Designing Our
Future
Table of Contents
Chapter
1: The Future is Nearer than You Think
|
5 |
|
Knowledgeable Agents |
5 |
|
Acquiring Assets |
6 |
|
Estate Planning |
7 |
|
Wasted Dollars |
9 |
|
Wishing our Way Into Retirement |
10 |
|
Goal Setting |
11 |
|
Accurate Information Required |
13 |
|
Wealth Distribution |
15 |
|
Estate Control |
15 |
|
All Estates Need a Will |
18 |
|
Determining an Asset’s Value |
21 |
|
Income Capitalization |
23 |
|
Reproduction-Cost-Minus-Depreciation |
24 |
|
Comparative Sales |
24 |
|
Determining the Dollar Amount |
24 |
|
Chapter 2: Will You Outlive Your Assets? |
27 |
|
Buying Power |
27 |
|
The Federal Reserve |
28 |
|
Permanent and Variable Portfolios |
30 |
|
Chapter 3: Using Financial Tools |
36 |
|
The First Step: Record Keeping |
37 |
|
Establishing a Budget |
38 |
|
What Records and Where? |
39 |
|
Wills |
44 |
|
Chapter 4: Trusts |
47 |
|
Defining a Trust |
48 |
|
Irrevocable and Revocable Trusts |
50 |
|
Irrevocable Trusts |
50 |
|
Revocable Trusts |
52 |
|
Present Interest Trusts |
57 |
|
Crummey Trusts |
58 |
|
Totten Trusts |
59 |
|
Life Insurance Trusts |
59 |
|
Grantor Retained Annuity Trusts (GRAT) |
61 |
|
Money Management Tool |
62 |
|
Probate Considerations |
62 |
|
Trust Language |
70 |
|
Trust Creator & Trust Types |
71 |
|
Trust Distribution for Minors |
72 |
|
Selecting Trustees |
73 |
|
Probate Protection |
74 |
|
Proper Trust Use |
74 |
|
Not Everyone Needs A trust |
76 |
|
Taxation |
87 |
|
Estate Taxes & Inheritance Taxes |
88 |
|
Creditor Protection |
88 |
|
Bankruptcy Protection |
89 |
|
Medicaid Qualification |
89 |
|
Avoiding Probate Proceedings |
90 |
|
Estate Privacy |
90 |
|
Generation Skipping |
91 |
|
Asset Management, Conservation, and Distribution |
92 |
|
In Conclusion |
95 |
|
Chapter 5: Life Insurance |
96 |
|
How Much is Enough? |
97 |
|
The Life Insurance Trust |
102 |
|
Term or Cash Value? |
103 |
|
Term Insurance |
104 |
|
Cash Value Insurance |
106 |
|
Whole Life Policies |
107 |
|
Universal Life Policies |
109 |
|
Variable Life Policies |
110 |
|
Endowment Life Policies |
111 |
|
Survivorship Life Policies |
111 |
|
Single Premium Whole Life Policies |
112 |
|
Policy Options |
113 |
|
Nonforfeiture Options & Disability Waivers |
113 |
|
Cash Values |
114 |
|
Insuring the Life of a Child |
114 |
|
The Agent’s Role |
115 |
|
Chapter 6: Annuities |
117 |
|
Retirement Risks |
117 |
|
A Payment of Money |
118 |
|
Annuity History Group Annuities |
120 123 |
|
Do Annuities Make Sense? |
124 |
|
Commission Surrender Periods |
127 |
|
An Estate and Retirement Planning Tool |
127 |
|
Annuity Facts |
129 |
|
Tax Deferred Status |
131 |
|
Time is Money |
131 |
|
Periodic Withdrawals |
133 |
|
Annuitization Options |
135 |
|
Annuity Models |
137 |
|
Accumulation Deferred Annuities |
137 |
|
Single Pay Immediate Annuities |
138 |
|
Variable Annuities |
138 |
|
Investment and Insurance Component |
139 |
|
The Variable Annuity’s Introduction |
140 |
|
Wrap-Around Annuities |
141 |
