Lifecycle Financial Planning - Calculating the Life Insurance Need & Basic Planning
OL1378 | On Demand Course | Update | Self-Study
Description
Life insurance is a unique product. While many use it to protect their loved ones, it may also be used to gift money to charity, transfer for a business interest, or pay off debts. Life insurance is one of the more useful financial products that a client can own. However, the amount of life insurance that a client needs can change over time and can vary drastically depending on how it is being used. We often need to recalculate the life insurance need multiple times throughout a client's lifetime. In this course, we will explore some basic planning techniques involving life insurance as well as some approaches to calculating the actual life insurance need. Utilizing real-life examples and discussion, we will compare the advantages and disadvantages of each approach. We will also discuss when an ILIT may come in handy, how life insurance can supplement retirement benefits, and the taxation of life insurance for both employers and employees.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 1.50 | Finance |
Objectives
- State the basic differences between term, whole, variable, and universal life insurance
- Identify the steps in the Human Life Value Approach to calculating the life insurance need
- Recognize how employee life insurance benefits are taxed
- Recognize how an ILIT may be used in basic estate planning
- State how life insurance may be used to enhance the benefits of a retiring employee
- Recognize the different types of buy-sell agreements
Notes
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Prices
- Member (Early Bird)
- $65.00
- Non-Member (Early Bird)
- $95.00
- Member
- $65.00
- Non-Member
- $95.00
Instructors
David Peters
David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, as well as a financial advisor for Peters Financial, LLC. He has over 15 years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry.
David was the first-ever Chief Financial Officer at Compare.com – a position he held for over three years. He is a national CPE instructor/discussion leader for the AICPA, Kaplan, and Surgent, and he was a recipient of Surgent's Outstanding Discussion Leader award for 2019. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for business and industry topics for the South Carolina Association of CPAs and was a recipient of The American College of Financial Services' 2019 NextGen Financial Services Professional Award.
He holds four master's degrees and is currently pursuing his Ph.D. in financial planning. He contributes regularly to various CPA publications, including NCACPA's Interim Report, SCACPA's CPA Report, and VSCPA's Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia. Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC. Advisory services offered through Carroll Financial Associates, Inc., a Registered Investment Adviser. Carroll Financial and Cetera Advisor Networks, LLC are under separate ownership and are not affiliated with any other named entity.
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