PLEASE NOTE – Although this material makes reference to the
financial advising profession, the EPC Designation program
is structured for any individual or profession who is working with our
aging society.
When we make reference to any statistics or facts in the
materials, we use the most recent information available at
the time that the current edition goes to print. For
example, any facts that are referenced from Statistics
Canada, are the most recent available due to their most
recent surveys and research.
The 2021 - 11th Edition EPC Designation program is based on the following 4 Module
Desk Reference Set material covering the following
curriculum:
MODULE 1 OVERVIEW – Aging & Health
Issues
1.
Situation Critical – Our population is Aging
2.
Principles, Progression & Effects of Aging
3.
Understanding Chronic Conditions
4.
Dementia & Our Aging Society
5.
Nutrition & Fitness
Chapter 1 – Situation
Critical – Our Population is Aging!
This chapter focuses on our changing society. To do this, it
is necessary to review demographics and other significant
factors that have contributed directly to Canada’s aging
society.
The EPC will learn about elders in respect of their needs,
wants, and concerns. This newly acquired knowledge will
assist the professional in planning for the future.
The EPC will be required to understand life cycle changes and
various factors and situations that an elder experience
while going through life. Each change in life means a new
insurance opportunity for the advisor.
The EPC will study how such factors as age, gender, race, and
ethnic background greatly influence elder behaviours and
attitudes when interacting with professionals.
If the advisor knows about future trends, then they can
structure their financial planning processes to assist the
client or prospect in meeting their needs. This will allow
for many opportunities for the advisor to market the
insurance products that they are licensed to sell.
Chapter 2 – Principles, Progressions & the Effects of
Aging
The main goal for the EPC is to become acquainted with the
physical, social, and psychological aspects of aging, along
with any challenges that are created by age-related changes
in the human body.
By understanding the age-related and non-age-related
changes and challenges, an EPC is better qualified to
professionally serve the elder client or prospect. By
working together with the elder, their best needs are met
when determining which financial plan or product to offer
Chapter 3 – Understanding Chronic Conditions in Elders
The EPC will witness the full implications that chronic
conditions will have on the elder and their families. They
will also study how severe illnesses can alter the elder’s
lifestyle and their ability to maintain a fully
self-sufficient life.
In addition, the EPC should be familiar with the members of
the elder’s health care team, and, in addition, what each of
those individual’s responsibilities are. Although this
chapter uses many medical terms and situations, it is not
necessary for the EPC to have the same knowledge as a
medical doctor. Remember that one not in the medical
profession, should not suggest any medical advice to a
client or prospect.
Knowing the symptoms and having the awareness of some of the
medical conditions and ailments that take their toll on our
aging society could greatly enhance the way in which the EPC
interacts and carries on business with an elder.
Knowing this information and how to convey it can lead to
offering insurance products such as Long-Term Care and
Critical Illness to the advisors’ clients and prospects.
Chapter 4 – Dementia & Our Aging Society
The EPC will be in a better position to understand and
recognize the various kinds of dementia, especially
Alzheimer Disease (AD). As there are many implications of
dementia, the student should know how it pertains to their
work with elders and their families.
When the EPC student concludes this chapter, they will be able
to define dementia, explain some of the causes of dementia,
and describe some of the different types of dementia. They
will have acquired knowledge about Alzheimer Disease. They
will also be versed in the planning and management of
dementia and be comfortable dealing with the various
caregiving issues surrounding it.
When an advisor knows this information, it can lead to
offering various insurance products to their advisors’
clients and prospects.
Chapter 5 – Nutrition and Fitness
Upon completion of this chapter, the EPC will be more familiar
with nutrition, healthful lifestyle, and longevity in
relation to elders. Factors that contribute to an unhealthy
life and shorter lifespan will also be discussed to further
explain, and emphasize, the importance of health as we age.
The EPC will gain insight into the overall process of aging by
considering the human body and the elements that affect it
over time. Having a foundation of information with which to
assess an elder’s health profile, the EPC will be able to
recognize areas requiring attention and suggest possible
lifestyle changes in relation to nutrition and fitness.
With awareness to the fact that a healthful lifestyle can both
prevent and improve the impact of age-related conditions,
the EPC will be able to help themselves, and others, to live
better.
Understanding the role nutrition and fitness play in
preventing such conditions as Alzheimer disease,
osteoporosis, diabetes, heart disease, and others, is the
key in making life-changing choices for health.
