Advice

Life Settlements For Fiduciaries CE Course With Glenn Daily

Life settlements can be a solution to financial challenges your clients face but they’re illiquid, opaque, complex and sold by unscrupulous advisors who get away with charging exorbitant fees and rip off consumers when they're most vulnerable. It’s an important topic for financial fiduciaries.

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While you can find CE courses from insurance product providers, financial planning and investment fiduciaries will not find a class about life-settlements with this kind of authoritative mathematical analysis anywhere else.

  • 1 CPA CPE credit for the live session
  • 1 credit 24/7 for CFP® and CIMA® professionals as well as retirement income and other planners

Glenn S. Daily, the instructor of this course, became my go-to source of insurance product analysis three decades ago, when I was at The New York Daily News. He has blazed a trail as a fee-only insurance fiduciary advisor.

I’m particularly proud to collaborate with Glenn Daily, CFP®, ChFC, CLU, to produce this session. Since we met in the mid-80s, Glenn never compromised his integrity. Even though the insurance industry is built on a sales commission compensation system, Glenn has ignored conventional wisdom and pursued the lonely path to improve transparency in support of consumers. He’s the unsung Don Quixote of insurance!

This class on life settlements is a case study showing how to analyze the value of a life insurance policy using a tool called TellUsTheOdds, which was designed by Glenn and his partner, Douglas J. Bennett, FSA.  

Glenn showed me some examples of how life settlements can help clients. One application was for a client who 20 years ago bought a $5 million term policy, as part of a buyout agreement with his partners, and he is now 64 and the policy is now convertible to whole life, and he recently was diagnosed with cancer or became a smoker 15 years ago. He may be able to make tens or even hundreds of thousands on selling it.

 Here’s an outline of what’s covered

  • Overview of the life settlement market
    • Four areas of self-assessment for conscientious advisors
      • If a life settlement has been proposed, look for better alternatives.
      • When advising on the termination of an existing policy or the purchase of a new policy, consider a life settlement as an option.
      • Follow a reasonable process to obtain high gross purchase offers.
      • Justify transaction costs.

 Case study

  • Life settlement valuation
  • Incorrect approach using life expectancy
  • Actuarial approach
  • Using level annual premium
  • Using level monthly premium
  • Using level monthly premiums in three periods
  • Using optimized premiums
  • Impact of cash values
  • Impact of extended maturity provision
  • Transaction costs
  • Provider’s fee
  • Broker’s fee
  • Income tax
  • Strategies for reducing transaction costs
  • Alternatives to selling a policy now
  • Keep the policy for beneficiaries, with support from other family members
  • Reduce the death benefit
  • Sell a portion of the policy
  • Wait to sell

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