How long are we required to keep the hard copies of life applications
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- 2,795
Scan them to your computer and keep them forever. No effort, takes up very little space on a hard drive. Make sure you back up the data to a portable drive as well.
You've heard of Murphy's Law. One day you purge your files, next month you get sued on one of them.
You've heard of Murphy's Law. One day you purge your files, next month you get sued on one of them.
- 5,917
To my knowledge your not required to keep life applications on life. That is the responsibility of the carrier.
I never depend on someone who might quickly throw me overboard when it comes to a suit to keep records for me. I always kept a copy of the app until 2 years after the client passed away or the policy had been lapsed for several years.
- 2,375
Agreed. I thought to myself: Self - Does it matter?
Personally I would keep copies of all applications, quotes, CRM notes forever. At least keep a copy of all applications for the life of the policies.
- 5,917
I'm in IL., I must admit I'm not sure of any rules regarding retainment of records.
I keep copies of paper apps indefinitely after scanning them as well as keeping paper copies in my clients folders.
E-apps have pushed me to populate information on a "green sheet" which I place in the clients folders along with any relevant correspondence.
I personally have kept apps from years ago... I mean years. I also keep a "dead file" or a file of claims.
It makes it easier when you roll/add coverage a few years down the road. "Well... it looks like you'll most likely qualify for this new plan! Has your contact info changed since we last took an your application? Same bank account? Great! Let me get this new app filled out for you!"
- 26,077
What they said.
I got a call from a CSR at one of my companies yesterday. Client's really pissed off husband called about her plan terming out. She is 82. After we spoke for a bit and I text a couple pictures from my green sheet and the app he calmed down and we are quoting a FE policy.
I keep dead files about 5 years. Then do a shread run a couple times a year.
I am in California
I got a call from a CSR at one of my companies yesterday. Client's really pissed off husband called about her plan terming out. She is 82. After we spoke for a bit and I text a couple pictures from my green sheet and the app he calmed down and we are quoting a FE policy.
I keep dead files about 5 years. Then do a shread run a couple times a year.
I am in California
- 26,077
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