Students will cover aging theories, anti-aging strategies,
nutrition, digestion, causes of poor nutrition, elder
nutritional requirements, how to determine elder health,
supplements, diet and disease, exercise, and fitness.
Leading a healthy lifestyle can lead to preferential
insurance rates when it comes to Life & Accident Insurance
products that the advisor can offer.
MODULE 2 OVERVIEW – Social and Psychological Issues
for Elders
1.
Long Term Care Issues
2. Housing Options
3. Caregiving in Canada
4. End-Of-Life Planning Issues
5. Funeral Planning Bereavement – Grief and the Healing
Process
Chapter 1 – Long Term Care
Issues
It is common knowledge that taking care of one’s self
financially for long term care in the future is a major
issue. Our aging elders are no different in this regard.
Course attendees will be in a better position to provide
advice to the elders they interact with when dealing with
the various risks that are, and will be, associated with
their change in independent status.
The four areas that the EPC will study are:
-
WHY Long-Term care is such an issue, now and in the future.
-
HOW is society going to fund their Long-Term care when the
need arises?
-
WHAT is the role of Long-Term Care insurance in an aging
society?
Upon completion of this chapter, the advisor will be aware
of the opportunities that await their clients and prospects such as
Long-Term Care products.
Chapter 2 – Housing Options
The EPC will be in a better position to describe the many
housing options that are available for the elder. The EPC, when
faced with helping the elder, can help recommend the proper
alternative based on the elder’s needs and wants.
The EPC should become familiar with the fact that as people
age, their health begins to deteriorate. When this happens, the need
to find suitable housing or living arrangements becomes evident.
Either making changes to their existing home or looking for a new
dwelling could fill this need. A nursing home could also be the
solution. The EPC will learn what to look for when the elder or
their family chooses an assisted living or nursing home.
This chapter will walk the EPC through the various stages of
why elders want to stay in their own homes. The decision to relocate
can be a traumatic one, increasing the need for support from many
different areas.
The EPC will look at the various types of housing arrangements
available to the elder today. Some different types of government
assistance programs will be discussed to offer alternatives to the
funding process.
Knowing this information will allow the advisor to have the
conversation about Long-Term or Nursing home insurance coverages for
their clients and prospects.
Chapter 3 – Caregiving in Canada
All EPC’s should become familiar with the many types of
caregiving resources available. They should understand many of the
hurdles that our elders face, as informal caregivers meet their
continuing need for assistance from many avenues.
The students will look at and review the many issues
surrounding caregiving. Some of the topics covered will deal with
what is required to be a caregiver, how to be a good caregiver, and
what the difficulties and demands of caregiving really entail. The
many phases and duties of providing care to a recipient will be
addressed. Caregiving stress and elder abuse issues will be
discussed in detail.
With any position, one must be aware of the satisfaction that
comes with knowing that the job was done right. To this extent, the
EPC will also become aware of the rewards that accompany
caregiving.
This chapter can lead to a natural conversation starter for
the client and prospect, as the advisor can provide information on
how CRA looks at the caregiver and what type of benefits they can
receive. There may also be benefits available from the client’s
employer that they were not aware of.
Chapter 4 – End-Of-Life
Planning Issues for the Elder
As professionals, EPC’s should become familiar with the major
issues that a critically ill elder is facing. It is not necessary to
be fully conversant with these issues, but rather to know where to
refer the elder and their family for any further legal information
pertaining to their choice or choices. If the elder cannot speak for
himself, then who will look after his desires? Will it be the EPC?
Will it be the elder’s family?
The EPC will look at healthcare and family issues as people
near death. They will look at the quality of life that can lead the
elder and their families to make crucial decisions. Hospice and
palliative care play an important role in the aging process. As
such, you will be required to know the basic information about each
and how they can enhance an elder’s final time on this earth. The
EPC will look at the planning issues beyond the legal and medical
procedures to meet their elder client’s needs and wishes.
One of the key planning issues when a family is faced with
an end-of-life situation is the need for the advisor to review any
financial benefits that the individual has or is entitled to. This
is another way of providing service while assisting the family.
Chapter 5 – Funeral Planning
The EPC will become familiar with the various options when
advising elder clients about funeral home choices. The main point in
this chapter is to know where to go when it comes time to plan for
the final journey.
Upon completion of this chapter, the EPC will be able to
provide an overview regarding the offerings that a funeral home can
provide to the individual, either before or after death.
