Wednesday, October 27, 2010

What happens when your agent retires?

In most cases, when your agent retires, your policy is transferred back to corporate for redistribution to a new agent. When this happens, you have no say in who gets your policy for service. However, don't give up your rights so easily... Depending on the company you are working with, you can request a transfer to another agent at any time. Simply write or email the agent you wish to take your account and he or she will lead you through the process.

With FARMERS, the new agent must "purchase the account" by paying your annual commission to the old agent. So they must agree to the transfer. But if you have met with them and are comfortable with them servicing your account this ought not be an issue.

You do have rights in all of this. You may also go through the company to request a specific agent to service your account, but this will vary from company to company.

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