4150 | On Demand | Intermediate | Self-Study
Friday, May 1, 2020 - Friday, April 30, 2021
The construction of a proposed life insurance solution in a personal financial plan is complex on several levels; so, as a personal financial planner, you must possess a broad range of knowledge of the various insurance solutions available to have a reasoned dialogue with your clients.
Three types of life insurance contracts will be covered in this CPE course: term life insurance, permanent life insurance, and group life insurance (group life insurance will also be covered in another course, "Group Life Insurance and Employee Benefits"). A variety of issues and features pertaining to life insurance contracts are discussed in this course, including the following:
Choosing the optimal design of a policy Funding and withdrawals features Dividend options Nonforfeiture options Settlement options Finally, several taxation and tax planning topics will be addressed in this course, including tax planning with life insurance, income taxation of life insurance, taxation at surrender of a contract, taxation of the death proceeds from a life insurance contract and life settlements, transfer of value rules, Section 1035 exchanges, and integrating life insurance with the overall financial plan.
Recognize the various types of term life insurance. Identify the types of permanent life insurance. Select a waiver of premium rider based on specific facts and circumstances. Distinguish among the various types of life insurance riders. Identify the features of a permanent life insurance contract. Determine the taxation of distributions from a modified endowment contract. Select the appropriate dividend option based on the client's facts and circumstances. Calculate the death benefit of a life insurance contract. Identify exchanges of insurance contracts that qualify for IRC Section 1035 tax treatment. Select an estate planning strategy based on a client's specific facts and circumstances.
- Thomas Tillery (view bio)
- Susan Tillery
CPAs and financial planners with basic knowledge of, and interest in, personal financial planning.
Types of life insurance Term, credit, permanent, universal Key features of life insurance Underwriting, design, funding, nonforfeiture, settlement, planning, practical aspects Taxation and tax planning with life insurance Integrating life insurance with the overall financial plan
Thomas Tillery is a member of AICPA Personal Financial Planning Section (Non-CPA Associate), the Society of Financial Service Professionals, and the Atlanta Estate Planning Council.
Tom has been a provider of Continuing Education for attorneys, CPAs, and investment and insurance professionals for over 20 years. He has written curriculum and lectured in the discipline of Financial Planning for several universities and on line programs.
Tom is also an Arbitrator for the Financial Industry Regulatory Authority (FINRA).