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Understanding The Basics of Life Insurance Today 1 Credit

Understanding The Basics of Life Insurance Today 1 Credit

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Oct 24, 2023 | 10:00 AM ET

Learning Objective

  • To discuss the 5 major types of life Insurance policies available today.
  • To explain the process of underwriting to qualify for coverage.
  • To explore the significant tax and other benefits of life insurance.
  • To prevent an existing policy coverage from expiring prematurely.
  • To match a person’s objectives with the right type of policy.
  • To become more familiar with your personal Insurance portfolio.
  • To obtain the maximum coverage for the premium you’re now paying.

Course Overview

This course is valid up to December 31st, 2023 for CFP Professionals. It is advisable to complete this course before that to process the credit on time.

As an Independent Certified Financial Planner (CFP) for the last 35 years, it’s been a personal experience for the speaker, Henry Montag, that the great majority of people aren’t familiar with their life insurance portfolio.

They’ll know how much coverage they have, and they’ll know the name of the company, but neither we know how long their coverage will last, nor the extent of the risk they share with their insurance company, which determines whether that time is guaranteed.

In the early 1980s, life insurance was like a Carvel Ice cream store where the choices were Chocolate, Vanilla, or Strawberry, (Term or Whole Life Insurance).

Today that Ice cream store is more like a Baskin Robbins with 18 different flavors. (Guaranteed and Non-Guaranteed Universal Life Ins, Indexed Universal Life Ins, Variable Universal Life Ins, Private Placement Life Ins, in addition to the Term and Whole Life Ins.) 

Each type of policy shares a varying percentage of the risk with the insured, which determines whether the coverage will or won’t last for the rest of the person’s life, based on their continuing to pay the current premium. Most individuals, however, are not aware of that fact.

This CPE webinar on Insurance will help you to understand the basics of life insurance!

Major topics covered in this Online Course:

  • Understanding clients’ objectives
  • Matching client objectives & correct type of policy & design
  • Death benefit vs. Living benefit
  • 5 most popular types of life ins policies & best use for each
  • Current problems for consumers with non-guaranteed universal
  • Advisors' role in preventing a problem from occurring
  • Identifying and fixing a problem
  • New strategies, combo plans life & long -term care coverage
  • Obtaining life ins, the underwriting process
  • Settlement options
  • Becoming more familiar with your/client’s portfolio
  • Maximizing coverage for current premium
  • Using GSJL (guaranteed survivor joint life) for estate tax or legacy planning
  • Tax treatment of Life Ins
  • Future courses

You need to know whether that premium will be sufficient to maintain your existing coverage for the rest of your life. The reason is that an increasing percentage of existing coverage is expiring years earlier than anticipated due to reduced sustained interest rates and years of neglect on the part of the owner of the policy, who wasn’t aware that they should have increased their annual premium over the years to make up for the reduced interest rates their policy was earning. According to The Wall Street Journal, the problem is now growing significantly worse.

If you are interested in retirement planning, you can explore your choice of course on retirement planning HERE

  • 1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Risk management planning (incl. Life Insurance) for Personal Financial Specialist (PFS)
  • 1 PL Credit of Finance for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Life Insurance for Chartered Financial Consultant (ChFC)
  • 1 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CE Credit for Certified Treasury Professional (CTP)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CE Credit of Life Insurance for Retirement Income Certified Professional (RICP)
  • 1 CE Credit of Financial Planning for Certified Wealth Strategist (CWS)
  • 1 CE Credit of Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS)
  • 1 CE Credit of Insurance Planning for Chartered Life Underwriter (CLU)
  • 1 CE Credit of Finance for Financial Services Certified Professional (FSCP)
  • 1 CE Credit of Life Insurance for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit of Life Insurance for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Finance for Iowa Licensed Public Accountant (IA-LPA)
  • 1 PL Credit of Finance for CIPM
  • 1 CE Credit of Life Insurance for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Finance for Maine Licensed Public Accountant (ME-LPA)
  • 1 CPE Credit of Finance for Delaware Licensed Public Accountant (DE-LPA)

  • 1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Risk Management and Insurance Planning for Certified Financial Planner (CFP-US) (Approval No. 314434)
  • 1 CPD Credit of Risk management planning (incl. Life Insurance) for Personal Financial Specialist (PFS)
  • 1 PL Credit of Finance for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Life Insurance for Chartered Financial Consultant (ChFC)
  • 1 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CE Credit for Certified Treasury Professional (CTP)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CE Credit of Life Insurance for Retirement Income Certified Professional (RICP)
  • 1 CE Credit of Financial Planning for Certified Wealth Strategist (CWS)
  • 1 CE Credit of Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS)
  • 1 CE Credit of Insurance Planning for Chartered Life Underwriter (CLU)
  • 1 CE Credit of Life Insurance for Financial Services Certified Professional (FSCP)
  • 1 CE Credit of Life Insurance for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit of Life Insurance for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Finance for Iowa Licensed Public Accountant (IA-LPA)
  • 1 PL Credit of Finance for CIPM
  • 1 CE Credit of Life Insurance for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Finance for Maine Licensed Public Accountant (ME-LPA)
  • 1 CPE Credit of Finance for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

I as the managing partner of The TOLI Center East help people better understand their life Insurance portfolio regardless of whether a person owns their life Insurance policy individually or through a trust. Whether the person is a CPA, an Attorney, or another type of an advisor, one thing remains the same.  Most people are not familiar with their life Ins and incorrectly assume that their coverage will be there for the rest of their lives.

But because the majority of life insurance purchased over the last 25 years is Not Guaranteed and has significantly been affected by years of decreased interest rates and neglect on the part of the amateur trustee that wasn’t aware that they should have been increasing the annual premium, an increasing percentage of those policies are now expiring years earlier than anticipated.

Lastly, Life Insurance today is an 'Asset Class' and as such can significantly benefit the Insured with its 'Living Benefits' as well as the beneficiary with its traditional death benefit.

The more you and your clients know about your & their life insurance portfolio, the better off everyone’s family will be.

Co-authored American Bar Association Flagship book ‘The Advisors’ & Trustees’ Guide to Managing Risk. Featured in Bloomberg, Trust & Estates, NYS Bar Association, Accounting Today, Tax Stringer, Wall Street Week TV, Fox News, Wall Street Journal, Investor’s Business Daily & More ★

Contact me at ✉ henry@thetolicentereast.com or ☎ 516-695-4662. Visit ? www.thetolicentereast.com

Clients Say

  • “Mr. Montag gives new meaning to be a knowledgeable representative of what is best in insurance protection for you & your loved ones. A man of his word, his character is stellar & his breadth of understanding of an individual’s needs is enormous.”Mrs. Barbara G. NYC    

  • “Henry evaluated my insurance needs (financial wealth & personal objectives) & he changed 1 policy significantly by almost doubling the policy for the same premium. He truly cares about protecting you & is always easily accessible.” Dr. Barry B. Roslyn LI

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.4

Excellent

Very Good

Average

Poor

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CM

Catherine Mccray, CPA (US)

I truly did not understand the ins and outs of life insurance and its role in financial planning. I will take more classes offered by Mr. Henry Montag, CFP, to better equip myself with assisting my clients in understanding the impact life insurance has on their estate.

EB

Eneth Banks, CPA (US)

Some of my clients have requested recommendations for type of insurance. This was the best seminar I have had that explained reasons for different types of life insurance.

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