Steps to Importing Life Insurance Data

Though the calculators are the meat of the Truth Concepts software, the tools included are an invaluable time-saving resource. In calculators such as Funding, Borrowing, Diversification, Accumulation, Distribution, and Asset Flow, the Life Insurance Values tool cuts the workload significantly. Rather than continually copying & pasting life insurance values, you can import life insurance illustrations directly into your calculator from previously stored data.

So where does that data come from? Fortunately, there’s no initial copying & pasting at all. Instead, you can import the information straight from an insurance illustration software using the following steps. This demonstration focuses on Lafayette Life software, but illustrations can be imported from a host of providers. It’s important to note that some steps may be different with different software.

Part 1: Run Your Illustration

To begin, you’ll create the illustration you’re looking to import within your life insurance illustration software. Once the illustration is finalized, look for the option “Export to Excel” at the top of the page.

Exporting Life Insurance Values

Part 2: Export the Illustration

Upon exporting the illustration, you’ll get a box that looks like this:

Life Insurance Data File

Right click where it says LLINSCO and hit “Save Target As.”

You have the freedom to change the location and name of the file to anything you wish. Streamline the process by saving the file to your “Documents” folder. This is the default location that Truth Concepts uses when searching for the file.

We also suggest using the same file name every time, so that you have one file being continuously overwritten with each new case. Something easy to remember is best, and the file save operation will automatically add the “.xml” extension to the filename.

This cuts down on hard drive clutter and helps you easily find the right file every time.

Part 3: Import the Illustration into Truth Concepts

Now that you’ve made the illustration data compatible with Truth Concepts software, launch Truth Concepts. Open the “Life Insurance Values” tool located in the “Tools” dropdown menu.

Click on the “Import Values From Illustration” button, which will give you the following Import Page:

Loading Life Insurance Values

One file can hold up to six life insurance illustrations. This allows you to compare different policy illustrations within the tool or toggle between them using the supported Truth Concepts calculators. Select a page in the “Life Insurance Values” Tool to import your data into—PLI1, PLI2, PLI3, PLI4, PLI5, or PLI6.

Select “Lafayette Life” from the “Insurance Company” dropdown.

The “Data File” will have the name and location of the last data file you imported or the default, “TC.xml”, in your document directory. You can click on the “Browse” button if this is not correct, and search for the correct file on your computer instead.

If you wish to go back to the default file “TC.xml”, click the “Default” button to automatically return.

Click on the “IMPORT DATA” button, which will give you the following confirmation message:

Life Insurance Values Import Box

Select “Yes” to replace the data (if any) in the SELECTED Permanent Life Insurance Page of the “Life insurance Values” Tool or “No” to cancel.

You can upload up to six illustrations in one data file, PLI1-PLI6, by repeating the above instructions for each Permanent Life Insurance page. The process is straightforward and is free of repetitive copying & pasting. When using a compatible calculator, you can click “Load Life insurance Data” to import the data you have now stored in your “Life insurance Values” Tool.

For more information on available calculators and tools with our Truth Concepts software, click here. For free video tutorials of some of our most popular calculators and tools, click here.