Life Insurance Sales: Does A Series 6 License Suffice?

The Series 6 license, also known as the Investment Company/Variable Contracts Products Limited Representative License, allows individuals to sell variable life insurance, among other financial products. To obtain the license, individuals must pass the Series 6 exam, which covers various job functions and responsibilities related to selling these products. The license is sought by professionals in the financial services industry, such as financial advisors, retirement plan specialists, and investment advisors. While the Series 6 license allows for the sale of variable life insurance, it is important to note that it does not authorize the sale of other types of securities, such as stocks, bonds, or exchange-traded funds (ETFs).

The Series 6 license is also known as the Investment Company/Variable Contracts Products Limited Representative License

The Series 6 license, also known as the Investment Company/Variable Contracts Products Limited Representative License, is a securities license that allows holders to sell certain investment products. These include variable life insurance, variable annuities, and mutual funds.

To obtain the license, individuals must pass the Series 6 exam, also known as the Investment Company and Variable Contracts Products Representative Qualification Exam, as well as the Securities Industry Essentials (SIE) exam. The SIE exam covers basic securities information and is a prerequisite for the Series 6 exam. The Series 6 exam consists of 50 multiple-choice questions that must be completed within 90 minutes, with a passing grade of 70%.

The Series 6 license is particularly relevant for insurance professionals as it allows them to sell insurance policies tied to investments. It is often paired with the Series 63 license, which deals with state-specific securities laws. Together, these licenses enable individuals to sell insurance and securities in all states across the US.

The Series 6 license is sought by professionals in the financial services industry, including financial advisors, retirement plan specialists, investment advisors, and private bankers. It allows them to expand their expertise and the range of financial products and services they can offer to clients.

Holders of the Series 6 license are considered limited representatives and must be associated with a Financial Industry Regulatory Authority (FINRA) member firm or self-regulatory organization. They are responsible for providing investment advice, making recommendations, processing transactions, and maintaining records related to the securities covered by the license.

The license allows holders to sell variable life insurance

The Series 6 license, also known as the Investment Company/Variable Contracts Products Limited Representative License, allows holders to sell variable life insurance. Variable life insurance is a hybrid between a life insurance policy and an investment account. A portion of the premium goes into an investment account, while the other portion is set aside to pay the death benefit—the amount the beneficiary receives when the insured person dies.

To obtain a Series 6 license, candidates must pass the Series 6 exam and register with the Financial Industry Regulatory Authority (FINRA). Candidates must also pass the Securities Industry Essentials (SIE) exam, which covers basic securities information, and obtain sponsorship from a FINRA member firm or a self-regulatory organisation. The Series 6 exam covers topics such as mutual funds, variable annuities, securities, tax regulations, retirement plans, and insurance products. It consists of 50 multiple-choice questions, and candidates must achieve a passing grade of 70% or above.

The Series 6 license is sought by professionals in the financial services industry, including financial advisors, retirement plan specialists, investment advisors, and private bankers. It is often seen as the ideal companion license for those in the insurance industry, as it allows holders to expand the financial products and services they can offer and increase their level of expertise.

In addition to the Series 6 license, individuals who wish to sell variable life insurance may also need to obtain a state-specific license to sell basic annuities and life insurance. Furthermore, while not required by all states, the Series 63 license is often paired with the Series 6 license. The Series 63 license is administered by FINRA but managed by the North American Securities Administrators Association. It covers the "blue sky" laws, which are state variations of the Uniform Securities Act, and is required to sell securities or variable insurance in any state in the US.

To obtain the license, candidates must pass the Series 6 exam

To obtain a Series 6 license, candidates must pass the Series 6 exam. The Series 6 exam is administered by the Financial Industry Regulatory Authority (FINRA). The exam covers topics such as mutual funds, variable annuities, securities, tax regulations, retirement plans, and insurance products. It consists of 50 multiple-choice questions, which candidates have 90 minutes to answer. To pass, candidates must correctly answer at least 35 questions, achieving a score of 70% or higher.

