Personal Life Insurance Planning

  • Credits: 5
  • Format: Self-Study eBook
  • Field of Study: Personal Development
  • Author/Speaker: Paul Winn
Course ID: Advanced Preparation: Experience Level:
PW-811.21 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© Jan 2020 General Understanding of Life Insurance N/A

Personal Life Insurance Planning is divided into six lessons that discuss human life value, gathering client information for planning purposes, identifying and calculating lump-sum needs at death, Social Security survivor benefits, and calculating survivor income needs at death. Students learn the type of client data needed, the various lump-sum and income cash needs at the death of a breadwinner, and how to calculate adequate survivor income and life insurance needs.

This information is important for agents selling insurance products to customers and for advisers assessing the appropriateness of a life insurance recommendation for a client. An understanding of the methods used to determine suitable life insurance amounts to meet survivors’ lump-sum cash needs and income needs will assist the agent and adviser to better serve consumers and help ensure that appropriate life insurance amounts are recommended and purchased when they are suitable to meet client needs.

How You Will Learn:

In this course, you will be introduced to terms and concepts used in connection with personal life insurance planning. Each new term is defined in the text and included in the Glossary. The concepts are explained and, where appropriate is demonstrated through the use of examples.

At the conclusion of each lesson, a Chapter Review is presented to test comprehension of the material presented in the chapter. A response is given to each answer you select to the questions in the Chapter Review affirming the correct choice or explaining why the choice you selected was incorrect.

Learning Objectives:

After reading the course material, you will be able to:

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

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: