Planit:Summary Insurance

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There is more than one way to learn about PlanPlus Planit. Check out our other Training options, from structured tracks around planning types, to self-serve, mix-and-match topics. In this Video you will Learn... How do I quickly enter my clients' insurance benefits? • Summary life insurance entry • Summary disability insurance entry Keep on Track! Continue training on... Life Planning Integrated Planning Insurance Screen Getting Started Other Related Topics Introduction to the Insurance Screen Add an Insurance Policy Disability Insurance Life Insurance

The material in this video may differ somewhat from what you see on your site due to difference in version, jurisdiction, corporate content or access level. Regardless of these differences most of the core functions are consistent across all sites, so you'll be able to benefit by and large from what you learn in this video.

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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.