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Posted by John on March 26, 2007, 6:02 pm
Please log in for more thread options Bob,
This was exactly what I was thinking of. Basically a record of what they
are and having all of the financial items in one place for an executor
or just for financial review with our planner.
Good tip on the keeping the asset from being added to the net worth even
though it is part of the estate.
Currently I have the premiums just as an expense category but I like the
idea of linking to the asset.
Thanks for the information and time.
john
Bob Wang wrote:
> John:
>
> I have many insurance policies that I maintain as "Asset" accounts.
>
> I do it mainly as a method of having all policy numbers and contact
> information in Quicken to make it easy for an executor.
>
> You are correct that term life policies do not accrue a cash surrender
> value, but the face value WILL be an asset in your estate.
>
> The way *I* do these accounts is to first make sure that "Do Not Include in
> Totals" is checked for the account.
>
> I enter all premiums paid.
>
> I then make an adjusting entry entitled "Premiums Paid" to zero out the
> running total.
>
> Of course, I have to delete the old adjusting entry, and make a new one
> dated the same, or after, any new premiums paid.
>
> Not a burden for me since most payments are annual.
>
> I then make a final entry "Face Value" with the face value.
>
> This convluted method reminds me what the payoff is, and how much I have
> already put into a losing bet ;-)
>
> Bob
>
> Kinda of a basic question. I was going to track the term life insurance
> my bride and I have as an asset. But it really isn't an asset is it? I
> can't sell it or anything.
>
> Does anyone track this in Quicken just for records sake or no?
>
> Any thoughts any has would be helpful.
>
> Cheers.
>
>
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