Planit:Life 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 add detailed information on my client's life insurance coverage? • Insurance screen, add • Data entry fields required • New appearance of Insurance screen Keep on Track! Continue training on... Life Planning Integrated Planning Insurance Screen Other Related Topics Introduction to the Insurance Screen Add an Insurance Policy Takaful Policies Disability Insurance Summary Insurance Estate Distribution Analysis

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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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.

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.

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.