I Predict Future Re-branding of LUTCF to LACP, Per this Article

[DHK]

https://insurancenewsnet.com/innarticle/big-market-new-naifa-lifeannuity-agent-cert

The Life and Annuity Certified Professionals (LACP) certification could interest millions of insurance agents in China, India, Korea and Japan, in addition to agents in other markets.

“When you look at demand for certification, primarily in Asia, LACP is the equivalent of a college degree,” said Kevin Mayeux, CEO of NAIFA in Falls Church, Va.

NAIFA plans to unveil the LACP seal of approval next week at the annual meeting of the Million Dollar Round Table (MDRT) in Orlando. More than 12,000 insurance advisors gather for MDRT’s annual conference every year.

No one knows what a "life underwriter" is. They never did, so those organizations that promoted "life underwriting" began to rebrand themselves:
- The American Society of CLU and ChFC changed its name to Society of Financial Service Professionals in 1998.

- NALU changed its name to NAIFA in 1999.

- In 2013, The American College dropped the LUTCF program in favor of a new certification called FSCP (notice the 'certified professional' commonality with LACP) based almost 100% on the old LUTCF because "people didn't understand the "LU" part" according to Dr. Larry Barton. (By that logic, CLU will be rebranded - or rather 'folded' into the ChFC program.)

- Hell, The American College had its own 'identity crisis' when in 1975, the College undertook a study to determine what to rename "The American College of Life Underwriters".


Yeah, I think LUTCF will be re-branded at some future time. So will CLU, although I'm reasonably sure that maintaining CLU as a pure "insurance specialty" and as a 'post-CFP' certification will still have some appeal.

https://www.kitces.com/blog/what-co...or-specialization-with-post-cfp-designations/

 

[DHK]

And so, it begins:

https://financialregnews.com/insura...program-life-insurance-annuity-professionals/

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LACP Certification

http://www.advisortoday.com/2017/05...-standard-for-life-and-annuity-professionals/

 

[walthamny]

We are still missing CIP Certified Insurance Pedlars and UIE Unlicensed Insurance Experts.

 

[DHK]

At least those two wouldn't be paying $300 every 3 years.

LACP FAQ

11. What about recertification?

Recertification is required every three years. The recertification fee is $300. Within the three-year period, certificants may document no less than 30 hours of continued education from providers approved by the LACP Certification Committee, or they must take and pass the certification exam. Certificants whose certification expires must submit an application that satisfies the then-current requirements and pass the certification exam.

I'm still waiting to be "sold" on why LACP is even necessary. Sure, it's a product examination, but that's about it. From what I can tell, LACP still won't hold a candle to CLU.

It's just slightly better than RFC because at least they require a certification exam. But your certification says "life and annuity" rather than being a financial problem solver.

 

[VolAgent]

I've always had kind of a low opinion of the LUTCF. I saw this posted somewhere else by a person holding the designation and the FSCP, which appears to be its replacement?

I recently learned about converting life insurance policies for the first time. Level or value term policies can be converted into a whole life, variable, universal, simple whole if you want with a piece of paper and NO medical

If they just learned about it, and still don't really even understand it, what value does either designation really hold?

 

[DHK]

I don't know really. About 8 years ago, I took the LUTCF course of "The Essentials of Business Insurance" from The American College... and thanks to a now subscription-based insurance forum by "He who shall not be named"... I could've taught that course. I learned NOTHING by taking it. However, at that time, I was over 3 years in the business and had my ChFC as well.

I do recall hearing that the LUTCF was the #1 designation held by MDRT top of the table members.

If you're less than 5 years in the business, I think there can be some value by taking the courses, but don't ask me where you'll find that value. NAIFA has quotes of people who have been in the business over 10 years and they say they have learned things they never heard before... but that also depends on that agent's perspective too.

LUTCF is still offered through NAIFA and the College for Financial Planning. The American College is offering FSCP as the "replacement" for LUTCF - which does not require NAIFA membership.

 

[shonceman]

I don't want to be a LACP. I'd miss out on the fun of people calling my office and asking for "Mr. Lucifer"!

 

[DHK]

You don't want the fun of someone transposing your letters and thinking you're a "special agent" with the LAPD?

 

[shonceman]

You don't want the fun of someone transposing your letters and thinking you're a "special agent" with the LAPD?

That might be fun, too!

Seriously, though, the LUTCF was a prerequisite to be promoted into management at my former company. They reimbursed the cost upon successful completion of each course. They felt that it lent credibility to the middle management level. Upper management had to obtain either CLU or ChFC. But it was the rare agent in that company who ever ventured far outside the family market, so it was mostly knowledge we'd never use. But I'm not sorry I got it. If nothing else, it taught me to see myself as a professional agent, not just a salesman.