Frequently Asked Questions (FAQ) - Scenarios for Premature Death and Disability
General Information
- How do I see the reports for a client or spouse’s premature Death or disability?
- What assumptions does each scenario make?
- Can I enter a specific expense for a death or disability scenario?
- Can I change the year a client or spouse becomes disabled or dies prematurely?
- Is there a special text report for insurance needs?
Q. How do I see the reports for a client or spouse’s premature Death or disability?
A. Go to view reports then choose the Event, then choose the desired scenario
Q. What assumptions does each scenario make?
A. In the Death scenario the client or spouse will assume to die first of next year. Their incomes will stop, premiums to insurance policies will stop, contributions to qualified plans will stop and life insurance will pay out. Then all reports will reflect the impact of these assumptions. The Text report will generate a one page Word report with a basic life insurance analysis. You can edit this report to reflect your recommendations. A Disability scenario is similar, except disability benefits are paid out and life insurance premiums continue.
Q. Can I enter a specific expense for a death or disability scenario?
A. You can, but that requires you save a file specific for that event For example if you need to create reports for death or disability for either spouse with an expense that is only for an event such as spouse’s death, Save the file with a unique name, Mrs. Smith Death, ad an expense and generate your reports for the spouse’s death. Then return to the original file to generate the remainder of your reports.
Q. Can I change the year a client or spouse becomes disabled or dies prematurely?
A. No, not in this version. It is assumed that a client or spouse’s death or disability will occur the beginning of the 2 year of the plan.
Q. Is there a special text report for insurance needs?
A. Yes, the text report as are all the graphs and schedules (income sheet, balance sheet etc.) are specific to the scenario you choose.