Life, health, Medicare and group benefits books sell differently from P&C. Whether your renewals are vested — and how the book transfers — decides what it's worth.
Updated September 28, 2026
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Short answer: A life, health or Medicare book is valued mainly on its vested renewal commissions. Whether your renewals are vested — and whether the book can be transferred under your carrier and FMO contracts — decides what it's worth, and sometimes whether it can be sold at all.
Commission vesting is the point at which you own your renewal commissions outright — once vested, they survive even if you stop working with the agency or carrier. Contracts vest immediately, gradually (for example 20% a year over five years), all at once at a milestone, or not at all (source).
That matters because vesting decides whether a book can be sold at all. A book whose renewals stop when your carrier contract ends is worth far less than a fully vested one, and moving a vested book usually takes a formal release letter from the carrier or agency (source).
A fully vested life/health renewal book is commonly cited at roughly 1.5–2.5× its annual renewal commissions; where only part of a book is vested, only that part is priced at the multiple (source). Persistency, the age of the block and how the book is serviced move it within that range.
CMS sets the maximum agent compensation for Medicare Advantage and Part D, and renewal-year commissions run at roughly half the initial-year rate (source). A Medicare book is valued on that renewal stream — so member retention and the plan mix matter, and so do your contracts with carriers and with any FMO in your hierarchy. Transfer rules vary by carrier and contract, and we'll work through yours with you.
Group accounts move by a broker-of-record (or agent-of-record) letter, which tells the carrier a new broker is replacing the old one — typically with a short rescission window (source). That makes the client relationship, not just the contract, the asset — and it's why transition planning with your employer clients is part of the deal.
If you work through an FMO, IMO or other marketing organization, your contracts with them can shape what you're able to sell and how (source). Bring those agreements to the first call.
Sometimes. The vested part is the part with clear value; the rest depends on your contracts. We'll help you read them and tell you what a buyer is likely to pay for.
Yes, Medicare books change hands regularly. What transfers, and how, depends on your carrier and FMO contracts — we check those first.
It depends on the buyer. Some want both; some would pay more for one side alone. That's exactly what we'll talk through.
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