Life Insurance

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4.0 Credits

The construction of a proposed life insurance solution in a personal financial plan is complex on several levels; so, as a personal financial planner, you must possess a broad range of knowledge of the various insurance solutions available to have a reasoned dialogue with your clients.

Three types of life insurance contracts will be covered in this CPE course: term life insurance, permanent life insurance, and group life insurance (group life insurance will also be covered in another course, "Group Life Insurance and Employee Benefits"). A variety of issues and features pertaining to life insurance contracts are discussed in this course, including the following:

  • Choosing the optimal design of a policy
  • Funding and withdrawals features
  • Dividend options
  • Nonforfeiture options
  • Settlement options

Finally, several taxation and tax planning topics will be addressed in this course, including tax planning with life insurance, income taxation of life insurance, taxation at surrender of a contract, taxation of the death proceeds from a life insurance contract and life settlements, transfer of value rules, Section 1035 exchanges, and integrating life insurance with the overall financial plan.


  • Recognize the various types of term life insurance.
  • Identify the types of permanent life insurance.
  • Select a waiver of premium rider based on specific facts and circumstances.
  • Distinguish among the various types of life insurance riders.
  • Identify the features of a permanent life insurance contract.
  • Determine the taxation of distributions from a modified endowment contract.
  • Select the appropriate dividend option based on the client’s facts and circumstances.
  • Calculate the death benefit of a life insurance contract.
  • Identify exchanges of insurance contracts that qualify for IRC Section 1035 tax treatment.
  • Select an estate planning strategy based on a client’s specific facts and circumstances.

Major Topics

  • Types of life insurance
  • Term, credit, permanent, universal
  • Key features of life insurance
  • Underwriting, design, funding, nonforfeiture, settlement, planning, practical aspects
  • Taxation and tax planning with life insurance
  • Integrating life insurance with the overall financial plan

Designed For

CPAs and financial planners with basic knowledge of, and interest in, personal financial planning.

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