The side-by-side calculator offers a simple and easy way to put two calculators next to each other and analyze them together, column by column. Using this tool, you can effectively work in two more calculators, and then pull them into one space to look at the data. The data points can be toggled on or off, so you can be as precise in your analysis as possible, without the extra noise. 

For example, if you want to look at two insurance illustrations with guaranteed cash value ONLY, you can do that more effectively in Side-by-Side than in Life Insurance Values. That’s what we’ll be showing you today. 

Populating Side-by-Side

The Side-by-Side tool only works if you have calculators already open and populated. The purpose of this tool is to take a micro-view of the work you’ve done. So in this instance, you will already have your life insurance data copied and pasted into Life Insurance Values.

Then, you’ll want to check “Option A” and “Option B” in Side-by-Side. This will indicate to the tool that you have two data sets to pull up. Then, under each option respectively, you can go to the first drop-down field, select the data you want, and check the box on the left-hand side to include it. 

In this case, we’re including two illustrations from two different life insurance companies, with guaranteed cash value and death benefit ONLY.

Using side-by-side to compare life insurance illustrations.

As you can see in the above image, the columns alternate between Option A and Option B, so you can analyze the same data set for each option side-by-side. So for example, the cash value of Option A and Option B are next to each other, so you can see the exact differences. And what this shows is that the legacy to heirs (death benefit) is almost exactly the same from company to company, in the end. The difference is less than $4,000 guaranteed.

Why Insurance Company Doesn’t Really Matter

The takeaway here is that both insurance companies are actually quite similar in their guarantees. And we can only “compare” guarantees because that’s the baseline set for each company—it’s apples to apples. 

Dividends, on the other hand, are declared annually. One company may look better than all the others this year, and next year they could declare the lowest dividend of the bunch. It’s not a fair or accurate comparison, and what you see over 30 years or more is that most companies have similar results because of these varying dividends. The difference isn’t all that great. After all, their number one job is to be profitable for policyholders. 

Additionally, we know as agents that an illustration is simply a snapshot. It’s a projection. As soon as the cash value actually increases, that becomes the new guaranteed floor of the cash value, which makes every projected year after that inaccurate. In most cases, results are even better than the guaranteed snapshot!

The Importance of Good Relationships

What’s more critical than choosing the right company is having a good enough relationship with a client to get them to move forward with a policy at all. The sooner they start, the sooner they begin to save, gain control, and create certainty for their families. Deliberating over which company is better NOW will do them a disservice in the long run. 

There’s no one-size-fits-all answer. The “best” company for you is likely going to be different from another advisor. You might have a great working relationship with the people at one company, which means you get fast service and additional support. You might like the underwriting process at one company better than another. These are all valid reasons to do business with one or two companies at most, and this is a much better strategy than chasing the highest dividend.

You and your clients will be more satisfied with the service in the long run. And your client will be happy they started as soon as possible, rather than getting in the weeds about specifics that ultimately have a very small impact on their overall experience.

Remember, this is a long-term product for you and the clients you serve, not just the client. 
For more insights on how to get the most from your Truth Concepts software, we encourage you to attend a Truth Training. At training, you’ll be with top advisors learning how to use the calculators more effectively and imbue them with your own narratives for success.