You can enter life insurance as an asset, or simply enter the premium as a payment.
If the life insurance is whole life insurance and has an accumulated value, you would enter it as an asset.
Otherwise, you would enter the premium as a payment independent of the asset.
1. If the life insurance is an asset:
If life insurance is an asset, enter it as shown below:
The asset will carry to the sworn financial statement only if it is whole life insurance, not term insurance.
If it is a voluntary payroll deduction, then it is term insurance. On the “more info” screen, you can specify that it is a voluntary payroll deduction. In that case, however, it makes more sense to enter the life insurance not as an asset, as described below.
2. If the life insurance is not an asset
If the life insurance is NOT an asset, including if it is a voluntary payroll deduction, enter it as shown below:
Then it will carry to the Sworn Financial Statement in the section for deductions, in the subsection for voluntary deductions.