LUTCF Path to Success

Program Summary:

The LUTCFSM or Life Underwriter Training Council FellowSM professional designation program, was established by NAIFA in 1984. The program was designed to help agents and new advisors offer more comprehensive financial advice. Since that date more than 50,000 LUTCFSM designations have been conferred.

In February of 2014, the College for Financial Planning and NAIFA partnered to create an all-new version of the LUTCFSM that will launch in 2015.

Registration opens January 2015. Classes begin July 2015.

Why choose the LUTCFSM?

The new LUTCFSM is right for you if you identify with one or more of the following:

  • You are new to the industry and are looking to develop fundamental prospecting, selling and practice management skills plus working knowledge of the four practice specialties.
  • You are a financial professional seeking a broad understanding of the insurance industry and how it can impact financial planning and advising.
  • You are insurance agency or home office staff seeking a comprehensive overview and an understanding of the business aspects of the industry.

Intro to Practice Management and Life Insurance

Introduction to the LUTCF℠ Program

  • Introduction to NAIFA and the history of the LUTCF℠ Program
  • Overview of the course
  • What’s required to successfully complete the course and earn the designation
  • The Importance of having a mentor
  • The importance of committing to a lifetime of professional development
  • How earning the LUTCF™ designation will benefit you and your clients

Developing a Business Plan

  • Why a business plan is important
  • The Business Planning Process
  • The characteristics of a good business plan
  • Setting goals
  • Exercise: develop a written business plan and discuss at least one component in class

Financial Planning and Risk Management

  • Overview of the financial planning process
  • The role Risk Management plays in the process
  • Risk Management defined
  • Risk Management techniques
  • The Role of Insurance in Risk Management

Ethics

  • Definition of Ethics
  • Why ethics are important
  • Why ethics are important in our profession
  • Benefits of ethical behavior
  • Consequences of unethical behavior
  • Group Discussion

Introduction to Life Insurance Products

  • History of Life Insurance
  • Term Life
  • Whole Life
  • Universal Life
  • Variable Life
  • Variable Universal Life
  • Joint Life
  • Summary Comments
  • Quiz

Prospecting for Life Insurance

  • Identifying sources of prospective clients
  • Tracking prospective client leads
  • Developing a communication plan
  • Appointment Setting
  • Handling Objections
  • Field Work Activity (prospect for life insurance)

Life Insurance Selling Skills

  • Preparing for a client meeting
  • Setting the stage
  • Data Gathering
  • Listening to understand
  • Identifying needs, gaps, goals
  • Developing solutions
  • Presenting solutions
  • Closing skills
  • Implementation and follow through
  • Getting referrals
  • Field Work Activity (prospect for life insurance)

Insurance and Investment Products

Life Insurance and Annuities

  • Review life insurance products
  • Introduction to annuities
  • Compare and contrast life insurance and annuities
  • The Importance of having a mentor
  • Integrating each into a risk management solution

Annuities and Mutual funds

  • Introduction to Mutual Funds
  • Compare and contrast to annuities
  • Risk & Return
  • Time Value of Money
  • Risk Tolerance and Asset Allocation
  • Portfolio Management
  • Field Work Activity (prospect for/present to client Mutual Fund or Annuity)

Disability Income Insurance

  • Purpose
  • Features of base policy
  • Common riders
  • Pre-tax v. Post-tax

Long Term Care Insurance

  • Purpose
  • Features of base policy
  • Common riders
  • Hybrid policies
  • Medicare, Medicaid and LTCi
  • Partnership Programs
  • Tax treatment of premiums and benefits
  • Field Work Activity (prospect for/present to client Disability or Long Term Care Insurance, visit LTC community, discuss employer provided disability)

Property & Casualty Insurance

  • Auto
  • Home
  • Inland Marine
  • Liability Umbrella
  • Commercial
  • Group discussion

Health Insurance

  • Purpose
  • Policy Types
  • Policy Features and Benefits
  • PPACA
  • Quiz

Group Insurance Products

  • History
  • Employer Plans
  • Flexible Spending Accounts
  • Quiz

Risk Management Applications

Retirement Planning

  • Accumulation
  • Distribution
  • Traditional v. Roth
  • Risk, Return and Asset Allocation
  • Social Security
  • Medicare & Medicaid
  • Group Discussion

Estate Planning

  • How Assets Pass On
  • Using beneficiary designation and titling effectively
  • Estate planning documents
  • Managing Estate Taxes
  • Gifting
  • Using Trusts in Estate Planning
  • Group discussion

Applications for Individuals

  • Risk Management Issues for Individuals
  • Applying the Appropriate Financial Tools for Individuals
  • Field Work Activity (prospect for and present basic plan to individual client)

Special Family Situations

  • Risk Management Issues for special situations
  • Applying the Appropriate Financial Tools for Special Situations
  • Group Discussion

Applications for Business Owners

  • Risk Management Issues for Business Owners
  • Applying the Appropriate Financial Tools for Business Owners
  • Field Work Activity (prospect for and present basic plan to business owner)

Individual Client Scenario

  • Develop 3 or 4 scenarios around planning for individuals with some special situations included

Business Owner Scenario

  • Develop 3 or 4 scenarios around l planning for business owners with some special situations included
  • Wrap up and next steps

Courses are taught via an interactive web-based platform or in a live classroom setting. Essential field activities allow you to gain practical hands-on experience initiating and engaging clients in a live setting. Field Training activities are required throughout the program. Courses consist of eight weeks of instruction followed by a week of study and review for the exam. The program can be completed in one year or less!

Program Pricing:

Non-Member:  $920 per course / $2,335 full program
NAIFA Member: $782 per course / $1,985 full program

NOTE: Prospective designees will be required to be NAIFA members at the time of conferment.

 

For additional information on the program, please contact our enrollment team at 1-800-237-9990 x 3. For more information on NAIFA visit www.naifa.org or contact:

Diane Powers, NAIFA Vice President, Professional Development & Education at dpowers@naifa.org or 703-770-8226.