Renewals---retirement or Death

[Labesky]

Ive read a number of posts about this but--they are few and far between, and so detailed I don't remember much

Is there a way to "will" your renewals to your family?

Or should one be looking to sell the book? If so is there a good resource for that?

Im a few years away from retirement age--would LIKE to slow way down maybe work a day a week and AEP---and rake in the renewals. But when I die?

Link? Or suggestion? THANKS

(Dang have had three clients die in the last couple of months-really rang the bell!)

 

[rousemark]

Ive read a number of posts about this but--they are few and far between, and so detailed I don't remember much

Is there a way to "will" your renewals to your family?

Or should one be looking to sell the book? If so is there a good resource for that?

Im a few years away from retirement age--would LIKE to slow way down maybe work a day a week and AEP---and rake in the renewals. But when I die?

Link? Or suggestion? THANKS

(Dang have had three clients die in the last couple of months-really rang the bell!)

Check you agent contracts.. Most will have a section dealing with how they pay out vested renewals at death.. Usually to the spouse or if no surviving spouse then to the estate. Some companies will ask you to name a beneficiary.

As for retirement, you can continue to draw your renewals or you can sell the book. However, the statement that you just had 3 clients dies should tell you why you should not count on sitting back and raking in the renewals. You certainly should not depend on renewals for your retirement income. Once you quit producing, you will be surprise just how fast the renewal amount will drop due to business falling off the books.

 

[Labesky]

Yeah I get that. But surprisingly deaths have been few. Of course they will ALL die so its reducing trail. Hopefully working PT and the seven week Shark feed (UHC has one of their top AEP guys is mid 70s) will offset the reduction. THANK YOU I have read that before--so my memory is not as bad as I thought

 

[FLM2]

Yeah I get that. But surprisingly deaths have been few. Of course they will ALL die so its reducing trail. Hopefully working PT and the seven week Shark feed (UHC has one of their top AEP guys is mid 70s) will offset the reduction. THANK YOU I have read that before--so my memory is not as bad as I thought

I'm older than you and don't have the word 'retirement' in my vocabulary.

Just set up a work schedule that fits your lifestyle and protect your book of business, as soon as you allow retirement to enter your head it is likely to negatively impact your efforts when you are working and reduce your income.

I easily pick up enough business each year to more than offset any losses to my book and can always put some effort into more active marketing if and when I choose.

 

[Labesky]

All good advice thank you. Need to get with my MA/MS carriers after AEP and get this done.

PS started mowing lawns, shoveling snow at about 11---worked at the grocery store--ran a dishwashing machne at a high end restaurant at 15--worked all through college---ya 50 plus years I need some TIME OFF!! Probably never sit still but some random activities would be nice!

 

[somarco]

Renewals usually become house accounts after 3 - 6 months unless you have a written agreement about succession in the event of your death or disability. Carriers need to be notified ASAP. Successor heirs must be licensed and for MA/PDP certified.

It helps if you are currently assigning commissions to a corporation or LLC.

Absent a written agreement your renewals are toast following your death.

 

[Todd King]

I recall when Frank Stastny passed, the med supp companies gave his wife the chance to get licensed in order to keep the renewals coming in. She never did anything, so she ended up losing all that she would have gotten in over the years.

 

[rousemark]

All good advice thank you. Need to get with my MA/MS carriers after AEP and get this done.

PS started mowing lawns, shoveling snow at about 11---worked at the grocery store--ran a dishwashing machne at a high end restaurant at 15--worked all through college---ya 50 plus years I need some TIME OFF!! Probably never sit still but some random activities would be nice!

Well, Sept 2 I will be 73... Been supporting myself since age 13..Whenever I get around to retirement, I will let you know what it is like..

 

[Labesky]

Well, Sept 2 I will be 73... Been supporting myself since age 13..Whenever I get around to retirement, I will let you know what it is like..

Best of luck! I have no desire to emulate you!

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Renewals usually become house accounts after 3 - 6 months unless you have a written agreement about succession in the event of your death or disability. Carriers need to be notified ASAP. Successor heirs must be licensed and for MA/PDP certified.

It helps if you are currently assigning commissions to a corporation or LLC.

Absent a written agreement your renewals are toast following your death.

Ok gonna contact the carriers. What is the verbiage I use to ask for the forms?