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To sell IUL policies, you'll need a life insurance license. The requirements for obtaining this license vary by state but typically involve completing a pre-licensing course and passing a state examination.
To have Variable Life and Variable Annuity authority added to your license you must be registered with the Financial Industry Regulatory Authority (FINRA) and approved for California.
However, these products are subject to market risk, which entails the potential loss of principal. Financial professional need two types of licenses to sell variable annuities: State insurance license. Series 6 or Series 7 license from FINRA (specifically for variable annuities)
The person or business entity must submit acceptable proof of registration with the Financial Industry Regulatory Authority (FINRA) before authority to transact Variable Life and Variable Annuity can be granted. There is no fee to add Variable Life and Variable Annuity to the Life license.
A variable annuity is a retirement savings product which provides the opportunity for market growth which is tax-deferred and can give you a guaranteed income for life.
A variable annuity is a tax-deferred retirement vehicle that can increase or decrease in value, depending on how financial markets perform. A variable annuity is also an insurance product, so it provides many important features such as a death benefit, lifetime income, and optional living benefits.
If an insurance agent offers products that are considered securities?such as variable annuity contracts or variable life insurance policies?the agent must also be licensed as a registered financial professional and comply with FINRA rules.