Anyone Out There Over 60 and Selling MA Plans?

[wehotex]

I have been asking different carriers what would happen to Renewal commissions when an agent dies? Could they transfer to a survivor or partner? I have been told that they would cease upon death of the Agent. One told me that an agent could enter into a limited liability corp. In such situation, the renewals would be payable to the existing partner in the corp who would have to be licensed and certified for each product to continue receiving the renewals.

To those that sell MAs in their golden years or close to it, has this question entered the picture when you are out there pitching these plans?

To be honest, I know that any of us regardless of age could go at any time. It's not necessarily limited to one's age, but may be more likely.

 

[DS4]

"Anyone Out There Over 60 and Selling MA Plans? "
Yes, I sell MA's.
What does age 60 have to do with anything? I just turned 58.
All my commissions go to my corp. So, no prob.

 

[wehotex]

"Anyone Out There Over 60 and Selling MA Plans? "
Yes, I sell MA's.
What does age 60 have to do with anything? I just turned 58.
All my commissions go to my corp. So, no prob.

so you set yourself up as a corp? so, there must be others that are licensed and certified to receive your commissions (presumably officers of the Corp) in the event that you should pass away? I'm trying to get my Dad (67 yrs old) certified and licensed. However, he's already had a heart attack and you just never know when the grim reaper will appear. Is there a way that the renewal commissions would continue to be paid in the event of his death (in this example)?

I'd rather be prepared than not prepared. We are in the business of insurance after all.

 

[somarco]

Ozzy Osbourne is 61. If he can make it that long there is hope for most insurance agents.

 

[senior advisor]

Note that with MA's they could go away at any time and they change every year, I would never count on them for renewals. I would worry more about life ins renewals than MA renewals. Too much time worrying.

 

[GreenSky]

Unless we get rid of our socialist government, we won't have to worry about renewal commissions for MA plans. They will be de-funded out of business along with other insurance plans.

I'd be more concerned with how to change careers after age 60.

Rick

 

[Crabcake Johnny]

Who says the carrier has to be informed? I told my wife that in the event of my death do NOT contact the carriers...let them direct deposit into my account and simply withdraw the money.

 

[GreenSky]

Who says the carrier has to be informed? I told my wife that in the event of my death do NOT contact the carriers...let them direct deposit into my account and simply withdraw the money.

I'm sure her next husband would think of that so your instructions would not be needed.

Rick

 

[Crabcake Johnny]

Actually it's not that simple. The book still has to be managed. One of my clients can't try to reach me and find out I've passed away. Then they call the carrier; "I just found out my agent died, can you help me with an issue?"

My wife would have to get licensed and appointed in order to manage my book.

 

[GreenSky]

Actually it's not that simple. The book still has to be managed. One of my clients can't try to reach me and find out I've passed away. Then they call the carrier; "I just found out my agent died, can you help me with an issue?"

My wife would have to get licensed and appointed in order to manage my book.

It's easier than you think. Make me the beneficiary and I promise to take care of your clients and pay your wife the commissions.

No, really, I will.

You're welcome.

Rick