Yes, this feature is available for participating life insurance.
However, the
financial needs analysis (FNA) is essential in identifying required insurance coverage. You can use it to see the gap between your client's current situation and their actual insurance needs, and how to fill it. You can then recommend the right coverage for all their insurance needs based on their financial situation.
To use this feature:
- In the
Calculation Basis dropdown menu, select
Premium.
- Enter the premium amount in the
Monthly Premium or
Annual Premium field, according to the frequency selected in
Summary View.
Details
The premium entered does not include the cost of the additional coverages selected. As needed to stick to the client's budget, you have to subtract the cost of any additional coverage selected.
If the
Enhanced Insurance dividend option is selected, the tool automatically calculates the enhanced amount. That means minimum and maximum amounts are determined for both
Basic and
Enhanced insurance. You cannot modify the
Basic amount or the
Total. However, you can choose the
Guaranteed for amount (10 years or
Lifetime, except for the 5 Pay PAR product, for which only the
Lifetime option is available).