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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!
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  • 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.
  • todd vogttodd vogt Member
    Is there a way to add a term life policy value simply for tracking purposes. I DO NOT want it to show up in the net worth calculation but I would like to have listed.
  • UKRUKR SuperUser ✭✭✭✭✭
    Since I'm not going to see a rusty penny of my Life Insurance contracts in my lifetime, I've added the policies to my Last Will and Testament and keep all this paperwork stored in a secure place. I recommend y'all do the same.
  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    todd vogt said:
    Is there a way to add a term life policy value simply for tracking purposes. I DO NOT want it to show up in the net worth calculation but I would like to have listed.
    If you really want to do this, create an Asset account and under Account Details > Display Options, check the box for "Keep this account separate." Then it will not show up in your net worth.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • MartimouseMartimouse Member
    Its not perfect...but this is what I have done....

    I have been using Quicken since 1995 and have struggled with the difficulty in tracking Whole Life Insurance policy - both the cash value and the death benefit. The only workaround I have come up with is to add an Asset Account for each policy and use the register to track the cash value. Premiums paid ARE an expense and are categorized as Insurance Premiums. My husband is significantly older than I am and has 3 policies and I have one whole life policy of my own. It is highly likely that, we *will* use our cash value for living expenses as an option for income to avoid the fluctuations in investment accounts and avoid the tax implications of withdrawals from qualified plans.

    When I get my annual premium bill it will list dividends paid, paid-up additions added as well as the current death benefit (if that particular policy has an increasing death benefit, depending on how it was set up). I "update the balance" via a split transaction to include the increase to cash value as dividends, or paid-up additions and categorizing both as a something I use specifically as "DO NOT INCLUDE", I also make note of the current death benefit in the memo section of the split transaction.
    I do not include (specifically EXclude them) any of the cash value/asset accounts in the life planner and have added the combined death benefit as "special income" in the Life Planer upon the death of the insured.

    If anyone else has come up with an alternate solution I'd be very interested in hearing it.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited August 12
    "difficulty in tracking Whole Life Insurance policy"
    A Whole Life policy DOES, typically, have a current value ... it's just not the "Payable upon death" amount, but something much lower.  This CAN, properly, be tracked in an Asset account.  This amount, which probably updates annually, can frequently be found in your policy documents.
    BUT, the original question was about a TERM policy ... which has no value other than the "Payable upon death" amount, and expires worthless if you don't die during the Term.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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