What is required for a life insurance agent to sell variable products in Virginia?

In Virginia, selling variable products involves both life insurance and investment components. Therefore, a life insurance agent must hold both a life insurance license and a securities license to legally sell these types of products.

The life insurance license qualifies the agent to sell traditional life insurance products, whereas the securities license ensures that the agent is trained and authorized to sell investment-related products, such as variable annuities or variable universal life policies. Variable products can fluctuate in value based on the performance of underlying investments, which is why the regulatory framework requires agents to be knowledgeable about both insurance and investment principles.

This dual licensing requirement reflects the complexity and risk associated with variable products, making sure that agents are equipped to provide appropriate guidance to their clients in these areas.