Whats My Duty Here??

[STIBROKER]

Just do what the client ask and stay out of it. Keep it simple.

At the very least ask the client if she is planning on telling her husband that he is being removed as beneficiary ....

 

[jdeasy]

If you would have read the post this should be a red flag........

I did read the whole thing and still don't see and red flags that would be off concern to the agent. He's not a cop. He's not their marriage counselor. She didn't call him for finacial advice. She called to change her beneficiary.

Send form, job done.

 

[TPAAgent]

Really.....all depends on the need of the life insurance.....whose paying for it are among a few of the factors.....I go into great details with my clients about all options and the best way to set it up...of course most of the face I write is $500,000 plus......
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and be very careful how you do it.....

Back when I was running MP's companies like CNA etc, I would write husband and wife on same app- worst thing I ever did- Couldnt tell you how many times a divorced happened and the rider was screwed- even if it cost them the extra annual fee, I started writing separate policies on every married couple I wrote- An I wrote a lot of them- I guarantee you there are some divorced people that still have their own policies now because of what I did...

I also found that adding riders, if theres a finance issue- the whole thing goes bye bye- separate policies and they'll usually let the wifes go and keep the husbands- which keeps stuff on the books

 

[jdeasy]

At the very least ask the client if she is planning on telling her husband that he is being removed as beneficiary ....

Why would you ask such a question?

 

[TPAAgent]

Why would you ask such a question?

+1

None of the agents business

 

[STIBROKER]

Why would you ask such a question?

fiduciary duty to all people involved in the contract and especially if the husband is paying the prem.........

 

[jdeasy]

fiduciary duty to all people involved in the contract and especially if the husband is paying the prem.........

Yes, if he were paying. he already said that the lady is paying her premiums.

He asked what his duty is here. Obviously we disagree on that duty. I say his duty is to the client and honor her request and nothing more.

Probably still inappropraite to ask even if he were paying as long as she is the owner. I wouldn't see it as my duty to get involved in their personal dispute.

 

[moonlightandmargaritas]

fiduciary duty to all people involved in the contract and especially if the husband is paying the prem.........

Nope.

You are an agent of the insurance company, you have no "fiduciary duty" to the owner, insured or beneficiary. The beneficiary has no rights in the contract, they belong exclusively to the OWNER (usually, but not always the insured).

 

[gordon112]

fiduciary duty to all people involved in the contract and especially if the husband is paying the prem.........

There is a fine line and best not to ask questions that don't relate to an insurance transaction. Some of the questions are unavoidable like bene and owner that will bring emotions and state of affairs into play.

It sounds like Tdf is doing the right thing and sometimes you get these situations.

 

[hammerken]

Send it off and just be done with it. Getting involved any deeper is just a bad idea.