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Course Details

Personal Life Insurance Planning (Course Id 187)

Updated / QAS / Registry   Add to Cart 
Author : Paul Winn, CLU, ChFC
Status : Production
CPE Credits : 4.5
IRS Credits : 0
Price : $44.95
Passing Score : 70%
NASBA Technical: No
Primary Subject-Field Of Study:

Specialized Knowledge and Applications - Specialized Knowledge and Applications for Course Id 187

Description :

Personal Life Insurance Planning is divided into six lessons that include the following:

    1. An Introduction to Human Life Value and Needs Analysis
    2. Gathering Client Information
    3. Identifying & Calculating Lump-sum Needs at Death
    4. Social Security Survivor Benefits
    5. Identifying Survivor Income Needs at Death
    6. Calculating Survivor Income Needs at Death
Students learn the type of client data needed and how to build client rapport and create trust. The various lump-sum cash needs at the death of a breadwinner are identified, and guidelines are provided that enable students to recommend life insurance in amounts that fully protect their clients. The surviving family’s income needs are examined, and the students learn how to calculate adequate survivor income and the life insurance needed to provide that income. Social Security survivor benefits are discussed, including the Child’s benefit, the Mother’s or Father’s benefit, and Widow’s and Widower’s benefit.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study.
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 21-Feb-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 187

Keywords : Specialized Knowledge and Applications, Personal, Life, Insurance, Planning, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, the student should be able to:
    1. Describe the early attempt to calculate appropriate life insurance amounts known as the human life value method.
    2. Understand the importance of basing client insurance requirements on a thoroughgoing analysis of needs.
    3. Gather the appropriate client information required to perform an insurance needs analysis.
    4. Identify and calculate a client’s family’s lump-sum needs at the death of a breadwinner.
    5. Understand the Social Security survivor benefits that need to be considered in analyzing survivors’ needs for life insurance to replace income.
    6. Identify and calculate survivors’ income needs during the dependency period, blackout period and retirement period.

Chapter 1
Introduction to Human Life Value & Needs Analysis

In this chapter we will look at the principal early attempt to determine appropriate life insurance amounts to meet personal life insurance needs. When you have completed this chapter you should be able to describe how the human life value method approximates individual and family life insurance requirements.

Chapter 2
Gathering Client Information for Needs Analysis

In this chapter we will look at the requirements and importance of gathering specific data in the personal life insurance planning process.

When you have completed this chapter you should be able to:
    • 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
Identifying and Calculating Lump-Sum Financial Needs at Death

In this chapter we will look at the process of identifying and calculating lump-sum financial needs at a breadwinner’s death.

When you have completed this chapter you should be able to:
    • 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
Social Security Survivor Benefits

In this chapter we will look at Social Security survivor benefits and their importance in the personal life insurance planning process.

When you have completed this chapter you should be able to:
    • 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
Identifying Income Needs At Death

In this chapter we will look at surviving families’ income needs following the death of a breadwinner.

When you have completed this chapter you should be able to:
    • 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
Calculating Survivor Income Needs at Death

In this chapter we will look at the methods used to calculate the amount of assets required to provide for surviving families’ income needs following the death of a breadwinner.

When you have completed this chapter you should be able to:
    • 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 Contents :

Course Learning Objectives

How You Will Learn

Why This Information is Important and How You Can Use It

Chapter 1 Introduction to Human Life Value & Needs Analysis

Chapter Learning Objectives

Important Lesson Points

Determining Insurance Amounts — Human Life Value

Capitalized Value of Net Earnings

Human Life Value Case Study

Bill Jones’ Life Insurance Need — Human Life Value Approach

Human Life Value Limitations

Determining Insurance Amounts — Advantages of Insurance Needs Analysis

Summary

Test Your Comprehension

Chapter 2 Gathering Client Information for Needs Analysis

Chapter Learning Objectives

Important Lesson Points

Required Data

Current Income

Accumulated Assets

Liabilities

Goals and Objectives

Risk Profile

Building Rapport and Creating Trust

Responsive Listening

Establishing Credibility

Effective Information Gathering

Summary

Test Your Comprehension

Chapter 3 Identifying and Calculating Lump-Sum Financial Needs at Death

Chapter Learning Objectives

Important Lesson Points

Lump-Sum Cash Needs

Burial & Final Medical Expenses

Estate Administration Costs

Federal & State Taxes

One Month’s Current Income

Consumer Debt Liquidation

Emergency Fund

Mortgage Redemption or Rental Payment Fund

Dependent Care

Education

Summary

Test Your Comprehension

Chapter 4 Social Security Survivor Benefits

Chapter Learning Objectives

Important Lesson Points

Introduction to Social Security Benefits

Important Social Security Definitions

Currently Insured Social Security Survivor Benefits

Fully Insured Social Security Survivor Benefits

Mother’s or Father’s Benefit

Summary

Test Your Comprehension

Chapter 5 Identifying Income Needs At Death

Chapter Learning Objectives

Important Lesson Points

Introduction

The Dependency Period

The Blackout Period

The Survivor’s Retirement Period

Summary

Test Your Comprehension

Chapter 6 Calculating Survivor Income Needs at Death

Chapter Learning Objectives

Introduction

A Process of Estimation

Determining the Capital Need

When Income is Not Needed for Several Years

The Client Wishes to Use Interest and Capital

Using Interest and Capital—Income Not Needed for Several Years

Projecting Future Income Needs

Dependency Period

Blackout Period

Retirement Period

Capital Retention

Summary

Test Your Comprehension

Appendix A

Present Value Factor for Annuity Table

Appendix B

Present Value Factor for Single Sum Table

References

Glossary

Specialized Knowledge and Applications Course 187 Home: https://www.cpethink.com/cpe-for-cpas
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