Principles of Life Insurance

About the Course

Life insurance is used as a means for people to achieve financial stability throughout their lives. Income protection and a possible accident or health strike can cause a burden on the family's financial strength, affecting their standard of living. Discontinuity issues may also harm the owners and key men of businesses, and life insurance can help protect these people from keeping their shares and experience, even after a harmful condition. It can also be investing for the future wellbeing of the policyholders and can utilise the financial capabilities of everyone to achieve a balanced future life.

Private Life Insurance applications extend to our lives, health, debt protection, and future. They can deal with hazards that threaten our beloved ones and our wealth, stemming from unforeseen situations. Private Life Insurance seems appropriate to care for our retirement years and even more so in the current downturn of the Social Security systems, to meet our desires and our needs for a retirement life with financial stability.

This Principles of Life Insurance training course provides the appropriate methods to offer each participant the skills needed for more productive work and suggests the necessary adjustments in behaviour towards greater efficiency. Life Insurance is a global business. Central to this work are modern techniques used to determine the best and unique solution for the benefit of each insured person. Through the commonly used Financial Planning Process, Insurers can help people set and implement their financial goals.

Core Objectives

The delegates will achieve the following objectives:

• Define concepts and Laws governing the Insurance Market
• Describe How Underwriting and Claims Procedures are operating in Life Insurance
• Identify the Life insurance needs of the insureds
• Distinguish the main plans and supplements included in the life insurance Policies
• Develop the financial planning process for people
• Differentiate among the various products of life insurance
• Explain insurance definitions and analyse insurance policies
• Demonstrate insurance and financial guidance to retirement planning

Training Approach

This training course uses a combination of interactive presentations and live discussions. These will be supported with workshops, videos, models, tables and charts to consolidate learning and discuss the practical application of the findings with the seminar provider. There will be a summary recap by the end of each day, linking up the topics to formulate a complete course. Upon request, it can include a final multiple-choice test on the material as a learning evaluation method. It is suitable for the delegates' in-class and virtual online and hybrid interaction.

The Attendees

Likewise, it will be valuable to the professionals but not limited to the following:

• People interested in advancing an insurance career
• Insurance Brokers wanting to enhance their Insurance Business
• Businesspeople and Agents of Insurance
• Self-employed Professionals
• Salespeople and Representatives
• Insurance employees working in Sales, Client Service, Call Centers
• Bank employees who promote insurance with other banking products
• Those interested in acquiring insurance knowledge and skills as a complementary job

Daily Discussion

DAY ONE: DESCRIPTIONS AND METHODS RELATED TO 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: Mortality and How the premium is calculated
• Life Insurance Underwriting Procedures – The Proposal
• Life Insurance Claims handling and Processes

DAY TWO: MATERIALIZING NEEDS AND PRODUCTS OF LIFE INSURANCE

• Life Distribution Channels and Delivery Roles
• Personal Protection Needs of Life Insurance – The Unforeseen Needs
• Early Death, Permanent Disability, and Medical Care
• Personal Requirements for Systematic Savings – The Predictable Needs
• Professional Insurance Needs: Protecting the Stakeholders’ Shares and Keyman Replacement
• The Insurance Contract: Operative Clauses and Options

DAY THREE: EXEMPLIFYING THE MAIN AND SUPPLEMENTARY PERSONAL INSURANCE PRODUCTS

• Term Insurance Types and Uses: Lumpsum and Family Income
• Endowment Policies and Traditional Whole-life Insurance Policies
• Supplementary Benefits of Life Insurance: Disability, Illness, and Loss of Income
• The Personal Accident Plan
• The Medical Expenses and Health Insurance: Benefits and Exclusions
• Group Life Insurance Master Plans

DAY FOUR: UNIT-LINKED INVESTMENT POLICIES – SAVINGS’ PLANS

• The Foreseeable Financial Needs of People
• Savings and Investment Products of Insurance
• Investment Products: Unit-linked Policies
• Investment Funds: Bid and Offer Pricing
• Private Pension Products: Life After Retirement
• Group Professional Pension Products: The Management Committee 

DAY FIVE: THE FINANCIAL AND INSURANCE PLANNING PROCESS

• Identifying Financial Needs: Collection of Information Questionnaire
• Financial Planning – The Disposable Income
• The Investment Pyramid
• The Financial and Insurance Planning Process
• Pensions and Retirement as a Financial Goal
• Annuities - Basis for Building Whole-life Pension Negotiations