Disability, Life and Anti-Money Laundering

Instructor UIE Phone (253) 846-1155 Email mail@uiece.com

Course Overview This course, titled Disability, Life, and Anti-Money Laundering is designed for Life and Health agents. The Disability Insurance portion applies to agents licensed and selling in the health area and the Life insurance (including annuities) applies to agents licensed and selling in the life field. Anti-Money Laundering applies to all insurance lines equally. Disability insurance and Life insurance go together far more than many agents realize. Many deaths are the result of incidents that happened prior to death. When a serious and severe illness or an accident occurs, most people recover. However, a portion of those experiencing an illness or accident do not recover. Their physical situation continues, eventually becoming serious and severe enough to cause their deaths. As we know, it is not possible to purchase insurance protection once sickness or injury is present; disability and life insurance must be purchased during good health, prior to symptoms developing. We hope agents will realize, from this course, the advantages of presenting their products to Canadians during times of good health. Life insurance is widely accepted and widely purchased; disability insurance continues to be overlooked by the majority of people. This course is ideally suited to agents with some experience in the selling field (three to five years), but even new agents could benefit from the information. Experienced agents may be familiar with much of the material, but there will be some elements that even an experienced agent may benefit from.

Course Schedule

Chapter	Subject	Description
Chapter 1	Protecting Income: Disability Insurance	We begin the course with disability insurance, since that is the product that tends to be overlooked by the general public and even by insurance agents themselves. Then we move on to life insurance in the course, including a brief section on annuities. Our intention is to focus on life insurance, but since annuities are part of that type of business it was included. We end with Anti-Money Laundering information since all agents, in all lines of the insurance industry continue to need advanced knowledge on this subject. As terrorist activity continues around the world, agents must be aware of the part insurance may potentially play as terrorists attempt to fund their activities. Disability: This course covers Canada’s Disability Insurance Plan, as well as other types of DI coverage. We look at the costs connected to disabilities and the role governments can potentially play in advancing the capabilities of those with disabilities.
Chapter 2	Life Insurance	The section on life insurance and annuities includes the insurer’s risks and how that relates to underwriting. It covers policy elements and benefits. Because annuities are included, we also discuss payout options, with both the advantages and disadvantages of each included. This course looks at annuity suitability, applicability, making the client the priority, and potential agent conflicts of interest. This is a brief annuity section but it highlights some important elements for agents. This section briefly looks at some ethical issues, but it is not extensive.
Chapter 3	Anti-Money Laundering	This chapter looks at the “red flag” indicators so that agents understand what they are looking for. Insurance products (primarily cash value ones) are ideally suited vehicles for laundering illegally gained money or income. For example, placing funds in an annuity and then terminating it works very well for these individuals. Agents must understand the warning signs and then know what to do if they are recognized.

Additional Information

None.