Legality Question?

[TristanTLC]

Forester's rules is the state of solicitation, so are you soliciting the mother or the daughter? Contact Foresters compliance and forget what others are telling you here about what you do need and don't need. I've had this exact same discussion with Foresters on many many occasions.

 

[William K]

Thanks for all the input. Tristan, I just got off the phone with Foresters and they said I have to be licensed in the New Jersey (where the application will be signed). I'm going to talk to the daughter again and find out if her mom is coming to Vegas anytime soon. In the meantime, any agents in New Jersey that want to split the commission? Not sure where in New Jersey, but I will find out tomorrow.

 

[moonlightandmargaritas]

Back in the "old days" you could sell life that way

Brought back memories (mostly fond) of yesteryear...

We used to call it "draggin' 'em across the border to sign the app." In reality, seldom did anyone cross the border, if you get my drift...

 

[jerry176]

William I live in NJ, we can work something out.
Send me your contact info, if you wish to discuss.
thanks
Gerry

 

[arnguy]

We used to write New Jersey residents under either the Tacony-Palmyra or Ben Frankin Bridges.

 

[Josh]

"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.

Except for the part where the DOI regulates it. Fact of the matter is it's usually illegal. What's the problem with getting the non-res license?

 

[bdagent]

Brought back memories (mostly fond) of yesteryear...

We used to call it "draggin' 'em across the border to sign the app." In reality, seldom did anyone cross the border, if you get my drift...

We used to do this with Critical Conditions ROP policies back in the day...they were offered with ROP in one state and not in another. We would tell the new agents to make sure and bring their "box of dirt" if they wanted to sell the good policies across the border.
Funny, but terrible in a way too.
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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.

do you do business with ANYONE else??? I know what you are saying is true in this case and I agree it is an upside to SL and LH but they have an awfull lot of downsides too.
Everytime someone posts about anything in FE market you go on touting these two companies. I am not going to bash them publicly, but its tempting.

 

[TristanTLC]

Thanks for all the input. Tristan, I just got off the phone with Foresters and they said I have to be licensed in the New Jersey (where the application will be signed). I'm going to talk to the daughter again and find out if her mom is coming to Vegas anytime soon. In the meantime, any agents in New Jersey that want to split the commission? Not sure where in New Jersey, but I will find out tomorrow.

Glad you got the answer directly from the carrier. As for having an NJ license, if your commission is higher than the Non Res fee, then I suggest you just go ahead and get it. If you don't want to go through the trouble, then I have a great agent in NJ in which I can refer you.

 

[William K]

Problem I see with the non resident license in New Jersey would be the time it takes to get it (not sure on that one) and that would probably be the only policy I will ever sell in the state of New Jersey. Tristian and Jerry 176, I will be talking to the daughter again tomorrow and I will find out exactly where in New Jersey the mom is and post on here. The mother is 57 yrs old, had a hysterectomy about 5 yrs ago, but other than that is totally healthy according to the daughter and the daughter does want to take out a policy on her. I haven't talked to the mom. Jerry 176 and Tristian, my contact info is [email protected].

 

[sshafran]

do you do business with ANYONE else??? I know what you are saying is true in this case and I agree it is an upside to SL and LH but they have an awfull lot of downsides too.
Everytime someone posts about anything in FE market you go on touting these two companies. I am not going to bash them publicly, but its tempting.

Hold on for a few more posts....wait for it wait for it.... soon we'll get the FE phone sales pitch.