I Was Captive, Now Going Independent

[neetsiepk]

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.

 

[Tahoe Ray]

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.

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.

 

[neetsiepk]

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.

What is the Variable License for? Or do I lose that when I don't have my Securities license?

 

[Tahoe Ray]

What is the Variable License for? Or do I lose that when I don't have my Securities license?

You'll lose it once you no longer have your securities license.

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You'll lose it once you no longer have your securities license.

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

 

[laknight]

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

 

[critter]

What is the Variable License for? Or do I lose that when I don't have my Securities license?

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?

 

[Tahoe Ray]

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?

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.....