What insurance license is required to sell 401K plans? Life or is a series 6/63 required?

Question

What insurance license is required to sell 401K plans? Life or is a series 6/63 required?

Answer 1

401(k) accounts are not "insurance."

Answer 2

Sorry first answerer, but many 401(k) s ARE group annuity contracts.  But, I believe (key word) the answer to your question is "it depends" on what kind of contract it is.  I think for some just a life insurance license is ok, but for other the Series 6 is what you need.  I have a Series 7 & Life so I've never run into the problem, but I do know that some contracts (according to the provider and not my broker-dealer mind you) are not required to be run through a broker-dealer since they are group annuities - therefore I'm lead to believe that if it's not going through the B/D that no securities license would be required.

Jeff

Answer 3

I agree with "Insurance Pickle" but I wanted to give you a different view...

I take calls for 401k questions and I have the series 6 and 63 licenses. If I moved up to sell IRAs and/or discuss options for retirement accounts, I would need a series 7 license.

Answer 4

I thought series 7 was for stock brokers. Do IRAs fall under the series 7 exam?