Insurance policies that are permanent and payable until life expectancy are entered in the Permanent Insurance data entry screen. In addition to the main policy information this screen also allows for the entry of policy riders on the Riders tab.
This screen has four data entry modes that are set using the Illustration Type drop down:
Death Benefit Only – Use this mode when only the death benefit of a policy is going to be entered, this is the simplest mode to use when adding a permanent insurance policy.
Simulation –This mode uses RazorPlan’s calculations to simulate a permanent life insurance policy.
Manual Entry – Use this mode when the cost of insurance (COI) is known and the goal is to model an existing term insurance policy. When selected the COI tab is displayed and accepts the cost of insurance data.
Import Data – This mode allows users to import a data file that has been exported from a life insurance illustration program.
After selecting an illustration type the data entry screen will change to display the fields that are needed for the selected type.
Policy Name: Enter a name of the insurance policy to identify it.
Insured: Specify who is being insured by selecting ‘Client’, ‘Spouse’ or ‘Joint’ from the drop-drown.
Smoker: Indicate if the client is considered a smoker for insurance purposes. Only select when insured is set to ‘Client’ or ‘Joint’.
Face Amount: Enter the face amount of the death benefit.
Policy Date: Enter the date the insurance policy was purchased.
Policy Type: Select ‘Level’ if the COI of the policy is level or ‘Yearly Renewable Term’ if the COI of the policy increases annually.
Face Amount + Fund: Select ‘Yes’ if the policy will include face amount plus the fund value on death. Select ‘No’ to indicate that the fund value is included as part of the death benefit.
Premium Mode: Select ‘COI’ to have RazorPlan calculate the premium amount based on the data entered. To enter a specific premium amount, select the ‘Specified’ option and enter the premium into the Premium Amount field.
Premium Amount: Enter the planned premium amount. This field is disabled when premium mode is set to COI.
Prem. Frequency: Select ‘Annual’ or ‘Monthly’ from the drop-down to define the frequency of insurance premiums.
No. of Premium Yrs: Enter the number of years the premium is paid.
Premium Tax: Enter the percentage of the premium tax of the policy.
Policy Paid Up at Age: Enter the age that the policy is fully paid up and premiums are funded from the fund value.
Investment Return: Enter the annual growth rate to the investment fund of the policy.
Current Inv Value: Enter the current value of the investment fund of the insurance policy, if any.
Current ACB: Enter the current cost base of the investment fund of the insurance policy, if any.
To cancel adding the insurance policy click the 
button. The insurance policy is added to the plan when the 
button is clicked. After clicking this button, the insurance policy is displayed in the permanent insurance view screen. This screen displays the type of illustration and information about the premium, CSV and benefits. The Scenarios tab displays all the scenarios that the policy is included in the calculations for.
After viewing the policy values click the button to return to Step 3 of the data entry wizard.
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