Let's Talk Life

Smart Planning Today to Tackle the Uncertainty of Tomorrow

$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

INTERMEDIATE
This course covers the following topics:
  • How insurance producers can walk through the life insurance planning process with their clients.
  • An examination of how to conduct a needs analysis with clients, how to determine an individual’s lump-sum and income needs at the time of their death, as well as identifying how much the individual’s loved ones will need after the death of an insured.
  • A brief overview of the various forms of life insurance available on the market today – as well as which policies are suitable for specific types of customers.

Summary

Protecting one’s family from financial disasters is one of the central components of financial planning – and life insurance should be a core part of that planning process. Life insurance plays a critically important role, especially for those individuals 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. Life insurance helps compensate for the unavoidable financial consequences that accompany death – such as the costs of final expenses, outstanding debts and mortgages, planned educational expenses, as well as lost income. But perhaps most importantly, in the aftermath of an unforeseen death, life insurance can help reduce financial burdens during a time when surviving family members are dealing with the loss of a loved one. Additionally, life insurance can offer invaluable peace of mind for the policyholder. In this course, we’ll discuss how insurance producers can walk through the life insurance planning process with their clients. The course includes valuable information on how to conduct a needs analysis with clients, how to determine an individual’s lump-sum and income needs at the time of their death, as well as identifying how much the individual’s loved ones will need after the death of an insured. We’ll conclude the course with a brief overview of the various forms of life insurance available on the market today – as well as which policies are suitable for specific types of customers.

Outline

1. Introduction to Life Insurance Planning

  • 1.1 Overview
  • 1.2 Purpose of the Course
  • 1.3 Steps of the Life Insurance Selling/Planning Process
  • 1.4 Approaches the Calculating an Individual’s Life Insurance Needs
  • 1.5 The Multiple of Income Approach
  • 1.6 The Human Value Approach
  • 1.7 The Needs Approach
  • 1.8 Summary
  • Chapter 1 Quiz

2. Conducting a Needs Analysis

  • 2.1 Overview
  • 2.2 What Information Is Needed To Perform a Capital Needs Analysis
  • 2.3 Best Practices in Information Gathering
  • 2.4 Top Characteristics Clients Value in Their Financial Advisors
  • 2.5 Summary
  • Chapter 2 Quiz

3. Advantages and Disadvantages

  • 3.1 Overview
  • 3.2 Why is a Lump Sum of Cash Needed Upon Death
  • 3.3 Immediate Survivor Needs
  • 3.4 Debt Elimination
  • 3.5 Other Funding Needs to Consider
  • 3.6 Summary
  • Chapter 3 Quiz

4. Factoring in Social Security Survivors Benefits

  • 4.1 Overview
  • 4.2 Who Earns Survivors Benefits?
  • 4.3 Currently and Fully Insured Survivors Benefits
  • 4.4 Understanding the Mother’s/Father’s Benefit
  • 4.5 Understanding the Child’s Benefit
  • 4.6 Understanding the Widower’s Benefit
  • 4.7 Summary
  • Chapter 4 Quiz

5. Determining Income Needs at Death

  • 5.1 Overview
  • 5.2 During What Periods is Extra Income Needed?
  • 5.3 Estimating Survivor Income Needs
  • 5.4 How Much Future Income Does My Client’s Survivors Need?
  • 5.5 Determining Income Needs | An Example
  • 5.6 Summary
  • Chapter 5 Quiz

6. Needs Approach

  • 6.1 Overview
  • 6.2 Meet Our Scenario Family
  • 6.3 Capital Liquidation: The Smith Family’s Dependency Period Income
  • 6.4 The Smith Family’s Blackout Period Income
  • 6.5 The Smith Family’s Retirement Period Income
  • 6.6 Totaling the Smith Family’s Income Needs with the Capital Liquidation Approach
  • 6.7 Understanding the Capital Retention Approach
  • 6.8 The Smith Family’s Life Insurance Needs Using the Capital Retention Approach
  • 6.9 Pros and Cons of Capital Retention vs. Capital Liquidation
  • 6.10 Summary
  • Chapter 6 Quiz

7. Comparing and Selecting Life Insurance Policies

  • 7.1 Overview
  • 7.2 When to Suggest Term Life Insurance
  • 7.3 Strategies to Using Term Life Policies
  • 7.4 When to Suggest Permanent Life Insurance
  • 7.5 Summary
  • Chapter 7 Quiz

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.