Universal Life with a Life License?

[Swift685]

Can I write a Universal Life policy with just a Life License?
I feel like there may be some grey areas, do I need a Series 6 or 63 for any Universal Life products?
What about Indexed UL?

 

[djs]

It varies some by state, so I'll give the California answer. I suggest you check with the DOI in your state, or even any of your carriers. They will tell you for sure.

In California, Universal life can be written with a life license. Variable universal life requires a 6/63. Indexed UL only requires a life license, but this is changing soon enough (pending appeals, etc).

My suggestion is that if you want to take the position that life insurance is saver than XXXX (insert whatever you want), that you have a securities license. If you are selling life insurance for life insurance sake, don't care about varialbe products, don't bother with the securities license.

Dan

 

[Mark]

Can I write a Universal Life policy with just a Life License?
I feel like there may be some grey areas, do I need a Series 6 or 63 for any Universal Life products?
What about Indexed UL?

Your Life lic covers that.

IT covers all normal U.L. and indexed U.L.

You are thinking about variable U.L.

If you are not sure check with your dept of Insurance.

 

[LGilmore]

I know this may sound harsh but when you took the licensing class, what did they say? When you took your exam, what did it ask?

 

[Swift685]

It said Hello, CHA CHING, Goodbye, Here's the door.

 

[Waterfront Financial]

I have to say that is a basic question answered when you studied for your license and should have been outlined in the differences between life insurance products

 

[djs]

There are a million basic questions that should be answered during training. There are about 500,000 questions actually answered. I remembered 2 after it was done.

Let's be realistic, people don't remember much about the test, the training, etc. It's hard to relate to the material until you start to enter the real world.

Never fault a person because they are willing to ask a question.

Dan

 

[eric rose]

Mark explained it well. There are many different flavors of UL policies available. You will have no trouble with a fixed UL, this is straight insurance. An indexed UL may be fine now but after the current grace period (2 years) I believe you would need to become registered. At least that's how it works with Equity Indexed Annuities and I am pretty sure the same rules would apply. If it falls under the SEC/FINRA it goes above and beyond your state DOI. Variable UL will be completely off limits without a series 6.

 

[Waterfront Financial]

There are a million basic questions that should be answered during training. There are about 500,000 questions actually answered. I remembered 2 after it was done.

Let's be realistic, people don't remember much about the test, the training, etc. It's hard to relate to the material until you start to enter the real world.

Never fault a person because they are willing to ask a question.

Dan

Never faulted anyone, Variable and Index UL's huge difference though. Explaining UL’s to the client now that's not so basic

 

[LGilmore]

"Never fault a person because they are willing to ask a question. "

I don't think it's finding fault, I think it more an expectation that a person paid attention to the information presented and locked it away in their heads.

As I said I sound harsh, but "we" are in a profession where "we" effect a family's well being after something terrible has happened. "We" should know our s***, especially the basics.

I'm just another agent, I'm not here recruiting bodies or selling systems, so my view might be a bit different.