Add Support for Life Insurance

Would like to see a life insurance "asset type" ... track the cash value (which you can do today with a a cash account, etc.) but add the ability to capture the net amount at risk/face amount, beneficiary, etc. with some simple "what if" planning
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  • YingDave
    YingDave Member ✭✭✭✭
    To Clarify;
    If its a term life policy it has no value to you? Are you talking about an endowment policy which has a monetary value at end of life? So are you talking about asset class not asset type?

  • I have put together a process that allows me to track Whole Life Insurance. I track it as an investment account with a security called whole life insurance from the vendor. Payments on the policy are handled as transfers from the bank account into the investment and then expensed in the investment account. The cash value is handled in the investment as cash in the account, and the estimated death benefit is managed using dividend reinvestment transactions, and shares added or removed (as necessary) to keep the share price always equal to $1.00. It isn't perfect, but it does provide an estimate of value that is then reconciled and adjusted each year on the policy anniversary. Let me know if you want to discuss further and can set up a new thread to walk through the process.

    DKS