Personal Life Insurance Planning

2 Credits: Management Services


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Personal Life Insurance Planning

Course Level
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.

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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.
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Course Specifics

Course ID
Revision Date
April 10, 2023

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Paul J. Winn

Paul J. 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.