May 1, 2025 - Release Notes - New Insurance Needs Analysis Tools and Charts, 2025 Projection Assumption Guidelines
- New Feature
Building on the enhancements to the Life Insurance Needs Analysis in our previous release, we've expanded this important tool to include a Disability Insurance Needs Analysis and Critical Illness Insurance Needs Analysis.
Disability Insurance Needs Analysis
Here, you can input the client's desired Income Replacement and Available Resources to estimate the annual benefit required to replace your client's income if they became disabled and could no longer work. You can manually input the Personal Income or import the value directly from the projection.
You'll then have access to the Summary page that illustrates if sufficient coverage is in place or whether additional insurance is recommended.
Critical Illness Insurance Needs Analysis
You can input the client's desired Income Replacement, Liabilities, and Available Resources to estimate a suitable coverage. You can manually input the Personal Income and Spousal Income, or import the values directly from the projection.
You'll then have access to the Summary page that illustrates if sufficient coverage is in place or whether additional insurance is recommended.
You can include the Needs Analyses in the Client Report from the Report Builder page and add any additional Comments through the Report Editor.
- Enhancements
Life Insurance Needs Analysis – Summary
We've added the input assumptions for the Income Replacement value in the Summary table for greater transparency.
Life Insurance Needs Analysis – Details
You can illustrate how the life insurance needs change over time using the existing Table view or the new Chart view.
Table view:
- You can edit any blue values in this view to further fine-tune your analysis.
Chart view:
- You can export the chart using the menu option in the top-right corner.
To access these views from the Life Insurance Needs Analysis modal, click See Details at the bottom of the Setup or Summary pages.
Toggle between the views by clicking on the Table/Chart buttons. This selection is remembered for each analysis and carries over to the Client Report. You can change this selection in the Client Report -> Report Editor if needed.
Life Insurance Needs Analysis – Rebase
When a scenario containing a Life Insurance Needs Analysis is rebased in the new year, this analysis gets rebased as well:
- The first year of the analysis is changed to the current year.
- The Inflation Rate is applied to Personal Income, Survivor Expenses, custom Liabilities, and Other Assets.
- The Analysis Horizon and the Number of Years are reduced by the number of rebased years.
- If the needs analysis has ended in the new year, it will be removed from this rebased scenario. However, you can still access it through the original scenario.
- Other Updates
| The 2025 Projection Assumption Guidelines can now be imported into your projections. |
The latest (2025) Projection Assumption Guidelines from FP Canada and the Institut québécois de planification financière (IQPF) can now be imported into your projections. You can find more information about adjusting your projection settings and the updated values here. |
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| Historical data for our Historical Scenarios modal has changed | FP Canada and the Institute of Financial Planning also released their updated approach to emerging markets historical data that provides a more accurate representation of historical emerging markets returns. As a result of this change, we have updated the equity rates of returns used in our Historical Scenarios modal. |
| The experimental Income Tax settings for proposed Capital Gains Inclusion Rate changes have been removed. |
On March 21, 2025, the government announced that it will cancel the proposed inclusion rate increase. As a result, we've made adjustments to the options available on the Scenario Setup -> Settings -> Income Taxes page:
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| Defaults menu is now available for all standard pages in Client Report |
Defaults menu allows you to save the page settings as default for all future scenarios. You will find it at the bottom of the page in Client Report -> Report Editor, to the left of the navigation buttons.
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