Humana Commissions After Agents Death

JRH8037

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Family member passed away that was an agent for Humana. Humana is direct depositing commission checks in a checking account. These commissions should now be paid to the deceased agent's estate.

Does Humana continue paying these commission to the estate once the agents death is reported? Thanks in advance!!
 
Are the commissions paid to the individual or an agency? Most carriers cease to pay commissions in the absence of a licensed, appointed agent. I have never heard of a carrier paying commissions to an estate.
 
When I started in the business, I heard (or possibly misheard or misremembered) that commissions are paid to the surviving spouse, heir or estate for one year. I think the estate qualifies for some kind of temporary insurance license.

As I get older this issue becomes of more interest to me. (I wonder why.)

It makes sense that at least the remaining first year commissions would be paid as earned. The agent was alive and licensed when the policy was applied for.

Renewals require a licensed agent to service the policy, but FYCs are not renewals.

I would love to have my life insurance proceeds sit and earn interest for a year or so before my wife had to tap into it.

Anybody have a definitive answer? I need to add this to my "what to do when I die" instructions.

The instructions I wrote to my wife start with:

"I love you, or at least I did.

I'm dead now and am not sure if the concept of love applies to dead guys like me. Anyway, if I'm capable of loving and decomposing at the same time, I still love you and always will."
 
Family member passed away that was an agent for Humana. Humana is direct depositing commission checks in a checking account. These commissions should now be paid to the deceased agent's estate.

Does Humana continue paying these commission to the estate once the agents death is reported? Thanks in advance!!

Here's a previous thread on this.

http://www.insurance-forums.net/forum/life-insurance-forum/commissions-after-death-t73886.html

If you're on direct deposit and you have a joint checking account with your spouse, I'd think that those deposits will keep coming in.
 
Thanks for the responses!

I talked to the Humana Commissions Department: Humana pays the beneficiary of the estate six months of commissions. After six months either (1) the commission revert to "in house" or, (2) I can release the business to another agent with Humana.

Obviously, I will fill out the paperwork releasing the book of business/commissions to another agent who worked closely with the deceased.

Every agency seems to be different. One agency cut off all commission checks -- their policy is the commissions could have been assigned to another licensed agent if they were notified within 30 days of the death. (I didnt even know to contact them until well after 30 days of the passing)

Another agency says ALL commissions will be paid to the estate indefinitely.
 
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