Existing Umbrella 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 > Umbrella:
Umbrella Insurance Data Entry
- The Policy name will default to Umbrella Insurance, but you can enter a custom name if you'd like. You will also want to choose the client, co-client, or joint as the Owner.
- Enter the dollar amount for the client's Annual premium, and then use the Premium inflation field to specify any annual increase on the premium amount.
- Enter the Coverage amount, and then specify the end date of the policy using the Policy ends field.
Additional Information
For umbrella policies, only the annual premium will have an impact on the Retirement Analysis and Cash Flow projections. The remaining details will feed into the Insurance module, and can be analyzed within the Property and Casualty area.
