Lunch and presentation at the Missouri Athletic Club
Speaker: Lee Slavutin
Topic: A financial planners guide to a life insurance check-up
About the talk: Life insurance is one of the most neglected assets that clients own. All too often, an insured individual purchases a policy and then stows it away somewhere in his or her files, where it sits collecting dust. The problem with such treatment is that insurance policies can change quite dramatically over an individual’s life. Regular monitoring of an insurance policy can help reduce costs, ensure appropriate coverage, avoid thousands of dollars in taxes, and guarantee that policy proceeds go to the correct beneficiaries.
Financial advisors have a great opportunity to forge an active, ongoing relationship with their clients by offering them a Life Insurance Checkup. The Life Insurance Checkup is the best way to obtain a comprehensive overview of a client’s current situation. This process answers the following four questions:
What insurances are already in place?
What are a client’s insurance needs?
Do any strategic changes need to be made to current policies?
Are there policies with outdated or incorrect information, inadequate premiums, negative tax consequences, or forgotten benefits?
CPE Credit
Summary
Life insurance is one of the most neglected assets that clients own. All too often, an insured individual purchases a policy and then stows it away somewhere in his or her files, where it sits collecting dust. The problem with such treatment is that insurance policies can change quite dramatically over an individual’s life. Regular monitoring of an insurance policy can help reduce costs, ensure appropriate coverage, avoid thousands of dollars in taxes, and guarantee that policy proceeds go to the correct beneficiaries.
Program Topics:
The 8 Steps of a Life Insurance Checkup are as follows:
Locate All of the Policies and Riders.
Create an Inventory for the Client.
Review the Financial Strength Ratings of the Company.
Identify the Policy Owner.
Identify the Policy Beneficiaries.
Determine if the Amount of Coverage is Adequate.
Review a Policy’s In-force Illustrations.
Be Aware of Important Tax Rules.
Objectives
Financial advisors have a great opportunity to forge an active, ongoing relationship with their clients by offering them a Life Insurance Checkup. The Life Insurance Checkup is the best way to obtain a comprehensive overview of a client’s current situation. This process answers the following four questions:
What insurances are already in place?
What are a client’s insurance needs?
Do any strategic changes need to be made to current policies?
Are there policies with outdated or incorrect information, inadequate premiums, negative tax consequences, or forgotten benefits?
Delivery Method: Group-live setting
Earn CPE Credits for this session. Joan
Field of Study: Joan will handle
Program Level (Select One) – Intermediate
Prerequisites – There are no prerequisites or advanced preparation for this session
Who should attend? CPA’s, Lawyers, Financial Planners, and Insurance Agents.
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CFP requirements
Learning Objective: ALL Ce programs must contain a minimum of one learning object, which is specific, measureable statement of what participants will learn in the program. Learning objectives must be realistic, considering the level of complexity and program outline.
Financial advisors have a great opportunity to forge an active, ongoing relationship with their clients by offering them a Life Insurance Checkup. The Life Insurance Checkup is the best way to obtain a comprehensive overview of a client’s current situation. This process answers the following four questions:
What insurances are already in place?
What are a client’s insurance needs?
Do any strategic changes need to be made to current policies?
Are there policies with outdated or incorrect information, inadequate premiums, negative tax consequences, or forgotten benefits?
Overview - Level of Complexity — (please choose one)
______X________ Intermediate — Programs build upon knowledge that would be covered in and overview level program or assume that working knowledge in the subject to be covered is a prerequisite, Best suited for CFP professionals who have previous exposure to the subject being covered and at least 3 years of industry experience.
Summary
Life insurance is one of the most neglected assets that clients own. All too often, an insured individual purchases a policy and then stows it away somewhere in his or her files, where it sits collecting dust. The problem with such treatment is that insurance policies can change quite dramatically over an individual’s life. Regular monitoring of an insurance policy can help reduce costs, ensure appropriate coverage, avoid thousands of dollars in taxes, and guarantee that policy proceeds go to the correct beneficiaries.
Program Topics
The 8 Steps of a Life Insurance Checkup are as follows:
Locate All of the Policies and Riders
Create an Inventory for the Client.
Review the Financial Strength Ratings of the Company.
Identify the Policy Owner.
Identify the Policy Beneficiaries.
Determine if the Amount of Coverage is Adequate.
Review a Policy’s In-force Illustrations.
Be Aware of Important Tax Rules.
Speaker bio: Lee J. Slavutin is a principal in Stern Slavutin 2, Inc., a life insurance and estate planning firm in New York. He graduated from Monash University Medical School in Melbourne, Australia in 1974 and became a Fellow of the Royal College of Pathologists of Australia and a Diplomat of the American Board of Pathology in 1981. Dr. Slavutin left the practice of medicine in 1982 and entered the life insurance business in 1983. He is a member of the Association of Advanced Life Underwriting and the Million Dollar Round Table and is a Chartered Life Underwriter with the American College. Dr. Slavutin has published 170 articles on insurance and estate planning topics for CCH, Warren Gorham and Lamont, Practitioners Publishing Company (PPC), New York Law Journal and others. He is a member of the CCH Estate and Financial Planning Advisory Board, and the Advisory Panels of PPC and Bottom Line Personal. He is the Author of “PPC’s Guide to Life Insurance Strategies”, 16th edition (2014), published by Thomson Reuters. Dr. Slavutin has spoken before the American Law Institute/American Bar Association, the New York County Lawyers’ Association, the American Institute of Certified Public Accountants (CPAs), the New Jersey State Society of CPAs, the Association of Advanced Life Underwriting, the Million Dollar Round Table, and the UJA-Federation Annual Tax and Estate Planning Conference, as well as many New York accounting and law firms. He was invited to testify before the New York State Senate on the effectiveness of the insurance rating firms and worked with the U.S. General Accounting Office on a similar project. He is married to Dee and they have two children, Aaron and Lydia.