Sell a Policy to a Person that Lives in Another State ?
- Thread starter Deepsea
- Start date
Check the situs rules for the carrier that you're looking to write.
Check the carrier rules.
Most of the time it is residence State, especially for Health Plans. May very for Life Plans per company and State.
Most of the time it is residence State, especially for Health Plans. May very for Life Plans per company and State.
- 17,223
Most life plans go by the state they sign in. At least FE does.
It can affect their State Guarantee coverage also. Indiana State guarantee funds do not cover anyone that bought their life insurance in another state.
It can affect their State Guarantee coverage also. Indiana State guarantee funds do not cover anyone that bought their life insurance in another state.
- 26,880
Run your quotes. Figure which he will qualify for and take. Call the company(ies) and ask them if he and the owner sign in your state does he qualify. If not or you do not want to wait for them to come for a visit, check the cost to get a non res license in his state. Especially if you are going to write more of his family and friends. Which is always a goal for me. A few dollars in a non res could add up to thousands in referred business. IMHO
DDG
New Member
You need to disclose everything to the carrier and they will tell you what can be done.
It's not as simple as where the app is signed. States have their own rules about what is a sale in their state. This goes back to the good old days when NY had very tough insurance laws and frequently NY clients and agents had lunch in NJ and signed the app there in order to get a wider range of coverage options, among other things.
Also, look into getting a nonresident license in the state the relative lives in. Most states are easy to get and don't cost much. Google the department of insurance for the state they live in. We are licensed in 25 states. The process is not hard.
It's not as simple as where the app is signed. States have their own rules about what is a sale in their state. This goes back to the good old days when NY had very tough insurance laws and frequently NY clients and agents had lunch in NJ and signed the app there in order to get a wider range of coverage options, among other things.
Also, look into getting a nonresident license in the state the relative lives in. Most states are easy to get and don't cost much. Google the department of insurance for the state they live in. We are licensed in 25 states. The process is not hard.
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