What type of insurance license would I need to sell a structured settlement annuity to a client?
Total Comments: 8
Posted: Sat Jul 17, 2010 12:53 am Post Subject:
Life
Posted: Sat Jul 17, 2010 11:49 am Post Subject:
Yes, if you have a life insurance license, you'd be able to sell term life, UL, WL as well as annuities. Go for it!
Posted: Fri Sep 17, 2010 11:58 am Post Subject:
Hi, can you guys tell me if you could sell annuities with just your life insurance license? Do you need anything else to support it?
Posted: Fri Sep 17, 2010 12:23 pm Post Subject:
Unless you are attempting to market VARIABLE annuities, all other annuities require only a valid Life Agent's license. Any variable insurance product also requires FINRA registrations (Series 6/63 at a minimum in most states, Series 6 only in a few) in addition to the Life Agent license.
Posted: Sat Sep 18, 2010 02:25 am Post Subject:
Please name one state that requires someone to have a 63 to sell a VA. Why would any state require this?
I'm not saying that you are wrong. It just seems very surprising and I have no idea why it would be a requirment.
Posted: Tue Sep 21, 2010 04:23 am Post Subject:
Please name one state that requires someone to have a 63 to sell a VA. Why would any state require this?
CALIFORNIA
Because they have determined that it's one of the FINRA registrations required to be able to market not only VAs but mutual funds as well. S63 is known as the "Blue Sky Laws" license. In actuality, most, but not all, states require the S63 (or the S65 depending on one's registration and B/D affiliation).
How many other states would you like to know about? Just look at the FINRA "SRO/Jurisdiction Fee and Setting Schedule" ( http://www.finra.org/Industry/Compliance/Registration/CRD/RenewalProgram/ ) and you'll see the 9 states (including Puerto Rico) that don't require a S63 in combination with the S6 or S7, along with the annual state renewal fees. Most expensive state to be a RR is TEXAS -- $285 initial filing, $275 renewal. At least there's no renewal fee in California, and the initial filing fee is only $25.
Posted: Tue Sep 21, 2010 04:59 am Post Subject:
Thanks. I've had my 63 for a very long time. When I started, if I recall correctly, I didn't need it to sell mutual funds in my state. However, I got it because I did need it to become registered in other states.
Posted: Tue Sep 21, 2010 03:01 pm Post Subject:
they have determined that it's one of the FINRA registrations required to be able to market not only VAs but mutual funds as well.
It's sometimes baffling, but our students sometimes say they thought the S63 exam was harder than the S6. Others pass the S63 on the first attempt and can't pass the S6. I never had any trouble with either, so I'm not a good judge of difficulty. I just teach it and they learn it, and all of my S6 students have passed on their first attempt this year. (We don't teach live S63 classes anymore.)
Posted: Sat Jul 17, 2010 12:53 am Post Subject:
Life
Posted: Sat Jul 17, 2010 11:49 am Post Subject:
Yes, if you have a life insurance license, you'd be able to sell term life, UL, WL as well as annuities. Go for it!
Posted: Fri Sep 17, 2010 11:58 am Post Subject:
Hi, can you guys tell me if you could sell annuities with just your life insurance license? Do you need anything else to support it?
Posted: Fri Sep 17, 2010 12:23 pm Post Subject:
Unless you are attempting to market VARIABLE annuities, all other annuities require only a valid Life Agent's license. Any variable insurance product also requires FINRA registrations (Series 6/63 at a minimum in most states, Series 6 only in a few) in addition to the Life Agent license.
Posted: Sat Sep 18, 2010 02:25 am Post Subject:
Please name one state that requires someone to have a 63 to sell a VA. Why would any state require this?
I'm not saying that you are wrong. It just seems very surprising and I have no idea why it would be a requirment.
Posted: Tue Sep 21, 2010 04:23 am Post Subject:
Please name one state that requires someone to have a 63 to sell a VA. Why would any state require this?
CALIFORNIA
Because they have determined that it's one of the FINRA registrations required to be able to market not only VAs but mutual funds as well. S63 is known as the "Blue Sky Laws" license. In actuality, most, but not all, states require the S63 (or the S65 depending on one's registration and B/D affiliation).
How many other states would you like to know about? Just look at the FINRA "SRO/Jurisdiction Fee and Setting Schedule" ( http://www.finra.org/Industry/Compliance/Registration/CRD/RenewalProgram/ ) and you'll see the 9 states (including Puerto Rico) that don't require a S63 in combination with the S6 or S7, along with the annual state renewal fees. Most expensive state to be a RR is TEXAS -- $285 initial filing, $275 renewal. At least there's no renewal fee in California, and the initial filing fee is only $25.
Posted: Tue Sep 21, 2010 04:59 am Post Subject:
Thanks. I've had my 63 for a very long time. When I started, if I recall correctly, I didn't need it to sell mutual funds in my state. However, I got it because I did need it to become registered in other states.
Posted: Tue Sep 21, 2010 03:01 pm Post Subject:
they have determined that it's one of the FINRA registrations required to be able to market not only VAs but mutual funds as well.
It's sometimes baffling, but our students sometimes say they thought the S63 exam was harder than the S6. Others pass the S63 on the first attempt and can't pass the S6. I never had any trouble with either, so I'm not a good judge of difficulty. I just teach it and they learn it, and all of my S6 students have passed on their first attempt this year. (We don't teach live S63 classes anymore.)
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