Course overview
Extending on prior learnings, this course aims to develop an advanced understanding of the roles of insurance in the financial planning process, in reducing the financial impact resulting from the occurrence of catastrophic events, and the likely scope of advice within the financial planning practice environment. The learner will consider the roles of insurance in protecting both income and wealth for the individual, household, and small business exposed to personal and property perils, the evolving legal and regulatory responsibilities attached to insurance contracts, and the changed remuneration environment in which this advice is to be offered.
Course learning outcomes
- Critically review the regulatory environment surrounding insurance in Australia and assess its implications for the provision of risk management advice as part of the financial planning process.
- Compare and contrast the features of major life and general insurance products and explain differences between alternative insurance products to clients.
- Critically evaluate the role of risk assessment and use of insurance as components of the financial planning process, including the taxation implications of alternative products and strategies.
- Identify and evaluate client-specific risks and provide a critical assessment of the risk management and insurance implications for these clients.
- Create risk management strategies appropriate to client risk profiles, including recommendations for life and general insurance products.