Which license is required to sell Variable Whole Life Insurance?

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Study for the Minnesota Life Accident and Health Producer Exam. Prepare with flashcards and multiple choice questions with hints and explanations. Get ready for your exam!

Multiple Choice

Which license is required to sell Variable Whole Life Insurance?

Explanation:
Variable Whole Life combines an insurance contract with an investment component that is tied to the securities market. Because of that investment element, regulators treat the product as a security in addition to insurance. To lawfully sell it, an agent needs both licenses: a life insurance license for the insurance portion and a securities license (such as Series 6/63) for the investment portion. Without both, the sale would violate insurance and securities regulations. So the best answer is having both licenses.

Variable Whole Life combines an insurance contract with an investment component that is tied to the securities market. Because of that investment element, regulators treat the product as a security in addition to insurance. To lawfully sell it, an agent needs both licenses: a life insurance license for the insurance portion and a securities license (such as Series 6/63) for the investment portion. Without both, the sale would violate insurance and securities regulations. So the best answer is having both licenses.

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