- Q: Is LifeGuide
produced independently?
A: The LifeGuide Professional software is fully
independent - and has always been fully independent - of all insurance
companies, insurance marketing organizations, MGA offices as well
as insurance sales associations. The LifeGuide Professional
Software is developed, produced and maintained by CompuOffice
Software Inc. CompuOffice Software Inc. is a specialty custom
software firm whose only business is, and has always been, the
development, production and maintenance of high-end, custom professional
software. On the other hand, the LifeGuide Professional
Software is produced in cooperation with the insurers whose products
are included in the software and is supported by a large number
of insurers and MGA offices who strive for quality and appreciate
the value added service and competitive edge that the LifeGuide
Professional Software provides.
- Q: How many insurance companies are included in LifeGuide?
A: The LifeGuide system surveys the products of all the brokerage
companies and of most non-brokerage companies offering individual
life insurance to the Canadian public.
Since well over 300 life insurers have operated in Canada over
the years, and since tracing 'retired' insurers may be needed
for insurance and financial planning, LifeGuide is the ONLY independent
multiple company life insurance software that includes The Insurers'
Roster(tm). The Insurers Roster lists and provides information
on virtually every life insurer that has offered coverage in Canada
since the 1800s - that is on well over 300 insurers!
While the number of
companies is important and LifeGuide is the leader in that respect,
LifeGuide also covers the broadest range of life insurance policies
in each product category.
- Q: Which products are included and compared in LifeGuide?
* Term: This includes
all available initial and renewal periods and including 'level
death benefit' term, 'decreasing death benefit' term and 'increasing
death benefit term. This also includes term products that
offer a CI insurance element/rider;
* T100: This includes
both the traditional death benefit T100 and the innovative death
and CI benefit T100 products
* Whole Life:
This includes 'life pay', 'limited pay, and 'quick pay', for both
'par' and 'non-par' whole life products. More importantly,
and since whole life includes yearly cash value figures, LifeGuide
includes detailed and accurate cash values and paid up values
for each and every policy year.
* Universal Life:
This includes ALL forms of COI and, of course, yearly fund and
cash values for each policy year. Computing a large number
of UL products simultaneously and under various scenarios requires
the most powerful comparison software. LifeGuide is the
first independent life insurance comparison software in Canada
to include Universal Life products and, being the most powerful
independent multiple company software, it is the ONLY software
of this nature with the power and speed needed for broad range
multiple-scenario comparisons of Universal Life products.
* Critical Illness:
Among its many 'firsts' LifeGuide was the first independent multiple
company professional life insurance software to include the all
imporant CI coverage products. LifeGuide includes the entire
range of CI cover products and also includes the specialized routines
necessary for comparison of these products. These include
detailed consideration of the important aspects such as covered
conditions, contract wordings, etc.
* 'Guaranteed' and 'Simplified'
issue products (products that are offered to individuals who may
not qualify for standard underwriting cover)
* Long Term Care insurance
(LTCi): As another of its numerous 'firsts', LifeGuide is
the first and only independent multiple company professional life
insurance software to include LTCi product comparisons.
LifeGuide's LTCiScout module provides detailed side-by-side comparisons
of LTCi products including details about the various coverage
componenets, detailed product descriptions and contract wordings.
* 'Niche' products:
These include various specialty 'niche' products issued by various
insurers and under various marketing organizations' private labels.
- Q: What about Disability Insurance?
A. The market for DI has been quite narrow and rapidly changing
over recent years as insurers that offer DI have been acquired
by other insurers and as some insurers have withdrawn from the
market. Nevertheless, the DI module of LifeGuide is
scheduled for release before the end of the year. Watch
The Bulletin Board (http:bulletin.lifeguide.com)
for an announcement about the launch of LifeGuide's DI cover module.
- Q: For how many lives can life insurance be surveyed
simultaneously on LifeGuide?
A: LifeGuide can survey, compare and analyze life insurance for
any number of lives, up to 12 lives simultaneously. LifeGuide
is the only multiple company life insurance software with such
capabilities. Regardless of the number of lives surveyed simultaneously,
all other LifeGuide functions, including the Across the Board®
Year-by-Year interest adjusted and present value of interest adjusted
comparisons and analysis , narrative details, etc. are all fully
integrated and with optimum exactitude.
- Q: Where do you obtain the rate and policy information
shown in the LifeGuide system.?
A: The rates and policy information in the LifeGuide
system, as well as changes, introductions and withdrawals, are
provided directly by the Head Offices of the respective life insurance
companies. This assures the highest degree of accuracy and comprehensiveness
of the information in the LifeGuide system.
Q: There is much more to insurance than just rates.
Does LifeGuide include additional product information, in addition
to rates and underwriting evidence requirements?
A: Of course, there is much more to insurance than just rates
and underwriting evidence requirements. In addition to pricing
and underwriting information, LifeGuide also provides:
- Narrative product
descriptions as received from the respective insurance companies;
- Sample policy contract
wordings
- Narrative Company
Profiles on the various insurers
- Marketing resource
information, listing insurers' marketing offices along with leading
MGA offices who are appointed by the respective insurers and who
are also equipped with LifeGuide;
etc.
- Q: Does LifeGuide include financial tools and financial
analysis modules?
A: Of course! LifeGuide includes a suite of financial tools
along with a suite of professional level financial analysis function
modules. These include:
- Multi-Calc (a large
suite of financial tools),
- Detailed and comprehensive
wizard guided Life Insurance Needs Analysis,
- Detailed and comprehensive
wizard guided Retirement Income Needs Analysis,
- Detailed and comprehensive
wizard guided Disability Income Needs Analysis, RRIF Analysis,
- Detailed and comprehensive
"Mortgage, Investment and Loan Analysis,
- Detailed and comprehensive
R.R.I.F Analysis
...etc.
