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.
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Why Lorman?
Over 37 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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Credit
More Program Information
Why Lorman?
Over 37 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.
- Arizona CLE 0.75
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 0.75 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 0.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 0.5 CLE credit(s).
- MO CLE 1.1
- This course qualifies for self-study CLE credit in Missouri.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 0.75
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 0.75 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
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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Credit
More Program Information
Why Lorman?
Over 37 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®
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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Credit
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Why Lorman?
Over 37 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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