.

You had the insured sign it? And the insured is the owner? No problem but it was not necessary for them to sign it. But, in the interest of being precise, they do not own the policy, they own the certificate..

 

[shonceman]

so.. who else is there that will write GI.. telesales where the insured isnt the owner? I can get things signed by email or fax if needed???

Gerber, you can email for sigs.

 

[WinoBlues]

Second Gerber, also Sons of Anarchy (Norway Chapter) also I think.

 

[shonceman]

also Sons of Anarchy (Norway Chapter)

But only if they like lutefisk.

 

[PhxSunsFan]

would GW take this client.. ie owner is the benef.. not the insured?? I can call them if not known.. thanks

 

[theinsuranceman]

so.. who else is there that will write GI.. telesales where the insured isnt the owner? I can get things signed by email or fax if needed???

Sr Life will easily take this case. You only talk with the owner, do the 3 min recording with the owner and you only, and never talk with or mail/email anything to the insured.

Here's an extreme example: Ms. Jones wants a policy on her son who is incarcerated in another state that I'm not even licensed in. As long as Ms. Jones is in the state I'm licensed/appointed in, she can do everything with me over the phone, with no 3rd party interference, including the 3 min recording. Ms. Jones will be the owner, bene., and payor of her son's policy.

PLUS her son gets the membership into Legacy so his casket, vault, and monument will be locked in at $2950 for the rest of his life (it's approx. $7000 at the local funeral home), funeral price negotiation, and up to 4 other family members can be added to his Legacy membership completely free. Even though the policy has a waiting period for natural death the Legacy savings start on day one for the incarcerated son and the other 4 family members

 

[Newby]

If you make the resident the owner, it will be many years before the thing has enough cash value to affect anything. Issue it with the insured as the owner and then change the ownership to someone else (the company cannot prevent you from doing that after it is issued) ... The policy assets will be subject to the 5 year lookback at death but since there is no cash value, it won't affect anything.

That CAN work sometimes but is not a clean way to do it. If the policy has been owned by the person on Medicaid any time within the previous 5-years it can cause a problem.

The cleaner way is to just assign it to a funeral home after issue. That way is is exempt from Medicaid with no lookback waiting period.

 

[PhxSunsFan]

thanks for reply...