Uploading an Excel Spreadsheet into the Death Benefit Data Table on the View/Edit Death Benefit Page

When modeling insurance products, you may have the need to show cash surrender values, income, and death benefits that are custom or unique each year. This is especially common when you are modeling insurance products that allow the policy holder to take loans from. The yearly values should be available in insurance product illustrations. SIPS has an easy way to upload these numbers so that you don't have to type in all the data manually. This article walks you through uploading an Excel spreadsheet into the table on the View/Edit Death Benefit page and shows you what the account looks like once the upload is complete. We'll start on the Structured Income Planning landing page. 

Related Articles: Step-By-Step Guide for Building a Structured Income Plan, Adding an Annuity with a Pre-Existing Income Rider, Manually Adding an Annuity and Income Rider

Insurance Asset: 

• Account Name: LTC Insurance 

• Initial Account Balance: 

• Hypothetical Return: 4% 

• Bonus Percentage: 10% 

• Registration Type: Qualified (Tax Income Distributions) 

• Asset Plan Allocation: Indexed Annuity 

• Account Amount: $500,000 

• Initial Income: $30,000 

• Death Benefit: $2,000,000

Step 1: Edit: Click on the green edit button underneath the Structured Income Planning subheading. 

Step 2: Add Account: Click on the green add account button underneath the structured income planning subheading. 

Step 3: View/Edit Death Benefit: Click on the green View/Edit Death Benefit button underneath the Manage Account subheading. 

Step 4: Account Name: Enter an account name.

Step 5: Hypothetical Return: Enter the hypothetical return. 

Step 6: Bonus: Enter the bonus percentage amount. 

Step 7: Tax Calculation Option: Click on the drop-down caret arrow in the text box and select the tax calculation option. See Article: Tax Calculation Options for Accounts 

Step 8: Sel: Click on the green Sel button next to the text box for the asset plan allocation and select the asset plan allocation. 

Step 9: Show a Cash Value Life Policy based on company illustrations: Click on the radio button for the Show a Cash Value Life Policy based on company illustrations. See Article: Showing a Cash Value Life Policy Based on Company Illustrations Function 

Step 10: Select: Click on the green Select button underneath the Death Benefit Table. Select which Excel file you would like to open. 

Step 11: Upload Death Benefit Spreadsheet: Click on the green Upload Death Benefit Spreadsheet button underneath the Death Benefit Table. 

Step 12: Sample Death Benefit Spreadsheet: Take note of the sample death benefit spreadsheet. The sample spreadsheet has no headers just three columns that get uploaded directly into SIPS. 

Step 13: Clear: To delete the data that is within the Death Benefit Data table, click on the green Clear button. 

Step 14: Save: Click on the green save button underneath the Manage Account subheading. 

Step 15: Structured Income Plan: SIPS will automatically take you back to the Structured Income Planning page. A new section of columns under Accounts should automatically appear. 

Step 16: Account: The Account column shows the cash value of the annuity projected each year into the future. Some insurance products have benefits that are only available if there's cash value left in the annuity such as death benefits or long-term-care benefits. Using this feature, you can project when those benefits may or may not be available in the context of a client's financial plan.

Step 17: Income: This Income column represents the cashflow in and out of this account. Since the column header is market Income, a positive number is cashflow out of the insurance product and a negative number would be cashflow put into the insurance product.

Step 18: Death Benefit:This is the death benefit associated with this insurance product.