Wrong address on my term life policy—should I fix it?

Seeking Advice
1

Is having the wrong address on my term life insurance a big deal, or can I change it later?

I got my policy through a financial advisor who also handles my parents’ insurance. They live in Florida, but I live in Louisiana. The policy has their address because in the system, we’re listed as ‘one family unit.’

I asked if I should update it, and he told me that if I change the address, I’d have to be transferred to a different agent. I get that he wants to keep me as a client, and I have a good relationship with him overall, but I’m wondering if keeping the wrong address could cause any issues down the line.

Any insight?

2

Your agent could just get a Louisiana license and keep you as a client.

3

Skyler said:
Your agent could just get a Louisiana license and keep you as a client.

He’s actually based in Alabama. Could that be the issue? Not sure if he has a Florida license either.

4

@Vic
If he was able to issue a policy with a Florida address, that means he has a Florida license. But he can’t legally sell you a policy in Louisiana unless he’s licensed there too. Getting licensed in most states isn’t expensive, usually around $100.

5

@Skyler
Got it. Thanks for confirming that the policy is still valid.

6

@Vic
To answer your main question—your policy is still good.

7

“OK, then transfer me to a different agent.”

8

Sounds like he’s trying to avoid paying for a license in your state.

9

Eli said:
Sounds like he’s trying to avoid paying for a license in your state.

Appreciate the response.

10

Will this get your policy canceled? No.

Is it a little shady? Yeah, it is.