All about the Insurance Policies page

The Insurance Policies page is used to enter new Life Insurance policies and edit existing policy details.

To access this page, select  Scenario Setup -> Insurance -> Insurance Policies.

About the Insurance Policies Table

  • Add a new policy: Click the Add Insurance Policy button below the table. Enter the details under each column and the row will automatically save when complete. You can add Term Life Insurance or Permanent Life Insurance policies. 

    • How to enter a jointly-owned policy? You'll notice that under the Insured column, you can select either spouse as the insured party but there is no option for joint. For joint policies, select the first or last to die based on your projection end. If the projection for both spouses ends in the same year, select either spouse as the insured party. Note that in the projections, the insured person pays the premiums. 

    • Why is the Death Benefit showing $0 on the Planning page while it is visible in this table? Since other beneficiaries are outside the client's projections, the payout that would go to other beneficiaries is excluded from the clients' projections. If Other is the only beneficiary (100%), the Death Benefit will show as $0 on the Planning page and in the report for this policy. 

  • Edit an existing policy: Update the values under the various columns for that policy. The Death Benefit, CSV, and Annual Premium for Whole Life and Universal Life Insurance policies can be entered and updated after clicking Edit under those respective columns. You can even copy and paste details from an Excel version of the insurance quotation or illustration.
  • Add Notes: Click the paper page icon under the Actions column to add notes related to each policy. These notes are not included in the Report.
  • Delete the policy: Click the trash can icon for that policy under the Actions column.

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