Life Insurance
NZ National Certificate in Financial Services (Financial Advice) Level 5 (Life Insurance)
The Institute's New Zealand Level 5 certificate in life insurance, meets the requirements of the following NZQA-issued qualification: National Certificate in Financial Services (Financial Advice) Level 5 (Life Insurance). This means that the life insurance modules in the course include coverage of the competency standards required for issuance of this national qualification.
| Fee |
NZ$980 per module |
| Duration |
Four modules – Each Study Period lasts 12 weeks. (Students are able to study more than one module per Study Period.)
Bridging course – At student’s own pace |
| Delivery |
Online |
| Assessment |
Assessment for each module consists of:
- a case study based assignment
- an examination containing multiple choice, short answer and case study based questions. Find out more ...
ETITO assessments: Standard Sets B and C |
| Standard Sets |
A and E.
B and C to be completed through ETITO. |
| Further Education |
Complete two more module (FSL503 Life Insurance Distribution and FSL505 Life Insurance Underwriting) to obtain the Institute’s Diploma of Insurance Broking. Upon completion of the Diploma, graduates will become a Senior Associate Certified Insurance Professional (CIP) of the Institute. |
Three steps to obtain your Level 5 qualification
Students who successfully complete this three step process will satisfy NZQA’s requirements and be awarded the National Certificate in Financial Services (Financial Advice) Level 5 Life Insurance.
Course content
To be awarded the NZ National Certificate in Financial Services (Financial Advice) Level 5 (Life Insurance) students must complete the following four modules and the ANZIIF nominated bridging course.
- FSL507 Serving the Life Insurance and Superannuation Customer (New Zealand)
- FSL508 New Zealand Life Insurance Law and Regulation
- FSL504 Life Insurance Products
- FSL506 Life Insurance Claims Management
- NZFSL5 Level 5 Bridging course.
FSL507 Serving the Life Insurance and Superannuation Customer (New Zealand)
Looks at the context of the life insurance sector within the New Zealand financial services industry and the economy at large.
Students will also examine taxation and investment issues and the role of customer service in maintaining an insurer’s profitability.
Learning Outcomes:
- Analyse the impact of the economic environment on financial services, products and the market in which they operate
- Analyse the specific requirements of life insurance through an appreciation of the products offered by life companies
- Advise on taxation issues in relation to life insurance
- Develop and present appropriate strategies and solutions for customers
- Handle customer claims and provide ongoing customer service
- Identify and evaluate the principles of investment for life companies
- Discuss the responsibilities of advisers in recommending investments
- Understand key workplace health and safety requirements.
FSL508 New Zealand Life Insurance Law and Regulation
Covers all the relevant New Zealand legal concepts, laws and regulations, as they apply to life insurance marketing, administration, claims and complaints, as well as superannuation and privacy issues.
Learning Outcomes:
- Understand legal concepts in relation to life insurance
- Understand and apply the legislation and regulations that apply throughout the life–cycle of life insurance policies
- Understand and apply the codes and principles that apply throughout the life–cycle of life insurance policies.
FSL504 Life Insurance Products
Covers the key components of term life insurance, permanent life insurance; income protection products; retirement income products; and life investment products. Students will also learn about benefit options, group life, superannuation and managing alterations to life insurance contracts.
Learning Outcomes:
- Understand the function of the product line, be able to identify the customer needs that it is capable of satisfying
- Identify the characteristics of common policy options
- Define the specific needs that each option aims to satisfy
- Understand the strengths, weaknesses, terms, and conditions of common policy options.
- Process alterations to an insurance policies
- Receive policy alteration advice from customers
- Issue policy alteration advice.
FSL506 Life Insurance Claims Management
Covers the process of determining the validity of a life insurance claim, assessing its impact and calculating payments for claims made against each of the major policy types.
Learning Outcomes:
- Determine settlement options, terms and conditions
- Identify any required changes to policy or procedures
- Report findings and update records
- Negotiate and communicate settlement terms
- Analyse death claims to determine validity
- Analyse IP claims to determine validity
- Determine settlement options, terms and conditions
- Recognise and adhere to appropriate regulation and legislation.
NZFSL5 Level 5 Bridging course
For information about this bridging course, click here.
ETITO’s assessments
When students feel that they are competent in the skills outlined in the unit standards, they can be assessed for competency and credits towards completion of the Level 5 qualification can be awarded.
Assessment involves an exam administered by the ETITO and the collection and recording of evidence that demonstrates an individual's competence in each unit standard for which they are seeking credit. This evidence can be gathered by observing normal day-to-day work, from the organisations records, team leader's/manager's verification, questionnaires completed, and verbal discussions. For more information, click here.
Further education
If you want to build a career in the life insurance industry or if you are already working in the industry but need to achieve a professional qualification to progress in your career, the Institute’s internationally-recognised Diploma of Life Insurance is for you.
Once you complete the Institute’s modules nominated for the Level 5 qualification in life insurance, you only need to successfully complete two more modules (FSL503 Life Insurance Distribution and FSL505 Life Insurance Underwriting) to obtain the Institute’s Diploma of Life Insurance. The Diploma is designed for employees working in life insurance to provide the technical knowledge and skills needed to give quality services to clients.
Upon completion of the Diploma, graduates will become a Senior Associate Certified Insurance Professional of the Institute.