Life & Health Institute AGENDA
LIFE INSURANCE CONCEPTS Discuss reasons why people purchase life insurance. Identify the uses and features of various types of life insurance policies. Examine policy provisions, riders, non-forfeiture values, dividend options, settlement options, and beneficiary designations. Explain the tax considerations for life insurance as it relates to the premium, cash value and the death benefit.
HEALTH INSURANCE CONCEPTS Analyze policy designs, exclusions, limitations, and policy provisions of various health insurance products. Discuss special considerations applicable to group insurance. Learn the workings of Tax Advantaged Accounts: Flexible Spending Accounts, Health Reimbursement Arrangements, and Health Savings Accounts. Acquire an understanding of Federal Legislation that relates to health insurance. Examine the benefits of and coverage applicable from Medicare. Discuss the structural options available in Group Life Insurance coverage that might be included in an employee benefits program.
DISABILITY INCOME INSURANCE Identify the possible sources of income replacement in the event of a disability. Analyze individual disability income contracts, comparing definitions, policy provisions, exclusions, optional riders and benefits. Discuss the use of a Business Overhead Expense Disability Policy and the benefits available to an insured. Identify tax issues as they relate to premium for and benefits of individual disability income insurance, as well as the BOE Policy.
LONG TERM CARE INSURANCE Discussion of care issues as it relates to the aging population, increasing longevity, and lifestyle expectations. Consider possible sources of funding for long term care and why one might consider a LTC insurance policy. Learn the benefits of LTC insurance and how those benefits are delivered to an insured. Examine triggers of coverage and major provisions of a LTC policy. Discuss current events specifically related to individual state “Long Term Care Partnership Programs”.
BUSINESS CONTINUATION AND SUCCESSION PLANNING Analyze the various issues created by the death or disability of an owner depending on the business entity. Discuss the issues to be addressed in a valid buy-sell agreement and methods to consider in funding a buy-sell agreement. Learn the characteristics of a key person and explain the steps in implementing a key person insurance plan. Explain the concept and benefits of an Executive Bonus (162 Plan) for selected key executives of the business. Identify problem areas solved in estate planning by using life insurance.
RETIREMENT PLANNING AND ANNUITIES Discuss qualified and non-qualified retirement plans, and the basics of various types of employer sponsored plans as well as individual retirement plans. Explain the difference between a traditional IRA and a Roth IRA. Examine the different component/classifications of annuities as well as contract provisions and riders. Acquire a basic understanding of federal taxation issues as they apply to annuity contracts.
PLANNING FOR PERSONAL NEEDS Examine the steps in the planning process, and consider the necessary members of a planning team. Describe the planning menu and each issue to address in the planning process. Analyze Life Insurance needs throughout one’s lifetime and discuss various methods of determining how much coverage an individual might need. Discuss planning for income replacement as it relates to a potential disability. Learn the issues involved for a person in the application process for Life, DI and LTC insurance policies.