What is a requirement for producers who want to start selling variable life insurance and annuities?

Producers who wish to sell variable life insurance and annuities must register with FINRA (Financial Industry Regulatory Authority) and pass the Series 6 examination. This is essential because variable life insurance and variable annuities are considered securities due to their investment components. As such, they fall under the jurisdiction of securities regulation. The Series 6 examination specifically qualifies individuals to sell mutual funds and variable contracts, which include variable life insurance and annuities.

While obtaining a license from the state insurance department is a requirement for selling life insurance products, it does not specifically account for the securities aspect tied to variable products. Additionally, completing a course on insurance ethics or employing a certified financial planner are not regulatory requirements for selling variable products. Such requirements pertain to the broader insurance practice but do not directly address the necessary qualifications for handling variable life insurance and annuities.