How do you set up a cash value for an insurance policy (whole life or LTC) in Quicken?

ralphrunge

The cah value would be updated annually on the policy anniversary. would like to show in the balance sheet & net worth.

[Deleted User]

@ralphrunge here are some suggestions on setting up insurance policies on Quicken to track cash value.

Step 1: Create an Asset Account

• Go to Tools > Add Account.
• Choose Offline Account, then select Asset.
• Name it something like “Whole Life Insurance – [Policy Name]”.
• Set the opening balance to the current cash surrender value of the policy.

Step 2: Track Premium Payments

• Record premium payments in your spending account as expenses.
• Use a category like Insurance:Life or create a custom one.
• If part of the premium contributes to cash value, you can split the transaction:
  • One part as an expense.
  • One part as a transfer to the insurance asset account.

Step 3: Update Cash Value Annually

• On your policy anniversary, update the asset account’s balance:
  • Enter a transaction in the asset account to reflect the new cash value.
  • Use a memo like “Annual cash value update”.

Optional Enhancements

• Add notes in the account’s comment section for policy details (e.g., death benefit, beneficiaries).
• Set reminders for premium due dates or policy reviews via Tools > Alerts Center or Scheduled Reminders.

Long Term Care Policies

• These typically have no cash value, so they’re not tracked as assets, unless your LTC coverage is part of a hybrid policy (e.g. life insurance with LTC rider or annuity-based LTC)
• You can still record premium payments as expenses for budgeting purposes.

Check your online account with your insurance company for update capabilities on Quicken. I have life insurance policies with LTC riders that update daily on Quicken.

Also, insurance policies usually have several types of cash value that can be tracked. You would need to determine which one you would want to track.