Personal Financial Risk and Estate Planning
Overview
This unit aims to provide students with an understanding of issues related to personal financial risk, insurance, and estate planning. Students will learn about risk management strategies that relate to providing personal risk advice and estate planning. Government regulations and policies applicable to the insurance industry, estate, and succession planning are examined and their applications for strategic advice and clients' needs will be discussed. Upon completion of the unit, students will have developed an understanding of the Australian insurance industry and the structures of insurance policies, estate plans, wills, and powers of attorney.
Requisites
26-May-2024
27-October-2024
Learning outcomes
Students who successfully complete this unit will be able to:
- Evaluate the nature of risk, benefits of insurance, and principles of risk management and estate planning
- Apply personal financial planning concepts to determine insurance and estate planning needs in the advice process and calculate tax estimates of insurance products
- Evaluate and calculate the appropriate levels of insurance cover and communicate risk management strategies to clients in the form of a compliant Statement of Advice
- Demonstrate an understanding of the estate planning process and evaluate the role of powers of attorney, trusts, and wills
- Work effectively in teams
Teaching methods
Hawthorn
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| On-campus Class | 2.00 | 12 weeks | 24 |
| Online Lecture | 1.00 | 12 weeks | 12 |
| Unspecified Activities Independent Learning | 9.50 | 12 weeks | 114 |
| TOTAL | 150 |
Swinburne Online
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| Online Directed Online Learning and Independent Learning | 12.50 | 12 weeks | 150 |
| TOTAL | 150 |
Assessment
| Type | Task | Weighting | ULO's |
|---|---|---|---|
| Assessment | Individual | 40 - 60% | 1,2,3,4 |
| Assignment 1 | Individual | 20 - 30% | 1,4 |
| Assignment 2 | Group | 20 - 30% | 1,2,3,4,5 |
Content
- Introduction to risk management
- Risk management application and concept of insurance
- The insurance industry and regulation
- Financial operation of insurers
- Life insurance
- Personal insurance and compulsory insurance
- General insurance
- Professional insurance
- Insurance products
- Development of risk advice
- Estate planning process
- Testamentary trusts and incapacity planning
- Business succession planning
Study resources
Reading materials
A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.