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Valued Contributor
Burned2manybridgesB4
Posts: 2,159
Registered: ‎03-15-2012
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Amex app grey area

:smileytongue:Anyone ever include their life insurance policy in the asset line?


Frequent Contributor
sarkell
Posts: 345
Registered: ‎02-27-2013
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Re: Amex app grey area

I wouldn't bc it's only upon death in most cases. It's not something you could liquidify to repay debt that's what assets and that's really what they want to know.
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Valued Contributor
Burned2manybridgesB4
Posts: 2,159
Registered: ‎03-15-2012
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Re: Amex app grey area

Question on the back of my mind for while. Shot off email to them, as I'd love to know the technical viewpoint from them.

Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013
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Re: Amex app grey area

    I think it is an asset certainly. I am not an accountant however.

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Valued Contributor
Burned2manybridgesB4
Posts: 2,159
Registered: ‎03-15-2012
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Re: Amex app grey area

I shot off the email right before posting this. I'm curious as hell about their answer.


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OhioCPA
Posts: 470
Registered: ‎03-29-2011
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Re: Amex app grey area

If there is a cash surrender value, I would include that amount and nothing else.

 

When did Amex start asking for assets? This must be recent.

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Valued Contributor
Burned2manybridgesB4
Posts: 2,159
Registered: ‎03-15-2012
0

Re: Amex app grey area

I've seen it since zync...seven months?


Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013
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Re: Amex app grey area

Yeah that is what I was thinking.

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Valued Contributor
Burned2manybridgesB4
Posts: 2,159
Registered: ‎03-15-2012
0

Re: Amex app grey area

It's even on the droid app...Don't know...It's normal to me.


Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
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Re: Amex app grey area

I would think it is definitely an asset if it is a whole life policy with cash value.  I wouldn't think term would be an asset.


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