Importing illustrations into Life Insurance Values properly is essential to getting the most from the Truth Concepts software.
The importing process will look different from carrier to carrier. Some insurance carriers will export illustrations into a PDF, some will export into an Excel spreadsheet. No matter how the insurance company operates, there's a way to import your illustrations.
Supported Companies for Importing Illustrations
Currently, only certain file-types of illustrations are supported. It's important to note which is which, so you can import illustrations with ease.
Here are the carriers and files types Truth Concepts supports for direct import:
- Lafayette Life, .XLS file (this is a type of Excel Spreadsheet)
- MassMutual, .TXT file (this is a Text file format)
- Mutual Trust Life, .CSV file (this is a comma-separated-values file, which you can open in most spreadsheet software)
- One America AUL, .XML file (this is another type of Excel spreadsheet)
When you export your illustration from one of these companies, it should export into the corresponding file types automatically.
If it does not export to the correct file, you can open the file and use the “Save As” function to change the file type. Otherwise, you can use the copy and paste method like below.
If Exporting to PDF (Or There Is No Export)
If your company exports illustrations, you must go old-school by copy-and-pasting your values. You'll want to take this column by column, starting with the Annual Premium, then Net Cash Value, then Net Death Benefit.
By right clicking and dragging your cursor down, you can highlight the entire column. This allows you to move through the process quickly.
Once you've copy-and-pasted all three columns, the IRR and ROR should calculate themselves.
If the IRR does not calculate, then you've likely missed a column. In particular, it's easy to miss the last year of Cash Value, which could prevent these from calculating.