Personal Life Insurance Planning examines the type of client data needed to determine minimum life insurance coverage requirements. It identifies the various lump-sum cash needs at the death of a breadwinner and provides guidelines to enable advisers to recommend life insurance in amounts that fully protect clients. Also covered are typical surviving family income needs; how to calculate adequate survivor income and appropriate life insurance needs; Social Security survivor benefits; and benefits for children, parents, and widows and widowers.
Upon successful completion of this course, participants will be able to:
- Describe how the human life value method approximates individual and family life insurance requirements.
- Identify the types of customer information needed to determine appropriate life insurance needs; and
- Explain why information concerning a customer's financial situation, objectives, and risk tolerance is necessary to the personal life insurance planning process.
- Identify the principal lump-sum family financial needs following a breadwinner's death;
- List the immediate cash needs generally experienced by surviving members of a deceased breadwinner's family;
- Describe the principal estate administration costs; and
- List the primary uses of an emergency fund for surviving family members.
- Determine the difference between 'currently insured' and 'fully insured' and the consequences for surviving family members of the worker's Social Security insured status;
- Calculate the Social Security survivor benefits lost by a beneficiary's receipt of excess earned income; and
- List the criteria applicable to eligibility for each Social Security survivor benefit.
- Describe when a surviving family's dependency period, blackout period, and retirement period begin and end;
- Explain when the Social Security Mother's or Father's benefit ends; and
- Identify when the Social Security Child's benefit ends.
- Calculate the amount of life insurance needed to provide survivor income liquidating capital and income; and
- Calculate the amount of life insurance needed to provide survivor income using income only and retaining capital.
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