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Life Insurance Logo aicpa

  Susan M. Tillery, CPA/PFS, CFP® , Tom Tillery, ... |   Free |   AICPA |   19 Dec 2019 |   Specialized Knowledge and Applications |   AICPA Store
Who Will Benefit?
  • CPAs and financial planners with basic knowledge of, and interest in, personal financial planning.
Key Topics
  • 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
Learning Objectives
  • 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.

This CPE course can be purchased individually or as part of the Risk Management and Insurance Planning Certificate Program.

The construction of a proposed life insurance solution in a personal financial plan is complex on several levels. 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.

In this audiovisual CPE course, Tom Tillery will describe three different types of life insurance contracts: term life insurance, permanent life insurance, and group life insurance (group life insurance is covered in greater depth in the Group Insurance and Employee Benefits course).

This course covers:

  • Optimal design of a policy
  • Funding and withdrawal features
  • Dividend options
  • Nonforfeiture options
  • Settlement options

Finally, taxation and tax planning topics will be addressed, including:

  • Tax planning with life insurance
  • Income taxation of life insurance
  • Taxation at surrender of a contract
  • Taxation of proceeds from a life insurance contract
  • Transfer of value rules
  • Section 1035 exchanges
  • Integrating life insurance with the overall financial plan.

Topics covered:
  • Tax: Technical: Individual income taxation : Specialized issues, Intermediate
  • Personal financial planning: Technical: Risk management & insurance planning: Life insurance, Intermediate