Definition: The Disability Template attempts to pre-fill standard funding requirements for a household member’s disability event based on the financial professional's preferences.
Default Preferences: The Disability default preferences supplies the starting point for the following funding requirements. We call funding requirements: "What you want".
Earned Income Replacement
Lost Savings Replacement
Most Helpful Tips:
The template assumes the event lasts until a retirement age (Duration of Contributions field).
Target-Map templates inform the advisor how a dollar value was calculated (a percentage based on earned income). They are part of the line item descriptions on the "What you want" page. Descriptions can be edited.
Each requirement can be individually edited on the "What you want" page.
Don't settle for our default descriptions. Rename line item descriptions as desired by clicking either the Edit link or Description link.
Add more requirements using the Add Desired Cash Flow button on the "What you want" page.
Use the Start Age field only to define a one-time funding requirement at a certain age/date (leave the end age blank) on the "What you want" page.
Target-Maps recognize the financials relevant to the event and apply them to help fund the need. Additional funding may be applied by the advisor on the "What you have" page.
Double-check COLA, Start and End ages, and Loss to Tax values. Ensure they are aligned with the funding requirements and edit as needed.
New asset financials added to the Asset-Map will appear on a Target-Map's "What you have" page, but will not be applied to fund the need until the associated check box is checked.
By design, Target-Maps are independent from one another. Funding used by one Target-Map is not automatically removed from other Target-Maps.
Key Financial Figures involving Disability benefits sum the total amount of benefits (whether daily, weekly, monthly, annually).
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1/2024