I Was Captive, Now Going Independent

Mar 24, 2016

  1. neetsiepk
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    neetsiepk New Member

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    I have been captive with a Large Life Insurance Co. for 32 years, and have my Series 6 and 63, along with L&H licenses, and Variable License. I am not really interested in selling mutual funds or Variable Annuities, but would like to continue to sell Indexed Universal Life, Indexed Annuities and fixed products. I am also going to be concentrating on the Medicare Advantage/Supplement Market. Do I need a Securities License to sell the products I want to sell? What about Variable Annuities with Guaranteed Minimum Income Benefit Riders? Do those require a Securities License? I don't mind keeping my Securities license, but I am being told that for a Broker Dealer to house my U-4, they want an annual commitment of about $25,000 of production for those sales, and I don't see myself doing that consistently. Do I need my Securities license to keep my Variable license? Any help would be appreciated.
     
  2. Tahoe Ray
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    Tahoe Ray Guru

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    You need a securities license to sell variable products

    You do not need one to sell indexed products.

    Indexed annuities have similar if not superior GMWBs/GMIBs.
     
  3. neetsiepk
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    neetsiepk New Member

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    What is the Variable License for? Or do I lose that when I don't have my Securities license?
     
  4. Tahoe Ray
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    You'll lose it once you no longer have your securities license.

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    Actually, mine is still listed on my insurance license but w/o the securities license, it is pretty worthless.
     
  5. laknight
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    laknight New Member

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    I am happy to hear you are looking at being independent. I think you are going in the right direction. Do you know what your next step is? What are you looking for?

    Laura
     
    laknight, Mar 25, 2016
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  6. critter
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    critter Expert

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    I am just asking this out of curiosity. How have you been in this industry for 32 years and you don't know the answers to these questions?
     
    critter, Mar 25, 2016
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  7. Tahoe Ray
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    To be fair, most of the large captives don't have access to indexed products and are largely unfamiliar with them.

    Not to mention you rarely handle any of your own licensing.....
     
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