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Modern Life Insurance Illustrations: Legitimate Uses, Questionable Practices, and Practical Alternatives

Gain an understanding of the life insurance illustration and ensure that life insurance product recommendations are in your client's best interest.

Significant changes to the definition of life insurance, together with expected increases in income and estate taxes, make life insurance more attractive to HNW and Ultra HNW clients. At the same time best interest rules from the SEC and New York (Reg 187), along with the CFP board's new standards for life insurance product due diligence, are redefining how financial advisors evaluate and recommend life insurance. While life insurance illustrations have been used as decision support for product recommendations in the past, these new best interest rules require new tools and different execution (i.e., as in best execution). This topic will provide a thorough understanding of the life insurance illustration, their legitimate uses, questionable practices, and practical alternatives to ensure that life insurance product recommendations are in your client's best interest.

58 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 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

Understanding Life Insurance Illustrations

  • What Are They?
  • Where Do They Come From?
  • What Do They Depict?
  • Legitimate Uses?

Questionable Practices

  • Case Study
  • Actuarial Guidance 49 and 49A
  • FINRA Rule 2210
  • Final Report of the Task Force for Research on Life Insurance Sales Illustrations
  • OCC Handbook for Unique and Hard to Value Assets

Practical Alternatives

  • Best Interest Rules
  • Data Sources for Internal Policy Costs and Performance Requirements
  • Benchmarking Costs and Performance
  • NAIC Output Versus Best Interest Requirements
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More Program Information

Why Lorman?

Over 34 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 Course

This course was last revised on August 31, 2021.

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

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

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • ME CLE 1.0
     
  • NJ CLE 1.2
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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More Program Information

Why Lorman?

Over 34 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

Barry D. Flagg, CFP®, CLU®, ChFC®, GFS®, AEP®

Barry D. Flagg, CFP®, CLU®, ChFC®, GFS®, AEP®

Veralytic Inc.

  • Oldest, youngest CFP® in the history of the College for Financial Planning
  • Member of The Center for Board Certified Fiduciaries and head of Life Insurance Curriculum
  • Volunteer – CFP® Board Professional Standards & Legal Department
  • Managing director of Triangulum Financial Partners serving as sub-advisor to institutional trust companies for thousands of life insurance trusts
  • Contributor for Forbes Advisor
  • Inventor, founder & president of Veralytic – the only patented, online, objective, rules-based research tool for decision support of product recommendations in clients’ best interest
  • Contributor – Leimberg Information Services, Inc. estate planning and financial products newsletters
  • Frequent speaker and writer about the prudent selection or retention and proper management of life insurance according to fiduciary principles
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Why Lorman?

Over 34 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: 408934
Published 2021
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