INSU07023 2022 QFA Life Assurance - Practice

Identify the authorisation, regulation and operating structures of life assurance companies.

Evaluate protection policies, including life assurance cover, serious illness cover and business insurances, and savings and investment policies and tracker bonds issued by life assurance companies.

Demonstrate an understanding of the protection needs of consumers.

Recognise the main features of valid wills and the principal provisions of the Succession Act, 1965.

Evaluate personal taxation liabilities, including incorporating the taxation treatment of consumers in relation to policies issued by life assurance companies; and

Calculate sums accumulated or discounted at compound interest and the impact of inflation over time on a consumer’s financial needs and resources.

Act effectively under guidance in a peer relationship with qualified practitioners; learn to act in variable unfamiliar learning contexts managing tasks independently, professionally and ethically.

This module will be delivered mainly through self-directed learning with the support of a mentor / supervisor from the students work environment. This module complements “QFA Life Assurance - Theory" module and will give the student the opportunity to apply their learning. There will be 16 case studies provided and the student should pick an agreed number of studies from the core of this work experience based syllabus. The student should focus on case studies which as far as possible reflects their working environment. The completed case studies will be submitted to Moodle and signed off by your nominated supervisor. The completed case studies will be examined as part of a verification visit by IT Sligo.

The student is required to locate from within their organisation cases which meet the described characteristics of an appropriate study scenario for use as part of the work based syllabus.

There are specific requirements which must be met by the student. Your supervisor is required to validate that the case studies which you are using to ensure they meet the attainment of the learning outcomes for this module. The purpose of this Work based Syllabus is to ensure that each Student has the opportunity to apply the academic principles which are being learned in a practical environment. Details of the specific criteria are provided for each case study area the student must work on; in addition to details of the assessment criteria, by way of guidance which the supervisor will be using.

The student must answer the relevant questions posed in the prescribed format. The supervisor will assess the case study on a pass/fail basis and the completed cases with the supervisor’s report will be uploaded to the learner management system.

This module will be assessed 100% by continuous assessment.

This module has been designed to complement; ‘QFA Life Assurance - Theory' module. In this module, the student will relate these topics covered in that module to their workplace environment and will place these learnings in the context of their employer's business.

This assessment will assess students understanding and application of knowledge, specifically, understanding questions require students to link pieces of information together in a cause‑and‑effect relationship. Application questions require students to apply their knowledge and/or understanding to a given set of circumstances.

In addition, to the case studies the apprentice will upload reflective diaries and skills sign off sheets to the learner management system.

The apprentice will need to upload any missing pieces of assessment to the learner management system.  The learner will need the case study solutions signed off by the supervisors, Additionally, the learner will need to upload skills sign off sheets and reflective diaries.

Personal Financial Needs

• Main Types of Personal Financial Needs
• Benefits of Financial Planning
• Life Assurance Policies to Meet Financial Needs
• Life Cycle
• Examples of Personal Financial Needs

Life Assurance Cover

• Introduction
• Temporary Assurances
• Whole of Life Cover
• Ancillary/Optional Benefits
• Benefits
• Restrictions

Serious Illness Cover

• Lump Sum Cover
• Illness Income Cover
• Other Covers

Quantifying Protection Needs

• Protection Needs
• Quantifying Life Assurance Cover
• Quantifying Serious Illness Cover

Wills and Estates

• Estate
• Wills
• No Will
• Credit Union Savings

Business Insurances

• Business Structures
• Partnership Insurance
• Key person Insurance

Comparing Protection Cover

• Introduction
• Comparison
• Convertible Term Assurance v Whole of Life Cover
• Individual Mortgage Protection v Group Mortgage Protection
• PHI v Serious Illness Cover

Investment Bonds         

• Unit Linked Investment Bonds
• Tracker Bonds

Savings Plans

• Unit Linked Savings Plans
• Assessing Savings Needs
• Benefits
• Limitations
• Risks
• Comparing Unit Linked Savings Plans

Taxation            

• Income Tax
• Universal Social Charge (USC)
• Tax Calculation Example
• Income Tax Exemption Limit

Providing Advice            

• Personal Financial Needs
• Authorisation
• The Financial Planning Advisory Process
• Consumer Protection Code
• Financial Needs and Objectives
• Assessing Suitability
• Assessing a Client’s Attitude to and Capacity for Investment Risk
• Making a Recommendation
• Example: Protection Need
• Execution Only
• Provision of Information about an Investment Policy

Starting a Policy             

• A Legal Contract
• Step 1: The Proposal Form
• Step 2: Underwriting
• Principle of Utmost Good Faith
• Step 3: Acceptance
• Step 4: Issue of Policy
• Reinsurance
• Annual Statement of Value