Life Insurance

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Life insurance assets of the clients are entered and displayed on the Life Insurance tab of Step 3. Add Insurance policies by clicking the button and then selecting one of the four types of insurance that can be added.

There are 4 different types of insurance that can be added including:

Creditor Insurance – Insurance on any of the debt areas including Principal Residence, Recreational Properties and Investment Properties.

Group Insurance – Insurance provided by an employer, union or group.

Permanent Insurance – Insurance that is permanent, including universal life insurance policies.

Term Insurance – Insurance with a specific expiry date, including 10, 20 and 30-year terms.

*Once entered, insurance policies can be controlled using the Include checkbox. When selected, the insurance policy’s benefits and premiums are included in the current scenario. Removing the Include checkmark will remove the insurance proceeds and premiums from the scenario.

Each insurance policy is listed separately and can be edited, viewed, copied or deleted.

Edit – click here to open the data entry screen for the selected insurance policy.
View – click here to view the yearly details of the insurance policy including the death benefit, premiums and cash value.
Copy – click this button to make a copy of the insurance policy.
Delete – click this button to delete the insurance policy but deleting a policy will delete the policy from all scenarios.