Insider Insights Into Insurance (Accountant Edition)

This is a full day course for accountants who deal with successful entrepreneurs (ideally CCPCs), wealthy families and generous donors. You can easily tailor the content to suit the needs of your members and the time available.

Topic: Insider Insights Into Insurance (previously called "Deconstructing Life Insurance With An Actuary")
Presenter: Promod Sharma
Designations: FSA, FCIA
Title: Marketing Actuary
Company Name: Taxevity

The following format is based on the ICAO course calendar.

Overview

Level: Intermediate Course Duration: Full Day

When your clients bring you insurance proposals, how do you evaluate them? When your clients ask for tax strategies, do you consider the overlooked advantages of life insurance? Here’s your chance to help your clients and build your practice by learning directly from an actuary.

Promod Sharma has worked closely with accountants for over 20 years. He has rare insider knowledge. He designed life insurance products for 10 years. He then assisted top advisors with their key clients across Ontario for five years. He’ll share insights from the viewpoints of insurers, advisors and accountants.

Format

At the start of this interactive course, you’ll have the opportunity to list your questions on the whiteboard. Your issues can then be addressed during the session. You’ll even explore the “what-if” implications of small changes to assumptions with live demonstrations using the same tools that advisors get.

You will learn:

The Basics

  1. The implications of the mortality curve and the Maximum Tax Actuarial Reserve (MTAR)
  2. What tax advantages does life insurance have?
  3. Why does life insurance still have these tax advantages?
  4. How have products evolved over the last 100 years?
  5. How do term life, whole life and universal life insurance really work?
  6. When is life insurance tax exempt under Section 148 of the ITA?
  7. When is life insurance creditor-proof?

The Opportunities

  1. How are accountants using life insurance for tax planning?
  2. How does life insurance help “untrap” retained earnings?
  3. When does “Buy-Term-And-Invest-The-Difference” make sense
  4. How do the two forms of “9-7” insured leveraging work?
  5. How to identify clients for different strategies?

The Risks

  1. How do you evaluate an insurance proposal?
    1. What does the fine print take away?
    2. How sensitive are results to small changes in assumptions?
    3. What effect do investment bonuses have?
  2. How do you evaluate an advisor?
  3. What happens if an insurance company fails?
  4. What increases the likelihood of a claim getting paid?
  5. What might concern CRA about insured tax strategies?
  6. What are the implications of IFRS?

Who will benefit:

Accountants who deal with successful entrepreneurs (ideally CCPCs), wealthy families and generous donors.

Special Instructions For The Organizers

Please equip the room with

  • Projector and screen
  • Whiteboard with supplies

PS Network

Market Better
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Spark Insight
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Grasp Risk
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Tame Risk
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