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What To Do With That "Unwanted" Life Insurance Policy

Learn the process needed to determine the best use of an existing 'unwanted' life insurance policy.

With the changes in the estate tax law it has been estimated that only 1 in 1,000 estates will need life insurance to pay estate taxes. But that does not mean that life insurance is an asset that should simply be discarded. Today's advisors are getting inundated with questions on what to do with 'unwanted' policies. And the decisions that are made will result in the loss or gain of hundreds of thousands, even millions of dollars. This topic will provide the financial advisor, attorney or CPA with a prudent process to review all the options available for a policy and develop the best outcome for each client's personal situation. The material will lay out in detail the steps that should be taken to analyze an existing life insurance policy with case studies pulled from actual real-life situations. You will learn how existing policies can be repurposed to better suit your client's situation and how to maximize the value of a policy - including when you should and when you should not sell a policy. The question of what to do with a life insurance policy will be coming up more often in the future - this topic will give you the answers.

Runtime: 88 minutes
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Why Lorman?

Over 33 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

Brief Review of Life Insurance Policy Types

  • Advantages and Disadvantage
  • What Is Guaranteed, What Is Not?
  • Projected Outcome vs. Reality
  • How to Manage a Policy

Using Life Insurance for Different Purposes

  • Estate Planning
  • Tax Advantaged Income
  • Long Term Care Planning

Developing a Process With Your Client for Prudent Policy Decisions

  • Listing of All Options With Unwanted Policy
  • How to Analyze Policy Options
  • Real Life Case Study: Surrender vs. Keeping Policy

Repurposing Existing Life Insurance Policies

  • How to Receive Favorable Underwriting on a New Policy
  • Real Life Case Study: Estate Planning to Long Term Care Policy

When and How to Sell a Policy Into the Secondary Life Market

  • Understanding the Secondary Market Process
  • When to Sell and When Not to Sell a Policy
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Why Lorman?

Over 33 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on October 18, 2018.

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

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

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Why Lorman?

Over 33 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

Michael Brohawn, CFP®, CLU®, CAP®

Michael Brohawn, CFP®, CLU®, CAP®

YourLifeInsuranceSolution.com

  • A resource for trustees and wealth advisors looking to buy and sell life insurance at www.YourLifeInsuranceSolution.com
  • One of the founders of Insurance Trust Monitor, Inc. (ITM), a firm that pioneered the outsourcing of trust-owned life insurance (TOLI) trust and policy management; the firm evolved into ITM TwentyFirst, the largest life insurance policy management firm in the country with more than two hundred clients, including some of the country's leading trust, banking, and financial firms
  • Developed the remediation services that set ITM TwentyFirst apart by providing a prudent process for trustees managing and maximizing life insurance for beneficiaries; while there, created ITM TwentyFirst University, and wrote the TOLI Handbook (www.TOLIHandbook.com)
  • A leading educator to peers in the life insurance field, especially trust-owned life insurance (TOLI); he has been an instructor at the annual Cannon Financial Institute's Unique and Hard to Value Assets Program held on the University of Notre Dame Campus in South Bend, Indiana, and has spoken to industry associations as diverse as Top of The Table, Texas Bankers Association, Fiduciary and Risk Management Association (FIRMA), and American Bankers Association (ABA)
  • Quoted in the Wall Street Journal and Financial Times publications, as well as other industry publications; he has published numerous articles, including three published in the last year in Estate Planning Magazine
  • Received the Certified Financial Planner (CFP®), Chartered Life Underwriter (CLU®), and Chartered Advisor in Philanthropy (CAP®) designations
  • In 2019 he published his first book, The Wealth Advisors Guide to Life Insurance (www.UnderstandLifeInsurance.org)
  • Can be contacted at [email protected]
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Why Lorman?

Over 33 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: 404550
Published 2018
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