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The Life Insurance Handbook
By: Shuntich, J.d., Ll.m., Louis S.

List Price: $19.95
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Item #: 1611783
Pages: 96
Publisher: Marketplace Books
ISBN: 1592800572
Type: Book - Soft Cover
Publish Date : 7/1/2004
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Term life insurance. Whole life. Variable and Universal life insurance. The list of choices for insurance products continues to grow - along with the different uses and tax implications associated with each. Despite the dizzying pace of change in the industry, every financial professional must understand the different types of insurance available - and the considerations for purchasing them.

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Jacket Description:
Now - the Society of Financial Professionals teams up with tax and estate planning expert Lou Shuntich to bring you a practical new reference guide that is both compact and comprehensive. Concise and to-the-point, this handbook provides the latest industry information on:

The legal aspects of acquiring and owning a policy
The types of products and contracts available
Simple criteria for evaluating and comparing policies and insurance companies
The tax implications of each product type
Structuring policies, ownership arrangements and beneficiaries for maximum tax and legal benefits - and tips for avoiding traps and pitfalls in the process

While not an exhaustive account of the industry - it's an excellent primer that covers the key concepts necessary when advising clients or analyzing portfolios and estates. And in keeping with the Society of Financial Professionals' steadfast commitment to providing continuing education to the industry. The Life Insurance Handbook is the perfect learning too for keeping busy financial professionals and their clients up-to-date.

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Table of Contents:
Chapter 1:
The life insurance policy
Insurable interest
Policy application
Incontestable clause
Suicide clause
Contract interpretation
Effective date of insurance
Grace period
Reinstatement clause
Non-forfeiture provision

Chapter 2:
The types and features of life insurance policies
Term life insurance
Endowment insurance
Whole life insurance
Current assumption whole life insurance
Adjustable life insurance
Universal life insurance
Variable life insurance
Variable universal life insurance
First-to-die life insurance
Second-to-die (Survivorship) life insurance
Optional policy provisions and riders

Chapter 3:
How to evaluate and compare life insurance policies
Evaluating a policy
Comparing policies

Chapter 4:
How to evaluate and compare life insurance companies
Evaluating an insurance company
Comparing companies

Chapter 5:
The federal tax treatment of life insurance
The federal income tax treatment of life insurance
IRC 7702 Definition of life insurance
Cash value accumulation test
Guideline premium and cash value corridor tests
Consequences of failure to meet the tests
Cash values
IRC 7702A Modified endowment contracts
Policy loans and interest
Policy exchanges
Accelerated death benefits
Death proceeds
Transfer for value rule
Settlement options
Alternative minimum tax
Federal estate tax treatment of life insurance
Federal gift tax treatment of life insurance
Federal generation-skipping tax treatment of life insurance

Chapter 6:
Traps and pitfalls to be avoided
Multiple owner cases
Third party owner not beneficiary
Trustee purchases of life insurance to avoid estate tax
Trustee for a minor beneficiary
Oral trusts
Transfer for value rule
Cross purchase buy & sell agreements
Gift of a policy subject to a loan
Starting or terminating split dollar arrangements
Insurable interest and charitable gifts of life insurance


Reference Guide

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