The Life Insurance Values tool (or simply Life Values) is one of the most valuable tools in the Truth Concepts suite. With it, you can upload your life insurance illustrations and use that data in other calculators such as Asset Flow, Diversification, Funding, and more.
You may not know that there are some interesting things you can do in the Life Values tool directly that may help you with your behind-the-scenes work.
Using the Summary Button in Life Insurance Values
Life Values allows you to input up to 6 permanent life insurance policies and 4 term insurance policies at a time. This is helpful as you work with clients over the years who take out more policies as their wealth grows.
Come review time, you may find that the Summary button is particularly helpful. Summary, which is located right after the 4th term insurance tab, can show you a client’s entire life insurance portfolio. The summary can give you a good idea of what different life insurance compositions will look like, too. For example, you can see what happens if you include term insurance. You can also see what happens to the big picture if you add another whole life policy, or what happens if you convert a term insurance policy to whole life.
What About Clients With More Than Six Policies?
If you’re working with a family that has a complex web of whole life policies, the Summary button is actually even more valuable to you. Using Summary, you can combine a client’s first six policies into one Summary. Then, you can copy that Summary into a fresh Life Values tool. You can even repeat this until you have all policies and/or summaries on one Life Values page. Then, you can see the total, complete picture of your client’s insurance.
Using Interpolate in Life Insurance Values
The Interpolate tool can be incredibly useful when you’re onboarding a new client who doesn’t yet know what they want. One of the simplest ways to use Interpolate in practice is to run $1 million illustrations for the sake of having data. Then, you have something straightforward to plug into Life Values. The Interpolate function then allows you to play with the numbers a bit. You could show your client what it might look like to double that policy or to cut it in half.
The point of Interpolate is to use existing data to infer what a policy might look like if you multiplied or divided it. It will not be an exact illustration from a company, yet it can give a fairly accurate representation of what one might look like. This makes early meetings simpler when you don’t have information yet, so you at least have something to look at with a client.
Note that you probably won’t be showing a client the Life Values tool directly. However, you can use the Interpolate option anytime you load in data from Life Values into another calculator. This means you can also use interpolate if you want to run some scenarios on your own using illustrations you’ve used before, without requesting an all-new illustration.
Join Us At Truth Training
To get the most from your calculators, we invite you to attend a Truth Training. This live, 3-day event is the best way to learn how to use the calculators and apply them in your business. You’ll also get invaluable time with other professionals in the industry to talk about your practice and help one another find solutions. We hope to see you there.
Hi Todd: On using the life insurance values tool. you mention companies but never any
names of companies. Now I appointed with Lafayette and Guardian, and you show an interest
rate. Question how are you or Kim setting these up as to base and paid up addition to arrive
at the best possible rate.
Hi Len, thanks for your question. Often we use max PUA, which will generally get you the best possible rate in terms of cash value. Sometimes we do less than max PUA if we think the focus is more on the death benefit, even though the rate may be slightly lower.