How long must a life insurance producer be licensed as a life agent to operate as a Life Settlement Broker?

To operate as a Life Settlement Broker, a life insurance producer must have a minimum of one year of experience as a licensed life agent. This requirement is in place to ensure that brokers possess adequate knowledge and understanding of life insurance products, regulations, and the overall market landscape before engaging in life settlements. Having this experience helps them to better serve their clients when advising on life settlement options, which can be complex and require a deep understanding of both the products involved and the potential implications for policyholders. The one-year requirement strikes a balance between ensuring competency in the field while still allowing access to the profession for new brokers who have some foundational knowledge and skills through their previous licensing as life agents.