What's automatically supported?
Currently, Planworth's Financial Insights engine is designed to only factor in certain insurance premiums. By default, the platform automatically integrates the following insurance premium types:
✅ Personal and corporate life insurance premiums
✅ Personal critical illness insurance premiums
These insurance premiums are directly factored into your client's cash flow and spending calculations and will appear as part of the Financial Insights projections.
Modeling Disability (LTD) Insurance Premiums
At this time, individual disability (LTD) insurance premiums are not automatically included in the Financial Insights engine. This approach is taken because LTD premiums are typically smaller amounts compared to life or critical illness premiums, and highly variable in their coverage and payment structures across different policy types. As a result, LTD premiums are excluded from automatic tracking for simplicity and consistency.
However, we understand that a complete and accurate financial picture requires accounting for all client expenses. To ensure these premiums are reflected in your client's plan, we recommend a simple yet effective workaround using the Major Expense toggle to create a recurring annual premium.
Workaround: Modeling LTD Premiums with a Major Expense Toggle
To account for LTD premiums in a client’s plan, we recommend using the Major Expense toggle as a simple workaround.
Here’s how:
Go to the Financial Insights engine of your client's plan.
Select Add a Toggle in the Toggles section.
3. Add a Major Expense toggle:
Category: Income/Expenses
Toggle Type: Major Expense
Name the LTD premium (e.g., “LTD Premium – John”)
Type: Other Expense
Set the recurrence to annual (Frequency: Every Year), and input the premium amount (e.g., $3,000/year).
Align the start and end dates with the expected duration of the coverage.
By following these steps, the LTD premium will be effectively factored into as part of your client’s annual spending and accurately reflected in their projected cash flow.
Enhancing Our Capabilities: Future Improvements
We are actively working on reviewing and enhancing features to improve customization and visibility for all insurance-related expenses across the platform, including LTD and other additional coverages.
Stay tuned for future updates to Planworth’s insurance modeling capabilities.
In the meantime, this workaround allows you to continue delivering comprehensive and personalized financial planning to your clients.