No Variable Annuities in Fla ?

[Gulfman]

I spoke with a friend of mine today, and he tells me that his "FLA 215 lic, will no longer allow him to sell Variable Annuities in Fla?

Even the 215, issued by the "state of Florida" says on it, licensed to sell Variable annuities.

• What's the word...is this true?
• Is this true for all companies?

thanks for your input...

~G

 

[DHK]

Does he have a securities license? To sell a variable annuity, you need to have securities licenses and registered with a broker/dealer.

This is true for all companies in all states.

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Just don't ask me why Florida calls it a "variable annuity" license when you still need a Series 6 or 7 to sell an actual variable annuity.

 

[bluediamond]

DHK is correct he must have a securities license. Also if you are not appointed with a company that sells at least fixed annuity's you will lose that part of your license.

Just heard about this the other day.

 

[Norwayguy]

Does he have a securities license? To sell a variable annuity, you need to have securities licenses and registered with a broker/dealer.

This is true for all companies in all states.

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Just don't ask me why Florida calls it a "variable annuity" license when you still need a Series 6 or 7 to sell an actual variable annuity.

When I got my securities registration my state reissued my Life and Health producer license to a Life Health and variable contracts license. If you think about it it does make sense even though the securities registration is required the securities registration alone does not let you sell variable contracts kind of a reinforcement that you would be triple regulated by FINRA, and the state securities dept and state insurance dept.

 

[Gulfman]

Thanks buds.

Yeah...i don't know why, but the state of florida calls it a life, health and Annuities lic...including variables (but apparently that's BS).

Now...if i'm not mistaken....Doesn't Universal Life offer a Variable Rate of Return as an option?

(i could be wrong---still learning).



.

 

[sman]

Now...if i'm not mistaken....Doesn't Universal Life offer a Variable Rate of Return as an option?

(i could be wrong---still learning).



.

Universal Life and Variable Universal Life are two different products. One requires a securities license and the other doesn't. I'm sure you're smart enough to figure out which one requires it.

 

[Gulfman]

Ok...thanks guys.

Just got off the phone with a buddy who's selling "indexed" life.

No securities license required....

 

[scagnt83]

Ok...thanks guys.

Just got off the phone with a buddy who's selling "indexed" life.

No securities license required....

I'd suggest you take a few hours and read the life and annuity and indexed life sections of the forum before spending anymore time posting..