Adding INSURANCE as a category that is peer to Income, Expenses, Assets, Liability, etc. There can be multiple INSURANCE types in that category (Term, Level, Whole, Variable, Long Term Care, etc.). The items in this category would be modeled to have a Benefit (eg. Death, Long Term Care, etc.), Premium, Cash Value, etc.

Example 1: Level 20 flat premium of $2k/yr for 20yrs with a $250K death benefit Model would show $2k/yr expense for 20yrs, and a $250K income event if death occurs within the 20yr window

Example 2: Term 80 starting premium of $700/yr that grows at x%/yr til age 65, then flat premium of $0 til age 80 with death benefit of $400K model shows growing premiums until age 65, with flat ($0) premium from 65-80, and income event of $400K if death is prior to age 80

Example 3: Variable Life 65 w/LTC option starting premium of $5k/yr, with x%/yr increase til age 65, no premiums after that starting cash value of $10K, with y%/yr increase til end-of-life starting death benefit of $300K, with z%/yr increase til end of life LTC benefit would drawdown (tax free) against cash value (or death benefit) by max $10k/mo for max 3yrs to fund LTC expenses trigged at 3yrs before end-of-life
Model: having a LTC Expense item in the EXPENSE category would guess what the /mo or /yr cost would be for assisted living, care living, palliative care, hospice, etc. that is funded by the LTC Benefit from the insurance plan(s) which have LTC benefits. LTC Expense configured to be 3yrs before end-of-life. Reports would show the +/- gap of anticipated expense to benefit coverage.

Cash value insurance plans notes: 1) any cash value not used at death is ‘lost’ (not part of legacy) 2) loans can happen against the cash value, so can that be modeled? 3) I could chose to draw down against the cash value at any time as a one-time withdrawl, or as a reoccuring 4) OPTIMIZER module would want to understand cash value insurance plans to suggest how best to maximize use of the cash value so that its close-to-$0 at a certain point (like 5yrs prior to end-of-life)

Legacy Note If ProjectLab gets a LEGACY module, then the ability to define what Benefactor(s) would get what %/$ of the death benefit in this insurance policies

I’m not an insurance expert, but contracting with one would help detail out the many scenarios to define how each pre-built insurance type configuration could look like.

There are a couple of other insurance suggestions in the suggestion box, this is rolling those up under a new INSURANCE category within ProjectLab.