|
CD-Like Annuities |
141 |
|
Retirement Advantages |
141 |
|
Estate Advantages |
142 |
|
Competition |
146 |
|
Investment Expenses and Loads |
150 |
|
Similarities |
153 |
|
Chapter 7: Retirement Funding |
157 |
|
Pension Plan Players |
158 |
|
How Much Money Will You Need? |
162 |
|
Inflation |
165 |
|
Company Sponsored Pension Plans |
167 |
|
Defined Benefit Plans |
169 |
|
Defined Contribution Plans |
172 |
|
401(k) Plans |
175 |
|
Collecting Pension Funds |
176 |
|
At Retirement |
183 |
|
Chapter 8: Other Financial Options |
188 |
|
Individual Retirement Accounts (IRA) |
188 |
|
Keogh Plans |
189 |
|
Simplified Employees’ Pension Plan |
190 |
|
Incorporation |
191 |
|
S-Corporations |
196 |
|
Estate Planning Tools |
197 |
|
When Death Occurs |
200 |
|
Chapter 9: Ethics and Other Myths |
209 |
|
Industry Knowledge |
213 |
|
Due Diligence |
216 |
|
Competency |
216 |
|
Understanding the Products |
217 |
|
Catastrophic Loss on a Large Scale |
219 |
|
Insurer Rating Companies |
221 |
|
Business Profile |
223 |
|
223 |
|
|
Operating Environment |
224 |
|
Market Brand & Position |
225 |
|
Lines in Business as a Risk Factor |
226 |
|
Insurer Assets |
226 |
|
Gross Underwriting Leverage |
228 |
|
Financial Flexibility |
229 |
|
Corporate Governance |
231 |
|
Special Rating Situations |
231 |
|
Insurers & Climate Change |
232 |
|
Continuing Education Requirements |
235 |
|
An Agent's Personal Responsibility |
238 |
|
Professional Representation |
239 |
|
Appointments |
239 |
|
Getting in the Door |
241 |
|
Making the Sale (Or Not) |
243 |
|
Product Over Commission |
244 |
|
Organization |
245 |
|
Full Disclosure |
246 |
|
Product Replacement |
246 |
|
Policy Application |
247 |
|
Product Delivery |
248 |
|
Yearly Reviews |
249 |
|
Revisiting The Sale |
250 |
|
Does the Product Still Meet Their Goals |
250 |
|
Errors & Omissions Insurance |
251 |
|
Agent Liability Risk |
251 |
|
Giving Our Clients What Is Due Them |
255 |
|
Criteria |
257 |
|
Claims-Made Policies & Occurrence Policies |
258 |
|
Unfair Trade Practices Act / Legislative History |
261 |
|
Insurance Activities Other than Sales |
265 |
|
Financial Activities Other than Insurance |
266 |
|
Nondiscrimination |
266 |
|
Limitation |
267 |
|
Definitions |
267 |
|
United States v Southeastern Underwriters Association |
268 |
|
Developing Legislation |
271 |
|
Key Points |
273 |
|
Is it Still Relevant? |
275 |
|
Section 4. Unfair Trade Practices Defined |
280 |
|
Section 5. Favored Agent or Insurer, Coercion of Debtor |
307 |
|
Section 7. Defined and Undefined Practices |
308 |
|
Section 8. Cease and Desist and Penalty Orders |
309 |
|
Section 9. Judicial Review of Order |
310 |
|
Section 11. Penalty for Violation of Cease-and-Desist |
310 |
|
Section 12. Regulations |
311 |
|
Unfair Travel Discrimination |
311 |
|
Life insurance companies classify countries into four categories |
315 |
|
“A” “B” “C” “D” Countries |
316 |
|
Favored Agent or Insurer |
320 |
Thank you,
United Insurance Educators, Inc.