Enhanced fact find: Life insurance (protection)

[david.mann]

Life insurance

 

This screen captures details of the various types of life insurance policies - either where the client / partner “owns” the policy (e.g. pays the premium) or where they are one of the lives insured by someone else.

The table on this screen combines the “By Policy” and “By Cover” screens elsewhere in Xplan.  By doing this, it means you have a centralised view of the client’s protection provision in one easy to understand table.

It’s also easier to add cover details.  When you create the insurance policy record, you simply work down the screen with the policy details and then reach the first cover section.  Select the right type of cover and then complete the core details.  To add a further cover, just click “Add another cover” and another cover section will appear.

Where the Type field is the same as the cover you have just added, a notification will show up to explain that the ”Payable on” (First life / second life) field should be set to the same value as the previous cover.  Setting them to the same value (along with the same sum insured) means that the total life cover provided by the policy isn’t double counted (as it will only pay out once).

NB If the insurance policy is linked to a pension wrapper, it will not appear in the table.  It will appear as a linked “product” within the pension wrapper record it belongs to.

Field label	Field ID (e.g. Xmerge syntax)
Life insurance
Type	type
Term type	cover_type
Policy status	policy_status
Provider	coy
Policy number	policy_number
In trust	in_trust
Premium
Amount	benefit_premium
Frequency	frequency
Set premium at policy level	premium_at_policy_level
Start date	premium_start_date
End date	premium_cessation_date
Payer is Policy Owner	payer_is_policy_owner

Cover (supports multiple per policy)		Supported for which cover type?
Cover type	cover_type	All
Type	type	Life, CI, IP, FIB, Additional rider
Insured	life_insured	All
Benefits status	benefit_status	Life, CI, IP, FIB, Additional rider
Payable on	policy_basis	Life, CI
Death value	base_sum_insured	Contract value
Fund value	total_bonus	Contract value
Surrender value	cash_surrender_value	Contract value
Sum insured	value	Life, CI
Cover amount	value	FIB, Additional rider
Cover amount	benefit_amount	IP
Payout frequency	benefit_frequency	IP, FIB, Additional rider
Waiting period	waiting_period	IP, Additional rider
Sickness period	sickness_period	IP

Notes
Notes	protection_notes

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