The EPC will also know what type of assistance is available
to assist the elderly when the time comes to look at planning a
funeral. This chapter is a definite lead in for the advisor to
discuss “funeral” insurance products.
Chapter 6 – Bereavement – Grief and the Healing Process
People all experience and deal with changes and losses in their
lives every day. This is a natural part of being. As you get older,
the chances of losing things in your life are very real. The EPC
will study and learn how to help elders who are going through
various stages of the grieving process because of the aging process,
and the fact that someday everyone must experience grief.
This chapter will prepare the EPC for dealing with loss and
grief with the elder and their family. All the variables will be
studied with the intent of providing an overview on how to adjust
for the healing process.
The EPC will learn about the experience of loss. They will look
at the total grieving process and study the five stages that humans
go through after a loss has occurred.
As the EPC finds their way through this chapter on grief
experiences, they will discover that there is no right or wrong way
to do the work of mourning. There is only the individual’s way, and
they must discover it for themselves.
There is no magic formula, no short cut, and no easy way out.
Grief is as if the person is inside a long, winding tunnel whose
entrance is closed behind them, and the only way out is to head
through it and out the other side.
A thorough study of this chapter will better enable the EPC to
provide effective interaction with their grieving elder clients and
families.
We all know that when a death happens, there might be an
extended period where an individual does not continue working for a
period etc. If this is the case, the advisor can assist the client
with the proper order of using any RRSP or non-registered
investments that were set up for the person.
“Grief will make a new person out of you, if it doesn't
kill you in the making." A quote by Stephanie Ericsson, Companion
through the Darkness.
MODULE 3 OVERVIEW – Financial Issues
1. Social Security & Medicare Programs
2. Retirement Planning & Investing
3. Generating Retirement Income
4. Legacy Planning
5. Travelling or Moving Abroad
6. Income Tax Planning
Chapter 1 – Social Security
& Medicare Programs
Approximately one half of the income of Canadians age 65 and
over comes from Old Age Security and Canada or Quebec Pension plan
benefits. A solid understanding of these programs is beneficial to
anyone who works closely with elder Canadians.
Maintaining their health is the number one priority for many
Canadian elders. As a result, no other group has a greater interest
in the sustainability of Canada's publicly funded health care
system. This chapter is designed to provide you with an overview of
the system with attention paid to some of the challenges facing
publicly funded Medicare.
Upon completion of this chapter, the advisor will be in a
better position to offer supplement programs to their clients and
prospects to offset and add to any Gov’t benefits that they will or
are receiving now and in the future.
Chapter 2 – Retirement
Planning & Investing
A long and fruitful retirement is not just the product of good
health - careful financial planning is also necessary. Making the
right investments; managing debt; making the income tax system work
in your favour; and ensuring that appropriate insurance coverage is
in place are all a part of the mix.
Inevitable cutbacks in government programs combined with
increasing longevity make financial planning - at a personal level -
increasingly important. Unfortunately, many elders and pre-elders
have very limited understanding of the most basic of financial
planning principles - and even more have simply failed to plan.
For anyone interested in elder issues, this represents a
wonderful opportunity to provide assistance and add value.
In addition, the advisor will be able to further enhance
the clients and prospects retirement planning process by suggestion
products to provide future income.
Chapter 3 – Generating Retirement Income
There was a time when many Canadians retired right at age
65—whether they wanted to or not. It was a full-stop kind of
retirement: you worked for the same company for most of your career,
they threw you a party on your last day, and the next morning you
woke up to a life of hobbies and doting on grandkids. Government
benefits and traditional employer pensions kicked in immediately and
they were often enough to take care of you, even if you had no other
savings.
For most Canadians the above version of retirement is pretty
much dead.
Defined benefit pension plans are dying out, except in the
public sector. And the government is starting to scale back seniors’
benefits such as Old Age Security, which will eventually start at
age 67 instead of 65. Increasingly, retirement income will depend on
how much a person has saved and how he manages his own money.
Unfortunately, just as Canadians are being forced to rely on
their own resources in retirement, they are being hit with low
interest rates and uncertain stock markets. All this helps to make
retirement more precarious.
The primary focus of the previous chapter was on how to
accumulate wealth for retirement purposes. In this chapter we turn
our attention to the various sources of retirement income and how
they can be effectively managed.
Upon completion of this chapter, the advisor can discuss
RRSP, RRIF, LLIFs, Employee Pension plans etc. to provide retirement
income for the client or prospect.
Chapter 4 – Legacy Planning
A key principle in legacy planning is that you cannot eliminate
the big mistakes in an estate plan until you have identified them.
