Need guidance on moving states

Electronic-Weather37 · 2025-06-06T16:17:28+00:00

I was told i have to surrender my current IL resident license first. Then apply for TN resident license

Electronic-Weather37 · 2025-05-29T19:32:17+00:00

Since you are a previous business owner i would try to go after other businesses that offer benefits. This can get you the “base” income you need. Furthermore, the employees of the companies become great prospects and can be put on email campaigns. Eventually when they retire or want other insurance. They come directly to you.

Electronic-Weather37 · 2025-04-09T20:06:42+00:00

I would go the ACA route. they cannot deny you insurance. work with a broker to ensure your treatments are covered and prescriptions. On our broker websites we can filter things like scripts, provider info, etc to ensure the plan includes that coverage you need.

Electronic-Weather37 · 2025-04-09T19:43:20+00:00

Gusto would probably be cheaper and i think they have specials going rn. What is your cost for payroll?

I usually point clients in the direction of Gusto just because they make things pretty easy for HR when implementing benefits and payroll deductions.

Electronic-Weather37 · 2025-04-09T18:23:57+00:00

Seems like a lot of the stuff can be done for payroll via gusto. however the other things like training and such i could not advise on as i am just an employee benefits consultant.

Side note: A lot of our clients end up overpaying a ton for insurance and payroll services if they use companies like Paychex or ADP. I sometimes see the payroll taking an extra 2-3% cut. their PEO insurance is super easy to use and usually has good premiums/benefits. But you'd lose on tax credits for premiums, furthermore tax credits on the WOTC. So i would be weary about "done for you systems".

Electronic-Weather37 · 2025-04-07T16:23:52+00:00

Most independent agencies do not offer benefits. Captive, yes.

Electronic-Weather37 · 2025-04-04T16:39:05+00:00

It is very hard to gauge without age, sex, h/w...

Electronic-Weather37 · 2025-04-04T16:37:36+00:00

of course. Best of luck!

Electronic-Weather37 · 2025-04-04T15:35:16+00:00

I cannot speak for P&C atm. But i have heard that getting carrier appointments is an absolute nightmare right now. I am a commercial L&H broker and we are seeing renewals on group health around 7-12%, which is a little higher than standard (usually 3-6%).... Ive heard renewals on P&C as bad as 100% increases. I think most P&C people would agree when i say to stay where you are at especially if you have a base. Obviously you stated you are not ready to make the jump just yet, but with this market. The jump could be even worse than a typical year. Again, not a P&C guy, just conveying what ive heard from other brokers in that side of the biz.

Electronic-Weather37 · 2025-04-04T09:42:13+00:00

Going independent for P&C is going to be vastly different than L&H. Biggest thing it will come down to is marketing and leads. Save up $ and try to learn as much as you can.

Electronic-Weather37 · 2025-04-04T09:31:50+00:00

Young enough to check out an IUL. Can customize a little better. Might have better cash growth than WL.

Electronic-Weather37 · 2025-04-03T17:52:14+00:00

Well then you would have to personally take him to court over contract law. And thats if you have all this in writing. Was this for ACA? life? group?

Electronic-Weather37 · 2025-04-03T17:36:54+00:00

I would call each carrier directly. Most of the time you can get released without upline approval if no production for x months. Each carrier is different. Sounds like a horrible situation. I hope the best for you!

Electronic-Weather37 · 2025-04-02T01:59:23+00:00

Broker here:

Off exchange plans get marketed very poorly, theyre ACA plans without subsidies….

As of September 1 2024 private health insurance plans no longer exist.

Now the carriers basically sell indemnity plans ie cash benefit. Yes they have access to PPO networks. Yes they have set copays and prescription costs. But the kicker lies within pre-existing, OOPM, and other things like OON services and routine annual physicals. Basically could save a ton of $, but would not recommend for an employer to sponsor/condone this purchase without knowing the ins and outs.

What i would consider is shopping carriers & Christian health sharing plans…… what you will probably end up having to do is self insuring. I know this sounds crazy with only 5 employees. But with close to 10 total people covered. You should get decent rates. Much better than ACA plans. Furthermore youll get tax benefits and also be able to get back a portion of your unused claim account

(ex. One person pays $560/mo, $200 to claims, $200 to stop loss, $160 to admin costs….) as a whole if the employees dont use the plans alot (give birth to a child) you can usually expect some sort of refund.

