Existing Group Life Insurance policies can be added via the Net Worth section of the Profile (or the Net Worth step of the initial data entry process), by selecting Add Account > Insurance > Group Life:
Group Life Data Entry
- The Policy name will default to [Client's] Group Life Insurance, but you can enter a custom name if you'd like. In joint plans, you will also want to choose either the client or the co-client as the Owner.
- Enter the dollar amount for the client's Annual premium, and specify any Premium inflation. In the cash flows, the premium will reflect as an expense and will increase by the inflation percentage each year.
- Enter the Death benefit. If the owner of the policy passes away prior to their retirement age, the death benefit will pay out within the plan as other income and will be reinvested into the taxable bucket at the end of the cash flow year.
Additional Information
Group life coverage and premiums will automatically end at the client's retirement age. You can set the retirement age for each client within the Profile > Goals > Retirement Age goal card.
In addition to adding existing group life coverage in the Profile > Net Worth section, group life policies can also be proposed within the Retirement Analysis section. For more information on proposing insurance policies in the Retirement Analysis module, click here.
