We are not taking new students for the current version of the Certificate IV in Life Insurance (FNS41515) due to the development of the Life Insurance Professional Standards Framework. The updated qualification will be available from late October 2021. Continuing students who are part way through can enrol by contacting Customer Service at [email protected] or phone 03 9613 7200.
Skills Unit
LI401-15
Life Insurance Products
An introduction to the basic life insurance product types, including term life insurance; trauma cover; total and permanent disablement (TPD); income protection; permanent life insurance; annuities; and (unbundled) life insurance investment policies.
20 CIP Points
Life Insurance Products
AUD $895
Life and Retirement Income
12 weeks
What you'll learn
Upon completion of this section, students should have a knowledge of:
- the origins of insurance practices
- the contract law that underlies modern life insurance policies
- categories of modern life insurance products
- group life policies as distinct from retail life insurance
- the compliance implications of life office products
- the basic channels of life insurance product distribution.
They should be able to recognise the basic characteristics of the following products:
- term life insurance
- TPD and trauma insurance
- IP insurance
- permanent life insurance
- life insurance products for the business context
- annuities as life insurance products
- life office investment products
- including their strengths, weaknesses and standard conditions.
They should be able to:
- describe the function of the product lines
- identify the customer needs that the product lines are capable of satisfying
- facilitate the comparison of similar products on the market.
- identify the characteristics of common policy options
- define the specific needs that each option aims to satisfy
- describe the strengths, weaknesses, terms, and conditions of common policy options.
Competencies
FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector
Online Assignment
- Pass Grade: students must be assessed as competent in all assignment questions
Online Exam
- Pass Grade: 50%
- Duration: 120min