Who Can Sell Equity Indexed Annuities?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaAnyone with a life insurance license can sell equity annuities. But most licensed advisers use the title tax deferred indexed annuities to describe the product because it's not a security. Life insurance companies also stress the importance of tax deferred annuities as an insurance product and not a security.Answered on August 29, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaAnytime you use the word, “equity,” you must deal with a licensed registered representative of a broker-dealer. These individuals are governed by FINRA and often by the state insurance commissioner. If you go to your state insurance commissioner’s website you can probably determine who in your area is a registered representative that is licensed to sell variable annuities.Answered on June 4, 2014flag this answer- 37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaIn California an agent must have a state insurance license that identifies them as a “variable contracts agent,” in order to sell a variable insurance product. To be licensed in that manner the state requires that the agent pass series 6, 63, or 7 of the FINRA exams. Then the agent must be appointed by a company offering equity indexed annuities to sell their variable products under the supervision of a broker-dealer.Answered on September 25, 2014flag this answer
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