Need way to track Life Insurance Asset Value (vs Premiums)

RonBaskRonBask Member ✭✭
edited October 2019 in Investments (Windows)
Life Insurance products like Term Life Policy and Cash Value Policy are Assets with expiry dates and values like $500k or $1Million even though the premium paid could be like $50/mo or $1000/mo etc. There should be a way to track the value of these as Assets, instead of categorizing these as Expenses, or instead of having to create Assets and Expenses separately. There should also be alerts if the expiry date is getting nearby, so user won't forget to extend these policies as needed. Thank you for considering this!
1 votes

New · Last Updated


  • NotACPANotACPA SuperUser ✭✭✭✭✭
    The problem with your request is that you don't currently own the face value of the insurance (the $1MM or the $500K) and to record those numbers as an asset in your Q record would grossly distort your net worth.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ps56kps56k SuperUser ✭✭✭✭✭
    edited October 2019
    yeah - I was also thinking of all the various aspects of a Life policy.... vs Quicken
    - Face value vs Cash value - vs Net Worth.... alive vs dead
    - monthly or yearly premium - just a normal Quicken Bill Reminder
    - expiration date.... decades into the future... 
    Pretty similar to thinking about a house vs mortage
    Guess it all depends on what you want Quicken to track -
    and what the numbers actually mean to you... 
    For me - I don't include any Life policy, or House in any of my Quicken accounts
    Quicken 2020 Deluxe - Subscription - Windows 10
  • UKRUKR SuperUser ✭✭✭✭✭
    The only place in Quicken for Windows where you can currently input a reminder about insurance policies' expiration date is the Alert Center (under the Tools Menu).
    Triggered Alerts show up as popup if marked Urgent or as entry in the Alerts view (which you can add to your Home page My Money view).
    Alternatively you can add a Scheduled Reminder into one of your Cash accounts and mark it to remind you 90 or 180 days before the due date.
  • UKRUKR SuperUser ✭✭✭✭✭

    Ideas are brought to the attention of the programmers for consideration.

    If you would like to see this enhancement made in a future version of Quicken please don't forget to vote on it. Locate the big blue box near the top of this webpage (or page 1 for long discussions) and click the "Up" triangle under the voting count.
    Wait a moment for the vote count to be registered and updated before you continue.
    The little triangle changes from grey to black when you have registered your vote.

    Every vote counts!

  • Kingfish58Kingfish58 Unconfirmed, Member
    I list the cash value of a whole life policy under assets. No other term life policies are listed. Premiums paid are tracked under expenses.

    I do not count any policy face values, but I would like a way to track these in Quicken.
  • skeleton567skeleton567 Member ✭✭
    I have two whole life policies with one company which are nearing 75 years old. First one my Dad started when I was less than a year old, for a whole $1000. Here's my developing approach.

    Created an INVESTMENT type account for the insurance company. Within the account I created three 'securities' for each policy:

    Policy 123456 (first policy)
    Policy 123456 Div
    Policy 123456 Int

    Policy 654321 (second policy)
    Policy 654321 Div
    Policy 654321 Int

    The first 'security' is the policy face value, which does not change. Then I 'bought' 1000 shares at $1.

    Second 'security' records annual dividends as they are paid. I record the Div transaction that creates a cash balance which I then use for a 'buy' of the second 'security', the Dividend at $1.00 per share

    Interest is recorded as an IntInc transaction, creating a cash balance which is then used for a 'buy' transaction of the third 'security', again at $1.00 per share.

    I only have paper records of annual transactions beginning in the early 1960's, so created summary transactions for the balances that existed at that time.

    Over the years as I have periodically withdrawn interest and dividend depostis, I record the sale of the appropriate 'securities' and a cash withdrawal transaction.

    I'm toying with the idea of recording premiums as 'deposits' by myself to this account and 'cost of insurance' as withdrawals by the insurance company, each referring to the appropriate 'security' policy.

    I should be able to selective include/exclude these accounts and the various transaction categories in order to do two types of reports, my net worth and/or my estate value.

    Next I will move on to four more policies with a different company which historically accumulated cash value increase and additional coverage as premiums were paid. Unfortunately I created eight separate accounts in Quicken, four for face value and four for cash value. These records already exist in Quicken as two single accounts per policy, but will be combined into a single account for that company.

    Ultimately the cash values of these four policies was liquidated and I purchased a single life insurance annuity which invests in mutual funds. The growth and income from the funds is used to pay the annual premium so I no longer have premium payments at all.

    This is a work in progress as I experiment with different ways to record detail in meaningful ways. The overall goal is to do two things:

    1. Correct the mistake of creating so many separate accounts by reducing it to only three historical accounts.

    2. Simplify and add flexibility to my various reporting within the constraints of Quicken.
Sign In or Register to comment.