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Loan & Insurance

Hi,

We need to be able to enter the cost of insurance (death, sickness, unemployment) against a loan.

At the moment, monthly loan figures are wrong because of the missing insurance value.

I guess ththe insurance should be set as a percentage of "owned capital" or a fixed monthly amount.


Without the insurance amount, the calculation is useless.


Any suggestions ?

1 Comment

Hi. Absolutely. We haven't incorporated it due to the time limits on one hand and due to the diverse options that vary from bank to bank, country to country with respect to handling the insurance. 


However, there is no problem to track this In MoneyWiz at all. You just need to manually create a Loan Insurance category, and create a Scheduled transaction that recurs with the same frequency as the ones for Principal and Interest. In the end you can generate a Categorized report for Interest and Loan Insurance categories for just that account to see how much it cost you using that loan in particular. Make sure to set the Scheduled transaction to End after X repeats, so that on in Forecast you can see when this payment will stop and your balance go higher.