In March, I will complete the online portion of another seminar I attended in the fall. Since I did not need the credits for 2011, taking it in March will give me an additional 6 hours for 2012 for The Institute and count toward my licensing requirements. What else do I need? For licensing, we do 15 hours approved for the life insurance license and 15 hours for accident and sickness. Often, a session counts toward both. For my Certified Fraud Examiner (CFE) designation, I require 20 hours, including 10 hours that are directly fraud related.

The requirements add up, so it is important to get started early and not leave it until the last moment. Learning is an ongoing activity. What CE credit do you have to do?

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This is the blog of Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, operating in Edmonton, Alberta, Canada. Tony is an independent Life and Accident & Sickness Insurance Agent and Broker. Blog entries are an expression of the author’s personal opinions, and the insurance companies represented will not be held liable in any way for the opinions expressed herein.

In its 57th year, the Advocis Banff School was held at the Banff Centre, from August 21 to 25, 2011. This is a continuing professional development (CPD) and networking experience for financial and insurance advisors and planners, run on a volunteer basis (including speakers) by advisors for advisors. It was my first year attending. In past years, my CPD has been achieved through the designation programs I have taken and by attending various continuing education (CE) sessions. This year, my CE needs have changed.

As a Chartered Life Underwriter (CLU), I am now required to complete 30 hours of CE credit approved by The Institute for Advanced Financial Education (The Institute). These hours are not necessarily the same as those approved to meet provincial licensing requirements, as originators of other CE sessions may apply for licensing body recognition but not necessarily for approval through The Institute’s CE Accreditation Service. Conversely, those courses approved through The Institute are often approved for provincial licensing (I write of my experience in Alberta). Commencing in 2012, approval by The Institute will also be required for 10 CE credit hours to maintain the Certified Health Insurance Specialist (CHS) designation. I, along with others, took advantage of the recent opportunity to exchange the Registered Health Underwriter (RHU) designation for the CHS. The 10 hours is included in the 30 required for CLU holders.

Banff School provides participants a significant number of CE credits toward The Institute and insurance body licensing requirements. It was one of the main reasons I attended. However, it is not the only reason that I and others chose to be there, with many repeating for a number of years (29 seemed to be the most). On the first full day, I found myself wondering why others did register. Admittedly, I was reflecting on my doctoral research interest in CPD. I wondered if it was truly for learning, if personal learning environments/networks evolved from meeting others, and whether it was just a good excuse for a vacation in the mountains.

I can’t presume to speak for everyone, but based on my observations and experience, along with comments made by others, there are a number of reasons why Banff School continues to enjoy its success. As mentioned, it is a good place to get CE credits (anticipating about 20 approved by The Institute) in a condensed period of time. The learning that came from the sessions included updates, new information, and reminders of what we have learned in the past. Many speakers were inspirational. From the social side, it is obviously a networking opportunity with old and new friends and colleagues. During breaks, meal times, evening events, and other activities (such as golf), there was a reasonable time in which to do more than just pass on the way to sessions. Also, if you haven’t already imagined, this is a beautiful location in the Canadian Rockies, so it serves as a vacation destination. I’m sure that many enjoy the short getaway from the office. The combination of technical training, CE credits, networking, and inspiration certainly made the trip worthwhile for me.

Back to my thoughts as a PhD research student, I can only assume (bad to do) that there is some development of personal learning networks (PLN), especially due to contacts made with insurance industry company representatives, the speakers, and others. I’m not sure if advisor participants tend to consult each other for learning purposes throughout the year. However, to the extent that PLNs are maintained, those PLNs and the other resources to which we are exposed can become part of our personal learning environment (PLE). I would love to hear from anyone who attended, in this or past years, and is active online in what can be seen as networking and/or learning in the insurance industry.

Photos from Banff and the Advocis Banff School

“Advocis, The Financial Advisors Association of Canada, is the oldest and largest voluntary professional membership association of financial advisors and planners in Canada.”

Linkedin Group Formed

Medical costs may be deductible as business expenses if not covered by your medical plan, within limits set by the Canada Revenue Agency. If you are not familiar with how Private Health Services Plans work to allow this, I would like to refer you to some information from a company I represent, CustomCare. There are several links on one of my pages, and I would be pleased to discuss in further detail.

Private Health Services Plan

If it can potentially save you tax dollars, it is at least worthy of consideration!

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This is the blog of Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, operating in Edmonton, Alberta, Canada. Tony is an independent Life and Accident & Sickness Insurance Agent and Broker. Blog entries are an expression of the author’s personal opinions, and the insurance companies represented will not be held liable in any way for the opinions expressed herein.

