How many years back do you keep client paperwork?

[WinoBlues]

I keep them about 7ish years. We have a file cabinet in the garage. Alphabetical tabs, newest lapse / claims go to the back. Every 6 months or so we pull the front ones that are past that time frame put them in bins, Take them to ARC, pay $5. per bin then go for beers. The system has worked pretty well.

As to making room? A four drawer file cabinet is cheap and only takes up a couple sq'. Am I going to scan 4 plus cabinets? Nope.

 

[andrew412724]

scan and put on usb or computer and have a digital copy just in case then call shredit to pick up and destroy the paper file

 

[Glen Shelton]

I keep them about 7ish years. We have a file cabinet in the garage. Alphabetical tabs, newest lapse / claims go to the back. Every 6 months or so we pull the front ones that are past that time frame put them in bins, Take them to ARC, pay $5. per bin then go for beers. The system has worked pretty well.

As to making room? A four drawer file cabinet is cheap and only takes up a couple sq'. Am I going to scan 4 plus cabinets? Nope.

The laws might vary from state to state on this but it was my understanding that you had to keep the original app on file for a minimum of 7 years ...

Obviously with e-apps it becomes a nonissue but for folks doing everything on paper - I would check what the rules/regulations are in your state