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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.

As financial planning practitioners, our clients will seek our guidance on old whole life insurance policies. They either don't think they need to keep the policy for pure insurance purposes, can no longer afford it, or don't see the benefit of continuing to pay premiums. After we first analyze their situation to determine whether they truly don't need the insurance, we must recommend a solution for the old policy that works best for their given situation. This topic will detail many of the most common and successful strategies that practitioners can use to help their clients deal with unwanted life insurance policies and go over the specific planning details for each of those strategies.

56 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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

What Is Life Insurance for?

  • Unwanted vs. Unneeded
  • Keeping the Policy

Simple Options for Letting the Policy Go

  • Surrender for the Net Cash Value
  • Allow the Policy to Lapse
  • Modify - Change Death Benefit/Premiums

More Complex Options

  • 1035 Exchange
  • Selling the Policy
  • Seek Help With Premium Payments
  • Donate the Policy to Charity

Closing

  • Recap and Recommendations for Next Steps
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More Program Information

Why Lorman?

Over 35 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 December 16, 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
     
  • 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 35 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

DJ Hunt, CFP®

DJ Hunt, CFP®

Moisand Fitzgerald Tamayo, LLC

  • Senior Financial Advisor at Moisand Fitzgerald Tamayo, LLC
  • Retirement, tax, insurance, estate, and investment planning
  • Writes a quarterly column for Rethinking65.com
  • Member of NAPFA, FPA of Central Florida
  • B.B.A. degree in finance, West Texas A&M University; certificate in financial planning, Boston University; Certified Financial Planner professional
  • Can be contacted at 321-235-5400 ext. 110 or [email protected]
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Why Lorman?

Over 35 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: 409310
Published 2021
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