How do I input an inforce ledger into the Life Insurance Values worksheet?
Open the Permanent Life Insurance or Life Insurance Values Tool (you’ll find “Tools” to the right of “Calculators” on your Truth Concepts dashboard.)
Select radio dial “Inforce”. A box will appear asking for Existing Cash amount. Enter the Cashvalue on the policy’s current status report in this box.
Put age and policy year in on top left and fill in description so you’ll know which illustration you copied.
Next to it, an “As of:” box will appear, allowing you to select the date that the status report was ran.
Below that, is a field to enter the next Anniversary date of the policy. This is also on the Status report.
If you do not have access to a Status report and the previous cash value, all you can do is move everything 1 year forward.
So for example, If you are in year 9 of the policy, use year 10 as the starting place (the cash value & DB for the first year in the calculator should be the EOY cash value from year 10 and so-on down the illustration). and use the EOY year 9 cash value as the “Initial Cash Value”.
Once this is entered, populate Current age or policy year, Description, and then paste premium, death benefit and net cashvalue values from the illustration software into the spreadsheet and save.
Premium- Use Net After Tax Outlay column from the illustration and put into Annual Premium column in the PLI Values table.
Policy Loan- If there is a loan on the policy, Use the Cumulative Loan column from the illustration and enter into the Loan Balance column in the PLI Values Table. You use cumulative loan because the loan plus the net cash value is what is actually growing in the policy.