CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Personal Life Insurance Planning

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Management Services

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Describe how the human life value method approximates individual and family life insurance requirements.

Chapter 2

  • 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.

Chapter 3

  • 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.

Chapter 4

  • 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.

Chapter 5

  • 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.

Chapter 6

  • 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.

Course Specifics

Course ID
6161269
Revision Date
January 20, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Personal Life Insurance Planning

Expert Instructors
Format
CPE CREDITS
2 Credits: Management Services

$58.00$78.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Management Services

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Describe how the human life value method approximates individual and family life insurance requirements.

Chapter 2

  • 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.

Chapter 3

  • 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.

Chapter 4

  • 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.

Chapter 5

  • 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.

Chapter 6

  • 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.

Course Specifics

Course ID
6161269
Revision Date
January 20, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Paul J. Winn Headshot
Paul J. Winn CLU ChFC

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Personal Life Insurance Planning

Expert Instructors
Format
CPE CREDITS
2 Credits: Management Services

$58.00$78.00

Clear