Protection Policy Schedule explained
Overview
Create a list of your client’s current protection policies efficiently for one client or in bulk.
You told us that you need a basic report to share client information with those who don’t log into Xplan regularly.
This easy to use Xmerge report extracts details of active protection policies without the need to updating a wizard each time.
What is it?
- Non smart styled
- Creates a list of your client’s current protection policies
- Reports on the client’s position as at today
- Can be run for one client or multiple clients at once
- At a glance overview of protection cover
Key benefits
- Brings consistency to your reports
- Short report concentrating on protection/assurance
- No distractions with investments and pension plans
- Xmerge template, no wizard required
Report Format
Cover Page
Cover page includes:
- Title: Protection Schedule
- Company logo (if stored in Xplan)
- Client name(s)
- Date generated
- Client Adviser name
- Client Adviser email
Contents
Contents page includes:
- Table of contents
Footer
The footer includes:
- ‘Protection schedule for’
- Client names/s (Individuals: Title, Initials & Surname. Non individuals: Company name)
- ‘Prepared by’
- Client adviser
- Date generated
- Date of report merge
- Page number (from the Summary page onwards)
Report content
Policy status
The following statuses are included in the report:
- Existing
- Inforce
- Premium holiday
Summary
The summary table provides an at-a-glance view of the following values per entity: client, partner, joint and totalled:
- Total value: surrender value of policies with a fund value (portfolio account)
- Total death benefit: combined value of death benefit
- Total critical illness: combined value of critical illness cover
Single entity
Joint entity
Warning
A warning message will be displayed if there are more than 2 owners/life covers in a policy.
‘Important: One or more protection policies have more than 2 life or more than 2 critical illness covers and this may mean that the cover summary in the above table may not be accurate. Please check individual Protection Policies below for individual policy coverage.’
Protection Policies
A detailed breakdown of each policy by cover type, per entity (client, partner, joint) in a table format in the following order:
- Lump Sum protection: where a lump sum is paid out eg. whole of life, critical illness
- Income protection: where a regular income or payment is made
- Medical protection: health care, PMI
Lump Sum protection
The policy details in the first table column include:
- Policy name
- Policy Number
- Provider
- Policy Type
- Issue Date
- End Date
- Beneficiaries
- In trust
- Riders
- Comments (comments recorded at policy level)
Followed by columns displaying the cover details:
- Benefit Type
- Client Benefit Amount
- Partner Benefit Amount
- Total Benefit Amount
- Surrender Amount
- Premium
- Premium Frequency
Lump sum protection
Income protection
The policy details in the first table column include:
- Policy name
- Policy Number
- Provider
- Policy Type
- Cover Type
- Issue Date
- End Date
- Beneficiaries
- In Trust
- Riders
- Comments (comments recorded at policy level)
Followed by columns displaying the cover details::
- Benefit Type
- Life Insured
- Benefit Amount
- Benefit Frequency
- Waiting Period
- Sickness Period
- Premium
- Premium Frequency
Income protection
Medical protection
The policy details in the first table column include:
- Policy name
- Policy Number
- Provider
- Policy Type
- Start Date
- Renewal Date
- Next Review Date
- Comments (comments recorded at policy level)
Followed by columns displaying the cover details:
- Insured
- Individual Premium
- Employer Premium
- Total Premium
- Benefits
- Excess
Report Generation
Client level
Option to add a copy of the output as a document to to the client’s record.
Troubleshooting / FAQs
- How do I exclude specific plans from the protection policy report?
Any policies with a status other than the ‘current’ types listed above will not be included in the report.
