Life policy status

[Sherry Burrell]

Does your agency track the status of life policies and if so, how?  We have a lot of life policies that were originally written 10 to 20 years ago.  Since we are no longer paid commissions on them, we don't know if they are still in force or if they have lapsed.  Most of our carriers don't notify us of lapses in premium payments.

Other than contacting the carriers on each individual policy, is there a better way or should we track at all?

This is primarily on cases where we have no other active lines.

Thanks!

[Alice Mooney]

Several years ago, I set up with our life carriers someone we could contact to get a list of still active policies. I don't know if those in the insurance department are still doing that, but it might be worth a try.

[Jan Regnier]

I do go to the life co websites and print the list of active polices - when needed.  We have expiration lists we work off of each month (all polices - PL, CL, Group Health etc).  If the expiration list only has a few - I look at them individually.  I update the billing screens with the current date.  If they are no longer active - I process them as lapsed or term expired.

[Marie (Zionkowski) Gozikowski]

We have a retied lady who comes in and helps us once in a while.  I print off
the life lists and she calls to make sure they are still in force....

[Hans Manhave]

We have a retied lady...

Wow, I guess she doesn't get very far...   

[Marie (Zionkowski) Gozikowski]

LOL --- I am going to have to stop responding while in the middle of other
things... that is twice in 2 days I have screwed up :-)

Back to being a lurker for now...

[Alice Mooney]

say that you're texting the response and blame it on the auto-correct feature   

[Marie (Zionkowski) Gozikowski]

Going to have to remember that one, Alice :-)