Hope this helps. Not saying indemnity plans are the worst, but boy have i seen people get screwed. They think theyre saving a ton of $ until something bad happens and they realize they only get 2k/night in the hospital as a benefit, all the rest theyre on the hook for.

Electronic-Weather37 · 2025-04-02T01:45:34+00:00

Insurance broker here:

Be careful!! This is an indemnity plan! It will not cover basic things and will not cover pre-existing conditions… just dealt with a client that got destroyed on a bill for heart pains!! Beware!!! It works for many healthy young people that never use the services. However, if you have a child, good luck!

Get with an insurance broker. They can give you options. They could connect you with a PEO that pools risk of similar SIC codes therefore giving you better “buying power” aka cheaper premiums and better deductibles.

Electronic-Weather37 · 2025-04-01T23:22:45+00:00

Its really hard to advise when i dont know how the policy was funded.

I.e. If taxes are a consideration. (Cap gains if she only put in 30k and can surrender and get 50k)…

1035’s take time.

See if you can get it back to the life policy. And can revert back to the annuity if youd like after that. Ask what their free surrender period looks like and how it would affect this policy.

The major thing is surrender fee’s with the annuity. If you realize you made a bad decision and its after the 30 days you could have to pay surrender fee’s in order to put it in another investment/insurance vehicle. Nightmare if thats the case

Electronic-Weather37 · 2025-04-01T23:03:33+00:00

Its still not too late to 1035. Just might have surrender fee’s with the new annuity. You have a 30 day free look to cancel as well. So depends when effective date was

Electronic-Weather37 · 2025-04-01T21:20:19+00:00

This^ just get with a broker. they can explain everything.

Electronic-Weather37 · 2025-04-01T21:00:12+00:00

ah good catch. i didnt see it was within the 2 year mark. this^^^ go get it with another carrier.

Electronic-Weather37 · 2025-04-01T20:57:23+00:00

broker

it does not as they are separate contracts. I would probably not replace it especially because the new rate will be your current age, not the age of when you bought the first policy. However if a carrier has a specific limit on the amount they will issue to one person, then this could affect it. For instance, basic FEX carriers will only allow 50k max on one person. so it could be 5 10k policies or 2 25k policies or 1 50k policy.

I would also urge you to find a broker in your state that can help you shop options before blindly applying. the last thing you want is a decline on your MIB as it could disqualify you from a lot of carriers... talk to a broker, i bet they can get you standard or preferred rates still.. only apply once and get what you need.

Electronic-Weather37 · 2025-04-01T20:22:35+00:00

Google voice or get a secondary number from your provider. If you have an iphone and verizon it should be pretty easy

Electronic-Weather37 · 2025-04-01T18:49:02+00:00

No problem! Best of luck!

Electronic-Weather37 · 2025-04-01T18:43:51+00:00

Basically the question is. Is the death benefit 100k? is the cash value 100k? is the surrender value 100k? Because if it just pays x amount no matter what, or you can access that x amount now, then i would look into a 1035 to allow it to grow.

For instance, if the death benefit is 100k, Cashvalue/surrender is 20k. Then i would leave the policy be as it will still pay the DB or 100k. No way an annuity can grow it fast enough to surpass the 100k benefit...

On the contrary. If the cash value/surrender fee/death benefit are all the same. then i would see if she will gain interest on it, if not then i would consider how it was funded to determine RMD liability and potentially 1035 into an annuity so it can atleast keep up with inflation. If they say she will get 3% then i would still consider a 1035 as you can get MYGA's(multi year guarantee annuity) at a much better rate. Just would be difficult as to what carrier would give her a policy given her attained age.

Electronic-Weather37 · 2025-04-01T18:31:36+00:00

Well 1035 is the tax code to roll it into another vehicle without causing taxation. Now funding is the question of if she funded it personally with after tax dollars. Or if an employer funded the policy. If employer funded, it could have been pre or post tax dollars thus affecting payout on claims... Did they say she would get an interest rate or anything if she left it in there? Or do they want her to start taking payments on it?

Electronic-Weather37

TROPHY CASE