What is the required duration for a life insurance agent to keep detailed records?

The required duration for a life insurance agent to keep detailed records is five years. This timeframe is necessary to ensure that the information is available for any audits, regulatory reviews, or disputes that may arise regarding the policies sold. Maintaining comprehensive records for this duration helps agents comply with industry regulations and provides a reliable source of information for both agents and their clients, should any issues or questions arise after the sale of the policy. Keeping records for five years strikes a balance, allowing sufficient time for any claims or regulatory inquiries that could occur. This practice also reflects a standard in many areas of insurance, where having detailed documentation ensures the protection of both the insurer and the insured.