Each quote in an Insurance Research scenario is built in the Needs Editor. Here you set which covers to quote, the sum insured, the policy structure and any features the product must include. The Needs Analysis calculates how much cover each client needs, and any shortfall shows against the matching cover in the Needs Editor.
Add a Quote
On the Details tab, under Cover Selection, click Add Quote.
In the Needs Editor, enter a Quote Name.
Select the Life Insured.
Select the Super Frequency and Non-Super Frequency (for example, Monthly).
Click Add Need and select a cover type: Life, TPD Standalone, Trauma Standalone, Income Protection, Business Expenses, Needle Stick or Child Trauma.
Complete the fields for that cover (see below). Repeat step 5 for each cover you want to include.
Click Save Quote.
The quote is added to the Cover Selection table.
Tip: Each quote is for one life insured. For a couple, add a quote for each person (for example, one named Patricia and one named Peter). You can also set up separate quotes to compare structures, such as cover held inside and outside super.
How a Quote Is Structured
A quote holds all the covers you want quoted together as one policy. Add every cover the policy should include as needs within the same quote. You don't need to build each cover separately and combine them afterwards.
To quote | Add these needs to one quote |
Life with linked TPD and Trauma | Life, then + TPD Extension to Life and + Trauma Extension to Life |
Life with linked TPD, Trauma and Income Protection | As above, plus Income Protection |
Standalone TPD or Trauma | TPD Standalone and/or Trauma Standalone |
Income Protection only | Income Protection |
Tip: To compare different structures (for example, linked cover against standalone cover, or inside super against outside super), set up a separate quote for each one.
Complete the Cover Fields
Required fields are marked with an asterisk (*). The fields vary by cover type.
Cover | Fields |
Life | Sum Insured, Structure, Owner, Rollover, Premium Waiver |
TPD Standalone | Sum Insured, Structure, Owner, Rollover, Occupation Type, Premium Waiver |
Trauma Standalone | Sum Insured, Structure, Trauma Reinstatement, Premium Waiver, Baby Care, Priority |
Income Protection | Monthly Benefit, Super Contribution, Structure, Owner, Rollover, Agreed Value, Accident Benefit, Increase Claim Benefit, Waiting Period, Benefit Period, Replacement Ratio, Priority |
Business Expenses | Monthly Benefit, Structure, Waiting Period, Benefit Period |
Needle Stick | Sum Insured, Structure |
Child Trauma | Sum Insured, Date of Birth, Age and Gender for each child. Click + Add Child to add more children |
Structure options are Variable age-stepped, Blended and Variable. Feature fields such as Premium Waiver let you choose Include if possible, Include or Exclude.
Add an extension to Life cover
Under the Life need, click + TPD Extension to Life or + Trauma Extension to Life.
For a TPD extension, set the Occupation Type (Any, Own, ADL or Best available), Life Buy Back and Double TPD.
Similarly, under Trauma Standalone, click + TPD Extension to Trauma.
Calculate an Income Protection benefit
Click the calculator icon beside Monthly Benefit.
Check the Annual income (ex super) and enter the Replacement ratio (%).
Tick Include insurance to cover superannuation contributions if required.
Click Save. The Monthly benefit is calculated for you.
Set required features
Required features filter the quotes to products that include them.
Under the cover, click Required Features.
Tick each feature the product must include (for example, Premium waiver on disability, Guarantee of upgrade or Worldwide cover).
Click Save.
Note: Products that don't meet your required features are moved to Excluded Products on the Quotes tab, with the reason shown.
Remove a need
Click the x at the top right of the need.
Complete the Needs Analysis
The Needs Analysis is a simple calculator for how much cover each client needs. Amounts are entered manually. They aren't pulled from the Fact Find.
On the Details tab, click Launch Needs Analysis.
Select Client needs or Partner needs in the left-hand menu.
Under Capital Requirements, enter amounts for Life, TPD and Trauma (for example, Liabilities to clear, Future Expenditure Required, Future Education Expenses, Medical costs/Recovery income and Provision for Tax).
Under Capital Provisions, enter Disposable Assets, Super and Continuing Income.
For Income Protection, click the calculator icon beside Total Capital Required. Enter the replacement ratio to calculate the monthly benefit. This is the only amount that's calculated for you.
Check Less Existing Cover. The Surplus/Shortfall row shows the gap for each cover.
Click Save.
Tip: Click Needs analysis settings to show only the insurance types you're advising on: Life Insurance, TPD Insurance, Trauma Insurance, Income Protection and Business Expense.
Any shortfall is shown in red against the matching need in the Needs Editor (for example, Life shortfall: -$450,000). The sum insured isn't updated automatically, so enter the amount you want to quote.