Risk

Personal Insurance

The risk section allows you to record the client's existing personal insurance (Risk) policies. The Risk section is made up of a single panel which shows the client's existing policies. New policies can be added using the CREATE NEW RISK button in the lower left of the panel. 

Policies can be opened by clicking on the relevant row and deleted using the Garbage Bin icon  to the right of the row.

Adding a New Risk Policy

To add a new risk policy click the CREATE NEW RISK button.

Upon clicking the create button the Risk Details screen is displayed. 

Ensure all fields with REQ next to the title are completed. 

Click ADD when completed to save details.

Helpful Hints on Risk (Insurance) Data Entry

1.      Name

            Enter an free text name of up to 40 characters, such as "Sam - Life & TPD", or "Samantha - Life & TPD in Super".

2.      Date Start

            Enter the current date (or proposed start date) for the policy.

3.      Date End

            Enter the date that the client will cease paying premiums for the policy (eg. at retirement).

4.      Owner

            Select the policy owner from the dropdown menu.  

5.      Category

Select the category of policy from the dropdown menu:

• Life
  
• TPD
  
• Life & TPD
  
• Trauma
  
• Income Protection (IPP)
  

By selecting the correct category of insurance here, Prospera will incorporate the appropriate tax deduction for income protection policies funded from the Surplus Account.     Income Protection policies funded from superannuation will not attract a tax deduction.

6.      Funding Account

Select the account the premium will be funded from.  

If the premium is being paid from super, select the appropriate superannuation fund from the dropdown menu listed.  

If the premium is being funded from cashflow, select the "Surplus Account".

7.      Premium

Enter the annual premium for the policy.

8.      Cover

Enter the level of cover here.  If you do not know this value, you can leave it at zero.  This figure is not required for any calculation.

9.      Use this Record in Modelling

Select "Yes" if you would like the policy premiums included in the projection calculations.    

If you are incorporating premiums for newly recommended policies, you can do this by including the new premiums, and turn the older policies to "No". 

Ensure all fields with REQ next to the title are completed. 

Click ADD when completed to save the details.

Next Article: Adviser Fees

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