Every elder should stage a financial fire drill with the assistance
of the Elder Planning Counselor community. The same caution should
be exercised with estate planning as with financial planning—if you
are not a financial services professional, work with someone who is,
or stay away from this area completely.
This chapter will investigate the process of planning the
accumulation, conservation, and distribution of an estate in the
manner that most efficiently and effectively accomplishes the
elder’s personal tax and non-tax objectives.
Upon completing this chapter, the EPC will acquire the ability
to gather accurate, comprehensive, and useful information that is
efficiently developed using a data gathering system.
The EPC will study the major areas of estate planning such as:
lack of liquidity, improper disposition of assets, inflation,
inadequate income, or capital at retirement / death / disability,
stabilization and maximization of the value of assets, excessive
transfer costs, and special problems.
This chapter is a natural lead in for the advisor to
provide their Estate Planning processes and suite of products to
fulfil these needs.
Chapter 5 – Travelling or Moving Abroad
Canadians comprise a mobile society. They look for travel
experiences; adventure, warmer climates, employment opportunities
and a sunny retirement in areas they perceive have a lower cost of
living. Some decide to move out of the country to avoid, or at least
reduce, the amount of income tax they pay. Others find out that they
have become residents of another country by accident, facing
substantial tax costs.
Many Canadian elders spend time out of the country,
particularly in the United States, during the winter months. These
snowbirds may plan on moving to the U.S. permanently, or look
forward to spending certain months of the year south of the border
as an integral part of their retirement plans and lifestyle. In
either case, their time spent in the USA may cause them to be deemed
as residents of the U.S. for income tax, estate tax, or both.
Conversely, they may no longer be deemed to be residents of
Canada, and put at risk government benefits, income tax breaks,
deductions, and credits. Those wanting to take advantage of lower
income tax rates in another country may find that the CRA still
considers them to be residents of Canada for income tax purposes. In
a worst-case scenario, they may be deemed to be residents of both
countries.
Many advisors working with elders do not ask or adequately
consider the impact on plans, programs, and lifestyles for elders
retiring or spending retirement time in the USA Elders, and the
advisors working with them, owe it to themselves to be cognizant of
the ramifications of being deemed a US resident. They should also be
aware of the similarities and differences in the issues, options,
and benefits discussed in previous chapters affecting Elders.
Though Canadians may spend a lot of retirement time in other
countries, this chapter will focus on some of the major topics as
they relate to time spent in the US.
Upon completion of this chapter, the advisor can discuss
Travel insurance products, financial planning and estate planning
products to cover any Estate planning issues that come up.
Chapter 6 – Income Tax
Planning
The objective for the EPC in personal
income tax planning is to minimize or defer income tax payable for
the elder. This requires a general understanding of Canada’s Income
Tax Act, and rulings put forth by the Canada Revenue Agency (CRA),
along with other events, such as tax rulings in the courts.
The EPC will be able to recommend various tax saving strategies
that will keep the elder’s goals front and centre, thereby
maximizing any spendable income.
Again, for this chapter, caution should be exercised. If you
are not in a profession that will allow you to provide complete and
accurate tax information, please let the experts handle it.
Upon completion of this segment, the EPC will be able to
understand which income sources constitute earned income, and which
ones do not. You will study tax deductions and tax credits, and how
they will affect your clients’ and prospects’ net income.
This chapter will look at how indexing can affect an
individual’s tax situation. You will be able to tell the difference
between being an employee of a company and being self-employed.
The complex taxation of Life Insurance will be studied in a way
that makes it simple to understand.
The advisor will have a working knowledge of Capital Gains,
Capital Losses, Deductions, Credits and other various terminologies
pertaining to taxation. This will all lead into the advisor
discussing their life insurance products to cover any taxation
issues.
MODULE 4 OVERVIEW – Communication & Other Timely
Issues
1. The Social Aspects of Aging
2. Communicating with Elders
3. Marketing to Elders
4. Elder Fraud and Financial Exploitation
5. Elders and Ethics
6. Putting It All into Perspective
Chapter 1 – The Social Aspects of
Aging
The EPC will learn and describe how the various age cohorts
will play a major part in the future shaping of Canada’s aging
population, by affecting the social and economic experiences of the
elder that will shape how Canada ages.
The EPC will work more effectively with their elder clients and
prospects by using the knowledge that they have acquired in their
study of Gerontology, Aging Theories, Family Structures, Changes and
Losses in Later Life, and Future Challenges.
