The What, When and How of Life Insurance
6 hours General, Insurance CE credit
Instructor: Karen Fergen CLU, Mike Fergen, MSM, CPCU, CLU
- IA Course No. 104430
- NE Course No. 6000053768
- TX Course No. 120870
- CFP Course No. 267501
Do you know that 30%of U.S. households have no life insurance at all and 50% of U.S. households (58 million) say they need more life insurance? At the same time the average amount of coverage for U.S. adults has declined to $167,000. As a life insurance professional, you must stay updated on what is happening in your customers lives in order to determine what they may have for potential life insurance needs. An everyday and every interaction focus with customers is what separate the amateur from the professional.
Therefore, having a conviction plus belief in the purpose life insurance and then understanding life needs assessment tools is the start towards building your life insurance skill set. We will dig into the uses, policy provisions, features and benefits of term insurance, universal life and whole life coverage. Aligning the proper life insurance contract with the total needs of the customer is the objective of a professional.
60% of Americans proper estate planning trust documents. We will review irrevocable life insurance trusts for a single or married person along with options for the terminally ill. We will also examine relevant insurance tax laws, such as for the gift of life insurance, Internal Revenue Code tax-free policy exchange and modified endowment contract rules will also be explained.
Life insurance is a long-term product that can assist a customer with their cradle to grave needs. We will look at 4 key life stages and discuss insurance needs for each through discussion in sample case studies. A comprehensive look at the customer data, customer needs, and customer goals will assist in determining options and life insurance product recommendations for each individual customer you serve.