Obtaining insurance license after a bankruptcy within last 2 years !?

[Advisor06]

Can someone with a bankruptcy within the last two years obtain their insurance license? Also, will they have any difficulty getting appointments with companies to sell life or annuities?

 

[Tahoe Ray]

Can someone with a bankruptcy within the last two years obtain their insurance license? Also, will they have any difficulty getting appointments with companies to sell life or annuities?

Chapter 13 will be easier than 7 but you'd want to have a repayment plan that's set up and paid on for at least 6 months either way.

I've run into this a handful of times and appointments largely are based on the carrier.

Annuities are harder than life.

 

[Advisor06]

Chapter 13 will be easier than 7 but you'd want to have a repayment plan that's set up and paid on for at least 6 months either way.

I've run into this a handful of times and appointments largely are based on the carrier.

Annuities are harder than life.

they are telling me ch 7 with no repayment plan. Do you think they can get the license at all? Will carriers really have a problem with this?

 

[Tahoe Ray]

they are telling me ch 7 with no repayment plan. Do you think they can get the license at all? Will carriers really have a problem with this?

Nothing repaid will be an issue.

Not saying it's impossible to get a license or an appointment, but that is an uphill battle that you'll need to talk their state's DOI and a carrier's licensing dept about.

 

[adjusterjack]

they are telling me ch 7

Who is "telling" you?

I suggest you call the DOI and ask if a bankrupcy effects your qualifications.

 

[Advisor06]

Who is "telling" you?

I suggest you call the DOI and ask if a bankrupcy effects your qualifications.

The person I’m trying to bring on as a producer.

 

[Allen Trent]

The person I’m trying to bring on as a producer.

Many states let the person submit the application for consideration before taking the exam. Call the insurance dept and ask how to submit an application for pre-approval consideration, etc

 

[Lloyds of Lubbock]

I assume the bankruptcy was discharged.
A State that will allow someone with a bankruptcy to sell insurance, does not mean a carrier will appoint them.
Years ago at my old company a bankruptcy was a non starter.

 

[rousemark]

The person I’m trying to bring on as a producer.

Can't speak to PA DOI but in TN, as long as there was no insurance company funds involved, you can get a license. They will have to provide an affidavit stating the details. It will be up to the companies as to how they want to address it. Some will contract on an ass earned and others will even give advance.

 

[rousemark]

Chapter 13 will be easier than 7 but you'd want to have a repayment plan that's set up and paid on for at least 6 months either way.

I've run into this a handful of times and appointments largely are based on the carrier.

Annuities are harder than life.

While a 13 would seem to be preferable, at least to the person filing who wants to do right by the creditors, a & is actually viewed more favorable by many companies. In a 13th, a person can turn around and convert to a 7. Wit a 7, it is a done deal.