What do letters like c.l.u, Lutc, or designations such as chartered financial planner indicate in life insurance policies?

A number of different educational/training designations exist for life insurance underwriters and financial planners. They can be used to help determine the experience and educational level of individuals working in this field. Read on to learn about several of these designations…

CLU: Chartered Life Underwriter. This is a designation the American College (based in Pennsylvania) offers. It requires the completion of eight classes. Previous experience and ongoing education are typically needed as well. Similar designations include CPCU (Chartered Property Casualty Underwriter) and ChFC (Chartered Financial Consultant).

LUTC: Life Underwriter Training Council. According to the National Association of Insurance and Financial Advisors (which operates LUTC programs) students can earn LUTC Fellow (LUTCF) designations by taking six relevant 8-12 week classes. These classes cost about four-hundred dollars each, in addition to a $125 “New Student Fee”.

FSS: Financial Services Specialist. This designation is similar to the LUTCF. NAIFA.org indicates that the FSS has somewhat different educational requirements; two classes in finance planning must be completed by students earning FSS designations. FSS and LUTC courses have the same cost and are both offered through The American College.

Chartered Financial Planner: This is a finance planning designation previously offered in Canada. CFP-CA.org indicates that it stopped being issued in 1998. A more common designation also referred to as a “CFP” is the Certified Financial Planner.

CFP: Certified Financial Planner. CFPs must meet a variety of educational and experience requirements. According to the Certified Financial Planner Board of Standards, a CFP has to pass a background check, take relevant courses (or have equivalent previous education), pass an extensive test, and have three or more years of related experience.

CIC: Chartered Investment Counselor. One of the more recently introduced designations, a CIC requires that the practitioner already be a Chartered Financial Analyst. CSUN.edu indicates that an individual who holds this designation must work as an investment counselor and hold membership in the Investment Counselors Association of America.

RFP: Registered Financial Planner. The RFP and SRFP (Senior RFP) designations are conferred by the Registered Financial Planners Institute, which is based in Ohio and has chapters in many different countries. According to its website, an RFP needs to possess two or more years of relevant experience and must complete a class or correspondence course.

All of these designations show potential employers and clients that a professional in the insurance field has met certain qualifications in education and work experience. As with other types of certifications, they give the professional more potential to increase his or her income.

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