Question for Brokers

[Turner100]

Hi Guys,

I am a broker myself, I was an AR of the Mortgage Times, who I am sure you know have gone into administration.

I am now up and running with a new network and have been since the start of the year.

My question is with regards re-broking life cover. I have a number of clients who are still in their clawback periods on the life policies I set up for them. I have spoken to a few of them and they are more than happy to "re-do" their life cover, especially as I have access to more providers now and can save a bit of money on what they are paying now for the same cover. However I am concerned as to what will happen to the clawback on these policies if i re-broke them. A few guys I know are under the impression that the clawback liability died with the Mortgage times but I am not sure that is the case and dont want to re-broke a lot of policies to then be left with a large bill from the mortgage times administrators.

What are peoples views on this and does anyone have any experience or advice?

Thanks in advance

Paul

[Christophe]

have you got any agreement set up with your previous employer about clawbacks?
ie. can they then clawback the clawback off you?

I'd rebroke (have done in the past).
Technically, your old company have no real way of knowing it was you that rebroked them, unless they phone the clients & ask. But by the time they get the lapse notice, you will have the money in the bank.

If you were self employed, then the clients should be yours anyway.
Ive got clients that I did fair few years back that are with me on my 3rd network now.