How do I enter a life insurance policy?

Open LIFE INSURANCE and add the policy. Select the type, the owner who pays premiums, the person or people insured and the beneficiary. These roles can be different.

For term insurance, enter the policy dates, annual premium and death benefit. For employer coverage, link the employment income and complete the benefit settings. Employer-paid premiums are not entered as your own out-of-pocket premium; additional coverage you pay for can be a separate term policy.

For permanent insurance, continue to the annual illustration table and enter the required premiums, benefits and values. The main policy form alone is not the complete input for those policies.

TIME MACHINE pays the benefit when the modelled death meets the policy’s conditions and dates. Review the death-year warnings. Do not duplicate policy premiums in EXPENSES.