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Items which should be entered under Insurance

  • The following should be added as Insurance:
    • Income protection insurance
    • Life insurance
    • TPD Insurance
    • Trauma Insurance
  • (error) 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.

How to add 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).

Websolve options

Determine whether the insurance premium is tax deductibleThe 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 paidAt 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:

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.

Insurance in the results

See Insurance results.

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