Life Insurance

  • Wednesday, March 11, 2020 – Friday, April 30, 2021

  • 4
    Specialized Knowledge

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.


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

Additional Information

Designed For

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


American Institute of CPAs


4.00 Specialized Knowledge

Course Number


Level of Knowledge


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