What type of insurance typically does NOT require a securities license for the producer?

Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life, as long as premiums are paid. One of the defining characteristics of whole life insurance is that it features a guaranteed death benefit and a cash value component that grows at a predetermined rate. Since this type of policy does not involve investments in securities, it does not require the insurance producer to hold a securities license to sell it.

In contrast, categories like variable life insurance involve investment components where the death benefits and cash values can fluctuate based on the performance of the underlying investments, which necessitates a securities license for producers. This requirement is aimed at ensuring that advisors possess the necessary understanding of securities regulations and the associated risks with investment-linked policies. All other options listed involve an element of investment risk that requires regulatory oversight, distinguishing them from whole life insurance.