Insurance representatives face many different tests and license requirements. If they sell more than just fixed product insurance, they also have to have other types of licenses. This means more tests to pass.
- According to federal regulations, anyone who wants to sell variable products must pass a series 6 test to do that. Once you pass and acquire the license, you can sell mutual funds, variable life and variable annuities. A series 7 test for stockbrokers also allows you to do this.
- The Blue Sky laws in many states require a test if you sell variable products. You must pass the series 63, the number of the license, to sell variable annuities. Check your state's requirements in the Resources section of this article.
- Every state requires that you pass a life and annuities test to sell life insurance products in your state.
- No matter what product you sell, unless it's mutual funds, you must have a life insurance license.
- If you sell a product that has mutual funds on the interior, such as a variable life or annuity, you must have both a series 6 and life license. In many states, you also need a series 63.
- If you sell an indexed life or indexed annuity, you only need a life license as of late 2009. There is talk within the industry and regulatory agencies of requiring a series 6 in the future.
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