Insurance producers in most states are required to follow Insurance Code sections covering: disclosure, illustrations, replacement, and the "free look" period.

Disclosure

Advisers must make certain disclosures when selling to insurance and annuities to people age 65 or older.

• An agent offering to sell a life insurance or annuity product to an elder must advise the elder or elder's agent in writing that selling or liquidating any financial asset to fund the purchase may have tax consequences, early withdrawal penalties, or other penalties, and that the elder or elder's agent may wish to get independent legal or financial advice before making the purchase.

  (Note: This section does not apply to a credit life insurance product as defined in Section 779.2.)

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