It is generally accepted that what individuals financially do today affects their standard of living tomorrow. While we all accept that each of us should be saving part of our wages to fund our standards of living in the future, too few people actually achieve sufficient savings.
Tomorrow’s Security examines the many things that can be done to provide a sufficient income and standard of living following our retirements. It would be nice if we could simply buy an annuity or pay off debt and all our financial problems would be solved, but that is not the reality. There are many elements that contribute to a sound financial plan. This course looks at all the elements involved.
Since this course is geared towards insurance agents, it does, of course, involve insurance products, such as life insurance and annuities. However, agents must also understand other aspects that affect how life insurance and annuities should be applied. Without knowledge of how these products interact with other financial planning tools, agents cannot apply insurance products effectively. No matter how good an insurance product is, if it is applied inappropriately, then the premium dollars spent have been wasted.
Tomorrow’s Security first looks at getting not only required state-mandated education, but also education in other areas that will benefit clients. Agents who understand inflation, for example, will also understand how insurance products can effectively be applied. Education is always the foundation of a successful career, whether that career is insurance or something else.
Chapter 11 is an extensive look at today’s ethics for insurance agents. Insurance agents are being asked to know continually more regarding all types of insurance products, and how those products apply or do not effectively apply. There will be increasing lawsuits against agents who lack the knowledge to effectively present insurance products. Many lawsuits will be filed due to agent ignorance, not malice. In today’s world, agents must be educated as a form of lawsuit protection.
This long chapter examines consumer issues, but it also looks at the role ethics play in the profession generally. It looks at the importance of maintaining an ethical base while selling insurance and at the reasons being ethical in general is vital. The chapter examines such things as IFRS Reporting, Claims Leakage, knowingly making false or misleading statements, as well as other elements of daily life and professional life.
United Insurance Educators, Inc.