Set up
- Add a policy Upload a policy document or type the details. You only need the policy as it is today. Loans and categories come after this.
- Read the numbers on your insurance company's documents Which line on a Penn Mutual or Lafayette Life document goes in each IBC Tool field, and which nearby lines look right but are a different number.
- Record a loan you already have Add a loan you already requested, so IBC Tool does not remind you to request it from the insurance company again.
- Share your account with your advisor Let the practice that referred you view your policies, loans, and categories, choose if they can also make changes, see each time they look, and stop sharing at any time.
- Sign in with Face ID or a fingerprint Skip the email code on your own phone or computer. Sign in to IBC Tool the same way you unlock the device, and keep the email code for every other device.
- Upload a document Upload an annual statement, a contract, an illustration, or a policy summary. IBC Tool reads what kind of document it is and takes you to the right next step.
Keep your numbers current
- Record a snapshot Save the values your insurance company shows on one date, so your available loan amount and cash value stay current.
- Record a premium or a paid-up addition Record a premium you paid, or extra cash you put into a policy as paid-up additions. The paid-up additions inside your premium are counted when your insurance company reports them.
- Sync your premiums with YNAB Keep each policy's YNAB category target and scheduled payment at the premium plus paid-up additions your insurance company bills now, do the same for your loan payments, and add your one-time paid-up additions.
Borrow and repay
- Choose a category funding rule Decide how a category gets its share when your available loan amount grows. You can assign it by hand, as a percent, or as a fixed amount.
- Use the Agenda The four actions you take at your insurance company, collected on one list until you have done them there.
- Pay a loan Record a payment you send to your insurance company on a policy loan, and see what changes when a loan is paid off.
- Fund a recurring expense Save for a cost that comes back, borrow against the category when the bill arrives, repay the loan from your paid-up additions, and start saving for the next one.