Insurance

Items which should be entered under Insurance

The following should be added as Insurance:
- Income protection insurance
- Life insurance
- TPD Insurance
- Trauma Insurance
Do not enter under Insurance
- General Insurance - General insurance (e.g. car, health, home contents) can just be entered as Expenses. Only the life insurance products on which advice is being given need to be entered under Insurance.

Insurance can be owned by:
- An individual
- A superannuation fund
- An SMSF
To add existing insurance:
- Go to the Current situation > Insurance step (on the top menu)
- Click the Add insurance button (left menu)
To add recommended insurance:
- Go to the Cashflows & Goals > Review Insurance step
- Click the Take out new insurance button (at the end of the page).

Determine whether the insurance premium is tax deductible	The correct tax deductible status for the insurance premiums will be automatically applied based on the type of insurance and whether it is paid directly or from within super.
Stop insurance premiums being paid	At the Cash flows & Goals > Insurance step, for existing and new insurance, there are options to stop when premiums will be paid.
Enter stepped premiums	To enter stepped insurance premiums, in the Premium field: Click the ▼ button (for more information see How to increase or decrease a value in the series builder) In the pop-up, for the Index by field, choose 'None (0.0%)' In the table, in the Edit value row, you can enter the values for each step increase
Pay insurance from a superannuation fund or SMSF	When you enter the insurance, in the Owner field you can choose an individual or superannuation fund or SMSF. If the superannuation fund or SMSF is new, then make sure you enter the super/SMSF first, so that it will appear in the 'Owner' list.