Planit:Insurance Screen

From Planipedia

PlanPlus Planit User Guide Table of Contents

This is where you can record all life and/or disability insurance policies presently in place. We will take into consideration all existing coverage in the analysis of client death or disability.

The Financial Plan generated by PlanPlus Planit, incorporates a needs on death or disability analysis. This screen is used to collect information about your client’s life and disability insurance that is in force. A great feature within Planit is the option of entering “Summary” or “Detailed” insurance policy information. When you first enter the Insurance screen you will be presented with the summary level. This is where you can enter your policies that are in force by subtotaling coverage for all policies and entering totals for each insurance type. For more detailed entry you will need to click the “Detailed Insurance” link.

Whether you enter the data in summary or detailed form, the Life insurance is broken down into 4 types;

• 1.Permanent - Identify here any insurance that is currently in force on client or spouse that is of a permanent nature. This would typically include Whole Life, Term to 100 and Universal Life type coverage.
• 2.Term/Group - Identify here any insurance that is currently in force on client or spouse that is of a temporary nature. This would include any renewable term insurance policies such as 5 or 10-year term and would also include any Group Insurance coverage in place through an employer or association that is not coverage that will be in place for the whole of the client's life.
• 3.Joint 1st To Die - Indicated any coverage in force on the client and spouse jointly that will be paid out on 1st death
• 4.Joint Last To Die - Indicated any coverage in force on the client and spouse jointly that will be paid out on 2nd death.

The disability Insurance is broken down into:

• 1.Annual Income Benefit - Identify here the annual amount of existing disability insurance for client and spouse. This would include group long-term disability, association group coverage as well as personally owned disability contracts.
• 2.Index rate on Benefits - Indicate if in force disability coverage includes inflation protection. If no indexation riders are in place, use an index rate of 0%. If inflation protection is in place it's recommended you use your client's selected inflation rate.
• 3.Will Benefits ve subject to Inocme Tax – If disability benefits upon receipt will be subject to income tax, say yes. If not say no.
• 4.Tax Free Lump Sum – Identify any tax free lump sum benefits which would become payable upon disability.

Entering Detailed Insurance

On the insurance screen click the “Policies” link. You will first need to add policies. Click the Policy link, which will bring you to a screen where you can enter all the information on the account. Once you have completed all the information you may then hit save. It will bring you to a listing of all insurance accounts. Once you are done entering your accounts you may then begin adding the coverage for the accounts.

To add Coverage to your new accounts, you would simply hit the “Coverage” link beside the account you wish to add the coverage to.

After you click the “Coverage” link beside the account you wish to add coverage to, the detailed policy screen will appear. This is where you will enter all the information on the insurance policy. Once you have completed all the information you may then hit save. This will bring you back to the listing off all insurance policies.

NOTE: You will notice that once you have detailed insurance products entered you will not have the option to use the summary method of entry.