If you want to sell variable annuities or mutual funds, you will need a Series 6 and 63. If you simply want to offer fixed annuities and life insurance products for guaranteed income or asset protection needs, you will only need a life insurance license in the states you intend to do business.
Can you sell yourself an annuity?
There are three ways you can sell your annuity: A partial sale, a sale in its entirety or lump sum sales.
Can I sell my annuity for cash?
Yes, you can sell your annuity payments for cash. In the event your financial needs change and an annuity is no longer meeting your needs, you can sell your current or future payments for a lump sum of cash. If sold all at once, you forfeit receiving all future periodic payments.
Are annuities hard to sell?
Annuities are hard to sell. The reality is annuities are easier to sell that life insurance because annuities serve the living motives of funding for old age and retirement. Most workers live into retirement, these needs are very real, and as the population mix gets older, these needs become greater.
What can I sell with a Series 65?
It authorizes licensees to sell virtually any type of individual security. This includes common and preferred stocks; call and put options; bonds and other individual fixed income investments; as well as all forms of packaged products (except for those that also require a life insurance license to sell).
Can I cash in a lifetime annuity?
Can I cash out my annuity pension? Because cashing out an annuity is the same as cashing in an annuity, the answer is also the same: in the majority of cases, you cannot cash out your retirement annuity pension early in the UK.
What do you need to know about selling an annuity?
Selling an annuity is a legal process. Therefore, there are certain steps you need to take to do it correctly. Firstly, you may want talk to your financial advisor about whether selling an annuity is the right move and which sale option is best. Secondly, you’ll need to research companies that buy annuities for cash.
Do you need insurance to sell variable annuities?
Insurance AND a Securities License are Necessary to Sell Variable Annuities. As you will learn in our interactive online insurance course as you prepare you the State insurance license test, Only a Life Insurance license is required to sell fixed annuities, but you also need a series 6 or series 7 if you are selling variable annuities.
Why is it not possible to buy an annuity online?
One reason you typically can’t buy annuity online is that companies don’t want to disrupt their primary distribution source: insurance agents and brokers. 1 This is a model that’s worked well for companies and agents alike. Agents and brokers are paid a commission when a client buys an annuity.
Do you need a life insurance license to sell fixed annuities?
Fixed annuities are categorized as a life insurance product, so a life insurance license is all that is needed to solicit and sell these types of strategies.