To my clients and future clients, no worries, it is a part-time and distance program, so I am still here to serve you. For those in the insurance industry, my research will likely include the informal and self-directed activities of advisors, marketing reps, and others. You may find it interesting as time goes on. The planned research allows me to connect my passion for e-learning and technologies with my current business and prior career experience.

I’m looking foward to the journey and will share along the way.

This next year will also see me pursuing other educational endeavours. Immediately, I am participating in a Massive Open Online Course (MOOC), and I hope to commence doctoral studies in the next month. While the latter will relate to technologies and their use in work-based informal and self-directed learning, there will be a distinct tie to the insurance industry. I have a definite interest in how insurance advisors (and other professionals) learn beyond the formal courses and training sessions. In fact, I hope my research will be of interest to leaders within the insurance industry, as well as other industries.

I welcome you to follow my other blog for information about learning activities.

Hoping you are enjoying the holiday season, and wishing you the best in 2011!

Tony

What is a CLU? Referencing the CLU Institute, “The Chartered Life Underwriter (CLU) is a professional financial advisor specializing in developing effective solutions for individuals, business owners and professionals in the areas of income replacement, risk management, estate planning, and wealth transfer.”

Taken over a period of time, my skills and knowledge have steadily increased. I look forward to sharing this with my clients and with others.

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This is the blog of Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, operating in Edmonton, Alberta, Canada. Tony is an independent Life and Accident & Sickness Insurance Agent and Broker. Blog entries are an expression of the author’s personal opinions, and the insurance companies represented will not be held liable in any way for the opinions expressed herein.

This may complement personal or group coverage. It could replace it, but that would usually not be recommended. A similar program may be found as part of a insurance group plan, but often not. CRA allows this to operate through third-party, arm’s length, administrators. I represent CustomCare as an independent broker. For an understanding of how a PHSP operates, I invite you to visit their website, starting with the link below. If you have any questions, please direct them to CustomCare or to me. You may feel the urge to sign up right away. If you do, without speaking with me, please mention my name.

Understanding PHSPs

As an insurance agent, I do need to advise you that the PHSP itself is not an insurance product. However, there are two products available to CustomCare clients: Travel & Catastrophic Medical Insurance and Critical Illness Insurance. In fact, the Travel & Catastrophic is a requirement for businesses that are not incorporated to meet CRA rules. See the information for sole proprietors.

Is this new to you? I hope you find it an interesting option. You may have several questions, but please ask.

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This is the blog of Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, operating in Edmonton, Alberta, Canada. Tony is an independent Life and Accident & Sickness Insurance Agent and Broker. Blog entries are an expression of the author’s personal opinions, and the insurance companies represented will not be held liable in any way for the opinions expressed herein.

Under the emergency medical and hospitalization, you may be covered for a pre-existing condition, but it must be stable for a specified period of time prior to the day of travel. The stability period will vary by carrier and by age of the traveller. There may be specifics relating to certain illness as well. I have seen 60, 90, 180, and 365 days. There is also a policy with a 7 day period if under age 60 and traveling for less than 36 days, and there is one that is available to business owners and their employees that has no stability period. Here is the bottom line. If you have a medical emergency while traveling that relates to a pre-exisiting condition that is not stable for the required time, do not expect your expenses to be covered. This can be significant. Of course, while you should avoid being in that situation, a claim could be made to allow the insurer to assess whether or not it can be covered. If in doubt about the stability period before the trip, you are encouraged to consult with your physician.

If you purchase trip cancellation and interruption coverage, you need to be aware of the exclusions here. Let’s start with when you have to purchase the coverage. You may be required to purchase the insurance at the time of ticketing or within so many hours or days after purchase. After that time, you may not be able to purchase it from a particular company, while another may add a condition. That condition could be, for example, any condition arising within the 72 hours following purchase of the insurance will not be covered. You can also expect to see an exclusion for conditions that were not stable in a specified period prior to purchasing the ticket or prior to deposits being non-refundable.

The best advice I leave you with is to read and understand your travel insurance policy, particularly relating to pre-existing conditions. If the seller of your policy has only one plan to offer, you may need to make enquiries to ensure it is the best for your situation.

I should also point out the option of a medically underwritten plan. At older ages (55 and 60 as examples), there may be a medical questionnaire to answer. If you cannot qualify based on your answers to the questions, or if you are definitely not stable for the required time, you may be eligible for a medically underwritten plan through at least one insurer. Further consideration is given to your personal situation, and a premium is quoted if coverage can be provided.

Does this sound a little more complicated than you expected? It is!

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This is the blog of Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, operating in Edmonton, Alberta, Canada. Tony is an independent Life and Accident & Sickness Insurance Agent and Broker. Blog entries are an expression of the author’s personal opinions, and the insurance companies represented will not be held liable in any way for the opinions expressed herein.