Coming to Terms with Term Life Insurance

Understanding the characteristics, tax implications and suitability of one of the most popular forms of life insurance available on the market today

$6.00 + your state filing fee
3 Credit Hours

This course favors life insurance agents but is applied as general credit for all agents.

COURSE DIFFICULTY

Basic
This course covers the following topics:
  • Discuss the important role life insurance plays, as well as the characteristics of permanent life versus term life insurance
  • Examine some of the common misunderstandings that many people have regarding life insurance, as well as some statistics about life insurance today
  • Take a deep dive into term life insurance – including policy provisions, exclusions, riders, other uses of this insurance product, as well as how term life insurance is taxed
  • Review term life insurance suitability recommendations, various strategies for utilizing term life insurance, as well as ethical considerations facing agents selling life insurance today

Summary

When it comes to personal finance, life insurance plays a critically important role – especially for those who have a spouse, child or other dependent who relies on them for financial support. Life insurance is the only product available that can provide immediate finances to replace the loss of income that occurs when a wage earner passes away. In this course, we’ll discuss the important role life insurance plays, as well as the characteristics of permanent life versus term life insurance. We’ll review some of the common misunderstandings that many people have regarding life insurance, as well as some statistics about life insurance today. In addition, we’ll discuss term life insurance in greater detail – including policy provisions, exclusions, riders, other uses of this insurance product, as well as how term life insurance is taxed. Lastly, we’ll conclude with a review of term life insurance suitability recommendations, various strategies for utilizing term life insurance, as well as ethical considerations facing agents selling life insurance today. By the end of the course, the student should have an in-depth understanding of term life insurance, and feel comfortable in making appropriate recommendations to their clients that best fit their unique needs and situations.

Outline

1. Introduction to Life Insurance

  • 1.1 Overview
  • 1.2 Purpose of the Course
  • 1.3 Why Life Insurance?
  • 1.4 Forms of Life Insurance
  • 1.5 Life Insurance: Fact or Fiction?
  • 1.6 Life Insurance Statistics
  • 1.7 Summary
  • Chapter 1 Quiz

2. A Closer Look at Term Life Insurance

  • 2.1 Overview
  • 2.2 Policy Duration or Term
  • 2.3 Renewability
  • 2.4 Convertibility
  • 2.5 Forms of Term Life Insurance
  • 2.6 Summary
  • Chapter 2 Quiz

3. Examining Term Life’s Common Policy Provisions, Exclusions and Riders

  • 3.1 Overview
  • 3.2 Term Insurance Policy Provisions
  • 3.3 Term Insurance Policy Exclusions
  • 3.4 Common Policy Riders
  • 3.5 Dos and Don’ts Following a Denied Life Insurance Claim
  • 3.6 Summary
  • Chapter 3 Quiz

4. Let’s Talk Taxes

  • 4.1 Overview
  • 4.2 Tax Treatment of Policy Premiums
  • 4.3 Tax Treatment of Death Benefits
  • 4.4 All About Estate Taxes
  • 4.5 Summary
  • Chapter 4 Quiz

5. Group Coverage and Other Special Use Policies

  • 5.1 Overview
  • 5.2 Group Term Life Insurance: The Basics
  • 5.3 Choosing a Benefit Schedule
  • 5.4 Advantages of Group Term Life Insurance
  • 5.5 Group Life Insurance Statistics
  • 5.6 Special Use Policies
  • 5.7 Summary
  • Chapter 5 Quiz

6. Is Term Life The Right Choice for You?

  • 6.1 Overview
  • 6.2 Who Should Buy Term Life: Determining Suitability
  • 6.3 How Much and For How Long?
  • 6.4 Strategies for Using Term Life Policies
  • 6.5 Selling a Life Insurance Policy
  • 6.6 Ethical Considerations for Life Insurance Agents
  • 6.7 Sample Code of Ethics
  • 6.8 Summary
  • Chapter 6 Quiz

Final Exam

  • Final Exam

FAQ

Q: What should I expect from this online course?

A: We use a unique system to help you learn the material easily. Our online courses present you with information in large type that is easy to read. We highlight key items in gray and quiz you after each chapter to make sure you are learning critical information. You may review the material as much as you want before taking your required online, multiple-choice exam. Passing the exam proves your proficiency in that subject to your state’s governing authority.

Q: Can I print my online course materials and test questions?

A: According to the state authority, it is not permissible to print or download any course material or exam questions. However, you are free to access all online courses from our website anytime.

Q: How long does it take to complete an online course?

A: The time required to complete an online course varies from student to student, but it roughly approximates the number of credit hours awarded for the course. You must pass an online, multiple-choice exam. Passing the exam proves your proficiency in that subject to your state’s governing authority.