The Series 6 exam is designed to evaluate the proficiency of entry-level employees of FINRA-member firms. It covers four specific sections, each focusing on different job functions related to the sale of securities and insurance products. These sections are:

• Seeks Business for the Broker-Dealer from Customers and Potential Customers (24% of the exam)
• Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives (16% of the exam)
• Provides Customers with Information About Investments, Makes Suitable Recommendations, Transfers Assets, and Maintains Appropriate Records (50% of the exam)
• Obtains and Verifies Customers' Purchase and Sales Instructions; Processes, Completes, and Confirms Transactions (10% of the exam)

In addition to passing the Series 6 exam, candidates must also pass the Securities Industry Essentials (SIE) exam, which covers basic securities information. While the SIE exam does not require firm sponsorship, candidates for the Series 6 exam must be sponsored by a member of FINRA or a self-regulatory organization (SRO). This sponsorship is typically provided by the candidate's firm, which also covers the exam fee.

The Series 6 license allows individuals to act as registered representatives and sell specific types of investment products, including mutual funds, variable annuities, variable life insurance, unit investment trusts (UITs), and certain municipal fund securities. It is particularly relevant for insurance professionals, as the majority of life insurance products are grouped with securities.

The Series 6 license is often paired with the Series 63 license, which is required for selling securities or variable insurance in any state in the US. The Series 63 license deals with securities laws that vary by state, complementing the broader scope of the Series 6 license.

The license is sought by professionals in the financial services industry

The Series 6 license is sought by professionals in the financial services industry. It is also known as the Investment Company/Variable Contracts Products Limited Representative License. This license allows individuals to sell certain investment products such as variable life insurance, variable annuities, and mutual funds.

To obtain the Series 6 license, candidates must first pass the Securities Industry Essentials (SIE) exam. The SIE exam is a basic test that covers the fundamentals of the securities industry, including knowledge of the compound interest formula and the laws of supply and demand. After passing the SIE exam, candidates must then obtain sponsorship from a member firm of the Financial Industry Regulatory Authority (FINRA) or a self-regulatory organization (SRO) to take the Series 6 exam. The Series 6 exam covers topics such as mutual funds, variable annuities, securities, tax regulations, retirement plans, and insurance products. It consists of 50 multiple-choice questions, and candidates must answer at least 35 questions correctly within 90 minutes to pass.

The Series 6 license is particularly relevant for insurance professionals as it allows them to sell insurance policies tied to investments. These include mutual funds, variable annuities, and indexed life insurance. The license is also useful for financial advisors, retirement plan specialists, investment advisors, and private bankers.

In addition to the Series 6 license, insurance sales professionals typically need to obtain a state-specific license to sell basic annuities and life insurance. Furthermore, to sell securities or variable insurance in any state in the US, individuals must also obtain the Series 63 license, which deals with the securities laws that affect securities sales in each state.

The Series 6 license is a valuable qualification for professionals in the financial services industry, particularly those in the insurance sector, as it enables them to sell a range of investment products and provide related financial services to their clients.

The Financial Industry Regulatory Authority (FINRA) administers the Series 6 exam

The Series 6 license, also known as the Investment Company and Variable Contracts Products Limited Representative License, allows holders to sell certain types of securities products, including variable life insurance. To obtain the license, candidates must pass the Series 6 exam, which is administered by the Financial Industry Regulatory Authority (FINRA).

FINRA is a not-for-profit organisation that has been authorised by the US Congress to oversee the broker-dealer industry in the United States. It writes and enforces the rules governing over 624,000 registered US brokers.

The Series 6 exam covers topics such as mutual funds, variable annuities, securities, tax regulations, retirement plans, and insurance products. It consists of 50 multiple-choice questions, with a time limit of 90 minutes. Candidates must answer at least 35 questions correctly to pass. The test costs $75 and is administered via computer, with no reference materials allowed.

To take the Series 6 exam, candidates must be sponsored by a FINRA member firm or a self-regulatory organisation (SRO). The exam can be taken online or in person at a test centre.

Upon passing the Series 6 exam, candidates must register their license with FINRA and an approved broker-dealer. The Series 6 license is valid for the duration of the individual's employment with a FINRA member firm, provided they remain registered and in good standing.

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