The Details tab of the Life Insurance Analysis is where you can find and analyze full cash flow details for each of the scenarios being projected in the Life Insurance module. The Life Insurance Analysis can be found within the Insurance > Life Insurance tab of each client plan:
Joint vs. Single Life Insurance Analysis
You will only see a Details tab when using the Life Insurance Analysis for a joint household. For more information on the Life Insurance Analysis for single clients, click here.
The Details tab functions in the same manner as the Retirement Cash Flows. Within this area, you can view year-to-year cash inflows and outflows, ending account balances, and more:
You can use the drop-down box in the upper right-hand corner to switch between each scenario. There are several cash flow tables available here, including:
- Cash flow summary: Highlights cash inflows, cash outflows, and net flows for each year of the projections.
- Ending account balance: The end-of-year balances for each type of account within the projections.
- Addition to accounts: All contributions (including planned savings, employer contributions, and savings to taxable accounts) to each type of account.
- Required minimum distribution: Reflects the required distribution of assets from tax-deferred accounts into the taxable account when the client reaches RMD age.
- Withdrawal from accounts: Reflects withdrawals from each account type to fund cash flow needs.
- Net cash flows: Reflects the total of Addition to accounts, Required minimum distribution, and Withdrawal from accounts for each account type.
The changes that you've made within the Life Insurance Action Items will be reflected in these cash flow tables. Columns with underlined headers can be clicked into the "zoom in" and view more detailed cash flow information:
