Personal Life Insurance Planning

This course offers information and guidance to both producers and advisors who sell life insurance products and who assess the appropriateness of life insurance recommendations for clients. 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 advisor to better serve consumers and help ensure that appropriate life insurance amounts are recommended and purchased when they are suitable to meet client needs.

The course includes the following chapters:

  • Introduction to Human Life Value and Needs Analysis
  • Gathering Client Information for Needs Analysis
  • Identifying & Calculating Lump-Sum Needs at Death
  • Social Security Survivor Benefits
  • Identifying Survivor Income Needs at Death
  • Calculating Survivor Income Needs at Death

This is an intermediate level course. Upon completion, students will be able to: 

  • describe the early attempt to calculate appropriate life insurance amounts known as the human life value method
  • explain 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
  • list 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