Illustration Guide - Repsource - Manulife Financial

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The concept, Continued Liabilities & Savings – Liabilities If the clients have occasionally doubled payments or made lump sum payments, their actual balance will be lower than that shown. You can override the calculation by entering under Outstanding Principal as of: • the date of the last balance confirmation • the amount that was last confirmed This will not change the payment but it will alter the amortization period. If the clients are systematically over-paying their mortgage to pay it off quickly, simply adjust the number of amortization periods until the payment more closely matches what the clients are actually paying. In the Liabilities section you can enter any current loans, lines of credit, credit card balances, and other debts. You need to know the current balance and two of the following three pieces of information for each debt: • interest rate • number of payments left • monthly payment The program will calculate the third piece of information. Select the corresponding option to tell the program which piece of information to calculate before entering the information you do know. Manulife one Illustration Guide 12 December, 2000
The concept, Continued Liabilities & Savings – Liabilities For the Hamiltons' line of credit: 1. Click Payments Left. 2. In the Debt Source column, click the arrow and select Line of Credit from the drop-down menu. 3. Enter: • $2,200 as the outstanding balance • 8% as the interest rate • $150 as the monthly payment The system calculates that the Hamiltons have 15 payments left to make and adjusts the payment to $154.61, so that it pays off in exactly 15 months (with equal installments). For the Hamiltons' credit cards: 1. Leave Payments Left as the selected option. 2. In the Debt Source column, click the arrow and select Credit Cards from the drop-down menu. 3. Enter: • $3,800 as the outstanding balance • 18% as the interest rate • $250 as the monthly payment The system calculates that the Hamiltons have 17 payments left to make and adjusts the payment to $254.90 so that the balance pays off in exactly 17 months (with equal installments). Manulife one Illustration Guide 13 December, 2000
Page 1 and 2: Illustration Guide For use with Man
Page 3 and 4: INTRODUCTION Manulife one Manulife
Page 5 and 6: Introduction and screen information
Page 7 and 8: Setting up a new client, Continued
Page 9 and 10: The concept Introduction The illust
Page 11: The concept, Continued Client Profi
Page 15 and 16: The concept, Continued Liabilities
Page 17 and 18: The concept, Continued Cash flow Th
Page 19 and 20: Concept report, Continued Concept R
Page 21 and 22: The proposal Introduction Once clie
Page 23 and 24: The proposal, Continued one Account
Page 29 and 30: Proposal reports Manulife one Propo
Page 31 and 32: Proposal reports, Continued Table C
Page 33 and 34: Additional proposals, Continued Sce
Page 35 and 36: Appendix Credit policy Introduction

Illustration Guide - Repsource - Manulife Financial

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