Excellence In Life Insurance and Retirement Savings Management

The participants will be able to explain insurance definitions and analyse insurance policies by applying insurance terminology under the legal framework governing the life insurance business. They will develop skills to identify the clients' insurance needs to explain the coverage, limits, and exemptions of various Life Insurance plans. They will be able to provide insurance and financial guidance to clients and analyse pension activities technically.

By the end of this training course, the participants will be able to:

• Define concepts of life insurance
• Identify the insurance needs of the insureds.
• Follow the financial Planning process.
• Differentiate the various types of life insurance.
• Implement a lifelong retirement program.

Course Content

Fundamentals of Life Insurance 

• The Definition and Objectives of Insurance
• The Principle of Insurable Interest as Applied to Life Insurance
• Utmost Good Faith and the Duty to Disclose
• Actuarial Principles - How is the premium calculated?
• Life Insurance Underwriting Procedures
• Life Insurance Claims
• Life Distribution Channels and Roles

Identifying and Materializing Life Insurance Needs 

• Personal Protection Needs of Life insurance – The Unforeseen Needs
• Early Death
• Permanent Disability
• Medical Care
• Personal Requirements for Systematic Savings – The Predictable Needs
• Professional Insurance Needs – Protecting the Stakeholders’ Shares
• Keyman Replacement
• Identifying Financial Needs - Collection of Information Questionnaire
• Financial Planning - The Disposable Income
• The Financial and Insurance Planning Process

Main and Supplementary Personal Insurance Products 

• Term Insurance Types and Uses
• Lump-sum and Family Income
• Traditional Whole-life insurance Policies
• Supplementary Benefits of Life Insurance
• Waiver and Disability
• Critical Illness
• Long Term Care
• The Personal Accident Plan
• Medical Expenses and Health Insurance
• Benefits and Exclusions
• The Loss of Income Rider

Unit-Linked Investment Policies – Pension Plans

• Savings and Investment Products
• Endowment Policies
• Investment Products – Unit-linked and Universal Policies
• Investment Funds
• Bid and Offer Pricing
• Private Pension Products – Life after Retirement
• Group Life Insurance Master Plans
• Group Professional Pension Products
• The Management Committee

Retirement Savings Options – Funds and Annuities

• Sources of Income in Retirement – Surrendering Cash Value
• The Investment Pyramid
• Duration of Pension
• The Level of Capital Needed
• Solutions to the Interest Rate Level
• Time and Exit Principle (Liquidity)
• Annuities
• The Principle of Whole-life Pension
• The Principle of Whole-life Pension
• Whole-life Ways of Distributing Capital Gains

Training Methodology

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.