This is a natural lead in for the advisor to discuss the
various family dynamics that can lead to the present and future need
for insurance and investment products of all types.
Chapter 2 – Communicating
with Elders
This chapter will assist you in developing communications that
will resonate with the elder market. Elders are unique. They think
differently than younger adults. They face a variety of emotional,
social and sensory challenges. And they're more difficult to
communicate with - on a whole variety of fronts.
The following material will give you a lot of perspective on
the many challenges associated with communicating with elders … as
well as some of the most effective strategies and approaches that
can be employed to reach them.
Best of all, all of the evidence seems to suggest that
communications that are designed to effectively capture the
attention of the elder market - will work well with anyone. Good
elder communication strategies are simply … good communication
strategies. Once you've hit the mark in the elder market, there is
no need to reinvent the wheel elsewhere.
Getting better at communicating with elders will make the
advisor a better all-around communicator. They will be able to
present complex ideas in words and sentences that the clients and
prospects understand.
Chapter 3 – Marketing to
Elders
This chapter will be of significant interest to anyone who
wants to "connect" with elders in a meaningful way - whether it be
for commercial purposes or otherwise.
While the elder population is clearly diverse, elders do share
a set of common interests, outlooks and values. This chapter
focuses on these similarities and how they impact and colour the way
in which elders react to information.
Understanding how elders react to and process information is
helpful to anyone who wants to deliver effective and compelling
messages to this market segment.
Upon completion of this chapter, the advisor will
understand that the various products that they would market to a
35-year-old are not the same products that our aging society will
purchase from them.
Chapter 4 – Elder Fraud &
Financial Exploitation
When it comes to financial exploitation, an elder’s greatest
enemy can be a family member, close friend, or trusted professional
– the very people he or she should be able to count on. This chapter
will give you a primer on how elders are exploited, who the
perpetrators are, and how you can help to protect our elder
population.
Of course, elders can also fall prey to outsiders. Con artists
like to focus their attention on the most vulnerable members of a
society. Elders who are isolated socially, who have financial
challenges, or whose health is failing make excellent targets. This
chapter will also provide you with a lot of information on elder
fraud and some suggestions on how to defend against it. Often, the
best defense an elder can have against fraud is to simply live by
the following motto: “If it sounds too good to be true, it probably
is!”
This chapter and all that is covered is part of the due
diligence process for advisors when it comes to serving aging
clients and prospects.
Chapter 5 – Elders and
Ethics
This chapter will provide you with a broad overview on the
origins of ethics – as well as some detailed discussions on such
topics as ethical decision making, elder ethical issues and business
ethics.
Ethics and codes of ethics are largely concerned with
protecting the weakest members of society. Without ethics and codes
of ethics, it would be relatively easy for the strong and the able
to take advantage of the poor, the disabled, the cognitively
challenged - and the elderly! For the elderly, a discussion of
ethics is not merely an academic exercise - it is vital to their
well-being. They need to know that the people they encounter with
regularity (e.g., medical professionals, accountants, lawyers,
salesmen, financial planners, etc.) are going to act with their best
interests in mind.
Currently of compliance and liability, this chapter will
review what the advisor needs to do to remain compliant with their
clients and prospects.
Chapter 6 – Putting It All
into Perspective
The Canadian Initiative for Elder Planning Studies (CIEPS) has
endeavored to provide you, the student with some knowledge that will
not only provide some invaluable insight into the elder population,
but also enhance your relationship within your community and the
people with whom you do business.
The time that you have spent to achieve your Elder Planning
Counselor designation will ultimately be part of your value-added
proposition that you can pass on to the elders that you interact
with.
This designation is about people helping people. It is about
helping you to proactively position your practices or businesses to
make them even more ‘elder friendly.’ The EPC designation program
that you have just completed has used some traditional approaches
and strategies as we studied in our aging society, and the impact
that it will have on our futures.
Even with this said you have just begun an ongoing process—one
that will require you to keep on top of changing times and future
visions.
Elders are different. They have a unique set of issues,
concerns, and values that need to be understood and appreciated as a
total package. They also hold a special place in our society.
They are an invaluable source of experience and knowledge for
every younger generation. And they are the heart of the family and
the foundation of your communities.
Like any professional designation, this chapter will “Put
into Perspective” what an advisor needs to do, and how to do it to
maintain professionalism and follow a Code of Professional Conduct
when interacting with their clients and prospects.