Financial Protection with Insurance

Instructor

UIE

Phone

(253) 846-1155

mail@uiece.com

Course Overview

Of course, it is necessary to financially protect oneself during all phases of adulthood, but typically we think of retirement when it comes to financial protection. Economic realities become more pronounced when income is changed by retirement. When there is no longer a regular income from a job, finances change. For individuals who saved enough to have the same income initially during retirement, it may seem like there will be no problems, but as time goes by that may no longer be true. Outside influences can change an adequate income to an inadequate income with the passage of time.

Insurance agents must understand the elements of insurance that help their clients have a financially secure retirement. This course addresses the financial issues people face in retirement, both initially and long-term. This course focuses primarily on the influences that are not always obvious to the newly retired individual and their agents, including long-term care requirements, the loss of spending power over time, and changes in financial expectations.

Course Schedule

Chapter	Subject	Description
Chapter 1	Creating Retirement Protection	The first chapter gives an overview of the financial requirements of retiring, including the effects COVID-19 has had on the insurance industry. The United States has not had to deal with the severe effects of inflation for several decades, but inflation still plays a role. That is briefly discussed.
Chapter 2	Why does the SECURE Act Apply to Insurance Producers?	The age at which owners of retirement accounts must start taking RMDs increased to 73, starting January 1, 2023. The current age to begin taking RMDs is 72, so individuals will have an additional year to delay taking a mandatory withdrawal of deferred savings from their retirement accounts. The SECURE 2.0 also pushes the age at which RMDs must start to 75 starting in 2033. Starting in 2023, the penalty for failing to take an RMD decreased to 25% of the RMD amount not taken, from 50% currently. The penalty will be reduced to 10% for IRA owners if the account owner withdraws the RMD amount previously not taken and submits a corrected tax return in a timely manner. Additionally, Roth accounts in employer retirement plans will be exempt from the RMD requirements starting in 2024. And beginning immediately, for in-plan annuity payments that exceed the participant's RMD amount, the excess annuity payment can be applied to the year's RMD.
Chapter 3	Life Insurance	Life insurance is of course used to protect the people we love, but life insurance is also used in retirement and estate planning. This is covered in this course. An aspect that should never be overlooked is how annuities and life insurance might be used for money laundering. That topic is extensively covered in this course, including antimony laundering requirements (ALM).
Chapter 4	Annuities	Chapter 4 is an in depth look at the types of annuities, advantages, and disadvantages of using annuities at all ages, but especially for retirement purposes. The NAIC Annuity Best Interest recommendations are discussed. This chapter is best utilized by the experienced agent, but it will benefit even new agents, although new agents may need to read it twice to get the full value of the information.
Chapter 5	Health Insurance	Chapter 5 looks at health insurance. This has been a topic that has dominated the news as the Affordable Care Act has gone through the courts, experienced changes, and become increasingly popular with Americans, especially with the advent of COVID-19.
Chapter 6	Insurance Ethics	The final chapter covers ethics. Of course, ethics should be known by every insurance producer, but reviewing the various phases of ethics is always appropriate. Agents (and really everyone) knows it is wrong to lie, cheat, or steal, yet every year agents are fined for various hues of doing exactly that.

Additional Information

Where specifically noted, this course covers the Annuity Best Interest training.

ClearCert Approved.