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OnDemand Webinar

Understanding Modern Life Insurance Policies and Their Multitude of Personal and Business Uses

Professional advisors and business owners and officers often find themselves in the position of commenting or deciding upon, or even recommending, life insurance solutions presented to them or to their clients, or of providing advice as to how life insurance can be used most effectively in meeting personal and business needs and accomplishing personal and business goals and objectives. Unfortunately, most advisors and business people are not familiar enough either with the intricacies of modern life insurance policies, or of their multitude of effective uses, to be in a position to give the best advice, or make the best informed decisions, in these situations.

This on-demand webinar will explore in detail the large variety of life insurance policies available in today's marketplace and will explain the special, unique characteristics of each type of policy. It will also present in detail the many uses of modern life insurance policies in both personal and business planning. While this webinar will not make you into life insurance "experts", it should equip you to be more knowledgeable, and therefore more effective, in making critically important evaluations, recommendations, and decisions regarding life insurance.

Learning Objectives:

  • You will be able to evaluate and discuss different types of life insurance policies.
  • You will be able to identify personal uses of life insurance, including in the context of the A-B-C-Ds of estate planning.
  • You will be able to explain the many business uses of life insurance.
  • You will be able to discuss life settlements of inforce policies.

Runtime: 86 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The A-B-C-Ds of Estate Planning

  • A = Accumulate an Estate
  • B = Benefit From Your Accumulated Assets
  • C = Conserve Property, During Lifetime and at Death
  • D = Distribute Your Estate

First, What Really Is Life Insurance? (It's Complicated)

  • A Means to an End, Not Itself an End
  • A Financial Tool for Accomplishing Objectives
    • Providing for Widows and Orphans
    • Protecting a Business From the Loss of a Key Person
    • Collateral for Loans or Lines of Credit
    • Funding Device for Other Arrangements
    • Estate Planning Uses, Including Philanthropy
    • Income TaxFree Liquidity at Death
    • Buys Time for Other Arrangements to Pay Off
    • Provides the Freedom to Make Other More Aggressive Investments
  • Like Money in a Wall Safe - Buys Peace of Mind

Life Insurance Is Also Complex, With Many Types of Policies

  • Term Insurance, Increasing and Level Premium
    • Convertibility
    • "Return of Premium" Term
  • Permanent Insurance, Both Single Life and 2nd to Die
    • Traditional Whole Life Policies
    • Traditional Universal Life Policies
    • CarrierGuaranteed Universal Life Policies
    • Indexed Policies
    • Variable Policies
    • Policies With LongTerm Care Riders

Personal Uses of Life Insurance in the Context of the A-B-C-Ds of Estate Planning

  • A = Accumulating Estate Assets
    • Creates an Instant Estate
  • B = Benefiting From One's Accumulated Assets
    • Primarily With Retirement Planning
  • C = Conserving Property for Self and Family
    • LTC During Lifetime; ILITs at Death
  • D = Distributing the Estate to Heirs and Beneficiaries
    • There Are Many Creative Uses Here

Business Uses of Life Insurance

  • Key-Person Life Insurance
    • Tax Considerations
  • "Funding" Non-Tax-Qualified Retirement Plans
    • Attracts, Retains, and Rewards Key Employees
  • Executive Benefit Life Insurance Plans
    • A Simpler Way to Benefit Key Employees
  • Buy/Sell Agreements
    • Entity vs. CrossPurchase
    • Life Insurance Funding Is Essential

Life Settlements of Inforce Policies

  • The Basics
  • Pros and Cons
  • Tax Considerations

Reviews of Inforce Policies

  • Periodic Policy Audits Are Essential
  • This Practitioner Has a Powerful Program
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on February 27, 2014.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Robert E. Burton, LLB, CLU, ChFC, AEP

Robert E. Burton, LLB, CLU, ChFC, AEP

Burton Insurance Services

  • As Senior Advanced Planning Consultant for NY Life, spearheaded their Advanced Planning Program and pioneered their Field Advanced Planning Program
  • As Vice President of Management Compensation Group/SF, created executive benefit programs for many of the San Francisco Bay Area’s largest companies, both private and public
  • Faculty member at CLU Symposiums and nine CLU Institutes
  • Speech on “Estate Planning with Life Insurance” at Practising Law Institute’s 37th Annual Estate Planning Institute in San Francisco was recognized as one of the best presentations
  • Lectured on non-tax-qualified Deferred Compensation at University of Missouri at Kansas City Law School’s 12th Annual Federal Estate Planning Symposium
  • Has lectured on life insurance and estate planning at many Estate Planning Councils around the country
  • Among several published articles, 1997 article on failing policies published in Trusts & Estates magazine won their Epic Award as “Best Article of the Year”
  • Member of three local Estate Planning Councils and Past President of San Francisco Council
  • Recent Board Member, National Association of Estate Planners and Councils
  • Past President of local SFSP Chapter
  • B.S. degree in Economics, Yale University; J.D. degree, Columbia University Law School
  • Can be contacted at 415-518-7388 or [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 392749
Published 2014
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