Not sure if this is the right area to post this but since I am new to the insurance business and focusing on final expense, I figure I'd give it a shot on the Senior Forum. First post, so please be gentle. I'm in Las Vegas, NV and I spoke to a lady today who wants to buy a policy for her mom. The daughter is in Las Vegas however the mom is in New Jersey. The mother knows about it and is good with it, but can I do it? I know the daughter will be the policy owner and the mother will be the insured. I'm licensed in Nevada but not in New Jersey and currently appointed with Forresters, United Home Life and Assurity. Basically, can I sell the daughter who is in Nevada a policy on her mom who is in New Jersey?
Legality Question?
- Thread starter William K
- Start date
- 18,988
You have to be licensed in the State where the application is signed by the insured. As someone noted, if the Mom comes to visit in Nevada, you can write it on a Nevada app.
If you have to do it by mail and phone with the Mom in NJ, you will have to get a NJ license and you will have to use a NJ application. The daughter can still be the owner and the payor. Might be better to find a NJ agent to do it for you and split the commission.
Yes. Life and annuities have to be signed in the state where you are licensed. The client doesn't have to reside there. Health (Med Supps/LTC) It doesn't matter where it's signed, all goes by the clients residency. A little while back, there was a really good annuity available in South Carolina but not North Carolina. Since I'm licensed in both I had a case where I met a client for lunch just over the border and had it signed there. He's a North Carolina resident, but, that's completely legal. Nice thing about living in a town right on the state line.....
- 1,255
Bottom line: Ask the carrier. They can have their own set of rules.
Special Eddie
New Member
- 9
"Ask the carrier. They can have their own set of rules."
Couldn't agree more. They are the ones that will slam the door shut if you step over the line. Tell them what your challenge is and ask them to help you win the business.
Couldn't agree more. They are the ones that will slam the door shut if you step over the line. Tell them what your challenge is and ask them to help you win the business.
- 4,688
Yes, you can do this with Lincoln Heritage or with Sr. Life. The daughter, who resides in your state, would be the owner and either prim. or cont. bene., and also the payor. You would NOT need the NJ license. I do this quite often with both Co.'s. The catch is you have to record the mother in NJ answering health ques., b'date, giving permission for the daughter to take the policy out, etc. Check out www.seniorlifeinsurancecompany.com.
