Planworth allows you to record existing life insurance policies in the client's Evaluation to model premiums, death benefits, and their impact on the financial plan. You can enter both personally owned and corporately owned policies. The main difference is where the policies are entered in the Evaluation.
1. Where to add life insurance
Before entering a policy, open the client's Evaluation → Preliminary → Life Insurance and select the applicable insurance type.
Insurance type | Where to enter the policy |
Personal Term | Evaluation → Insurance |
Personal Permanent (UL, WL, Term 100) | Evaluation → Insurance |
Corporate Term | Pro Evaluation → Corporation |
Corporate Permanent (UL, WL, Term 100) | Pro Evaluation → Corporation
|
2. How to add an existing life insurance policy
The general process is the same for personal and corporate policies.
Open the client's Evaluation.
Under Preliminary → Life Insurance, select the applicable insurance type.
Navigate to Insurance for personal policies, or open the applicable Corporation for corporate policies.
Add the policy and complete the applicable fields, such as:
Policy owner, insured life, and beneficiary
Death benefit or face amount
Premium amount and payment details
Policy term or expiry date, when applicable
For permanent life insurance, enter the additional policy values using the illustration grid described in the next section.
Select Save.
3. How to enter a permanent life insurance illustration
Open the permanent life insurance policy in the applicable Insurance or Corporation section.
Enter the policy's Death Benefit and Cash Surrender Value.
Once both values are entered, the permanent life insurance grid will appear.
Copy the annual values from the insurer's illustration and paste them into the corresponding columns.
Review the entered values and select Save.
Tip: You can copy and paste values directly from the insurer's illustration into the grid. Planworth automatically removes dollar signs and commas from pasted values. Uploading or importing an illustration file is not supported.
Important: For permanent policies other than Term 100, the Cash Surrender Value must be at least $1.
Modelling new policies or adjusting existing coverage
Existing insurance policies should be recorded and maintained in the Evaluation.
To explore hypothetical insurance strategies in Financial Insights, you can use scenario toggles.
Planning objective | Toggle |
Add a new personal term policy | New Term Life |
Add a new personal permanent policy | New Personal Permanent Life Insurance Policy |
Add a new corporate permanent policy | New Corporate Permanent Life Insurance Policy |
Adjust an existing permanent policy | Permanent Life Insurance Adjustment |
The Permanent Life Insurance Adjustment toggle allows you to modify the illustration values of an existing policy within a scenario.
Common questions and troubleshooting
Why can't I add corporate life insurance?
If corporate term or permanent life insurance is unavailable:
Confirm that you are using the Pro Evaluation.
Check that the applicable corporate insurance type is selected under Preliminary → Life Insurance.
Confirm that the corporation's information and private shares have been saved.
Why aren't permanent life insurance premiums appearing in cash flow?
Review the following:
Corporate ownership: Corporate permanent insurance premiums are reflected within the corporation rather than the personal Cash Flow Summary.
Annual Premium: If the value is blank or $0 for a particular year, no premium will appear for that year.
Premium Status: If the policy is marked as fully paid, the annual premium is set to $0.