Series 66: 3.7.3.4 Considered A Security

Taken from our Series 66 Online Guide

3.7.3.4 Considered a Security

Because of its variable component, a variable life contract is considered to be a security. This means that variable life contracts are regulated by securities laws and must be sold with a prospectus. They are also a life insurance product and should be sold as life insurance, meaning for their death benefits, rather than as investments.

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