In this video, we will walk you through how to enter a Universal Life Insurance policy and schedule planned withdrawals.
Transcript
Hi, in this video I will be walking you through how to enter a universal life policy into your client’s plan.
The first thing you’ll do is go down to the plus button in the bottom right-hand corner. This is where you enter information into Voyant. Next, select the Insurance tab, then choose the Variable Universal Life Insurance product.
You’ll give the policy a name and indicate whether it is insured by the client or, if there are multiple users in the plan, select the other user.
Next, enter the current cash value of the policy as well as the cost basis. You can do an estimated entry or use an illustrated entry if you have a CSV file. For this example, we’ll use the estimated version.
Then, enter the death benefit, annual premium, and premium escalation, which is how much the premium increases each year.
In the policy details section, you can enter a surrender period and percentage, indicate whether it’s a joint or single policy, and specify if the policy is held in trust.
Next, assign a beneficiary. In this example, 100% is going to people outside the plan—specifically, the client’s children who are not included in their Voyant plan.
Under timing, the protection starts now and ends at mortality. Under growth, enter an estimated growth rate for the invested portion of the policy. Then click Done.
Once the policy is entered, you can view it in Year View. Go to Insurance to see the policy, including the benefit amount and cash value increasing each year, as well as the premium escalation.
If you want to withdraw funds from this policy, go to Plan Withdrawals. Enter a name for the withdrawal, the amount, and indicate whether it should be recurring. Select the Universal Life policy as the account from which the withdrawal will be taken.
Under Timing, set the start age for withdrawals—here we’ll use age 65—and the end age, which will be the end of the plan. If you want to start withdrawals later, you can double-click in the gray area and adjust accordingly. Click Done.
Once withdrawals are in the plan, you can see them in yellow under Planned Withdrawals via the Detail Screen. You can also see them in the Cash Flow view—scroll to when the withdrawals start to see the amount withdrawn each year and the cash value at the end of the plan.
I hope this was helpful! If you have any questions, feel free to reach out. Click the client name in the top right, select Request Support, enter your message, and share client access.