- Q: Does LifeGuide provide for the saving and storage of
client information AND of quotes and analysis?
A: Of course! LifeGuide provides for the saving, storage
and easy and efficient retrieval of client demographic information.
The user can keep demographic information on each client separately
or in groups of up to 12 lives per group. For quotations,
LifeGuide provides facilities for storage and retrieval of quotations
and surveys in PDF format. In addition to the PDF format,
LifeGuide also includes the "Quotations Repository"
functions which provides for the retention of quotes in an encryped
format for quick and easy retrieval and use for further comparisons,
including comparisons using LifeGuide's advanced side-by-side
"MontAge(tm)" functions. Similarly LifeGuide also
provides for the saving and easy retrieval of saved analysis and
of "analysis in progress"
- Q: How often is LifeGuide updated and how are the updates
delivered to subscribers?
A: LifeGuide is updated at the beginning of each month, and as
needed also during the course of the month. LifeGuide subscribers
have the option of receiving monthly updates on CD or by fully
automated and user friendly updates through the Internet.
Among its numerous innovations, LifeGuide was the first
independently produced multiple company life insurance software
to provide fully automated, efficient, reliable and user friendly
updates through the Internet. Most LifeGuide subscribers
prefer and use the automated updates through the internet.
While being totally independent of all insurance sales organizations,
we strongly believe in the benefits to everyone that are achived
through friendly cooperation. We enjoy friendly cooperation
by the various insurance companies who provide us with product
and rate information in advance of introductions and changes to
the field. Consequently, for well over a decade, we are
able to maintain the utmost comprehensiveness, reliability and
accuracy of information in LifeGuide.
On occasion - and due to last minute approvals or "during
the month" product changes, interim mid-month updates of
LifeGuide are also released through automatic updates of LifeGuide
through the Internet. As noted earlier, the vast majority
of LifeGuide subscribers are taking advantage of the fully automated
and friendly LifeGuide updates through the Internet and they love
it.
- Q: How does the automated update of LifeGuide work?
A: Automated LifeGuide updates through the Internet are
handled by a series of secured servers that we maintain for this
purpose. The whole system is quite intelligent. (Assuming
that the user's machine is connected to the Internet) When the
user starts LifeGuide or has LifeGuide running and there is a
new LifeGuide update available for automatic installation, LifeGuide
informs the user of the availability of a new update. The
user is given the option of taking the automated update or deferring
it for later. If the user defers the automatic update installation
for later, the user is gently reminded again if more than a day
has passed and the update was still not performed.
- Q: Some sources say that it is better to buy term and
invest the difference while others suggest that over the long
term, term is a poor purchase and one should opt for 'permanent'
insurance. How do I know which is best for me?
A: As always, generalizations are of little or no value. In fact
there is no rule that would indicate that term is a better deal
than permanent or vice versa. Each situation is unique and independent
of all others and has to be examined carefully by a qualified
and experienced professional agent, broker or financial planner.
The LifeGuide
system with its highly sophisticated financial and analysis capabilities
gives the professional agent, broker or financial planner the
necessary tools to properly and thoroughly analyze each situation
to the best advantage of the consumer.
- Q: Could you tell me more on Universal Life comparisons
in LifeGuide?
A: Comprehensive and meaningful Universal Life comparisons require
the most powerful professional life insurance comparison software.
This is required in order to perform accurate analysis taking
into consideration premium, cash values and, paid up values for
each and every year.
LifeGuide is by a wide
margin the most advanced and most powerful independent multiple
company life insurance software. LifeGuide, therefore, was
the first ever such software to include comprehensive comparisons
of Universal Life products. For Universal Life policies,
LifeGuide examins various aspects, including Fund Values, Cash
Values, and total death benefits for each and every year.
The 'filtering' functions of LifeGuide provide for fine tuning
of research, comparisons and quotations of products taking into
account the design elements that would be required to satisfy
the need. LifeGuide provides the flexibility for comparison
of Universal Life products involving various scenarios and solutions.
In addition, the SmartAccess™ functions of LifeGuide also
provide for examination of actual contract wordings.
- Q: Why don't you market LifeGuide subscriptions to the
general public?
A: The LifeGuide software system is designed as a professional
tool for those in the life insurance and financial planning fields.
The LifeGuide
software system is not designed to replace the services of qualified
life insurance agents and brokers or the services of qualified
financial planners. It is a research and evaluation tool for consumer-interest-oriented
advisors in the life insurance and financial planning professions
- Q: Is there a consumer information web site that
uses data from LifeGuide?
A: Yes. There are a growing number of consumer information
web sites that use the WinQuote™ web based quotation and
comparison engine. One of the most popular ones is the site
http://www.consumerterm.com.
The WinQuote engine, like LifeGuide, is designed for the benefit
of consumers and uses some of the data from the LifeGuide database.
WinQuote was designed and implemented to provide consumers with
a counter-balance to the hundreds of term sales solicitation web
sites that have sprung up on the Internet. WinQuote provides
consumers with no-nonsense, objective and comprehensive information.
Its main purpose is to provide a free, independent and objective
life insurance related public service site on the Internet.
CompuOffice Software
Inc., developer and producer of the LifeGuide Professional Software,
doesn't sell insurance. Furthermore, we are entirely
independent of all insurance marketing, "insurance sales
lead solicitation", and insurance sales organizations.
Therefore, consumers are not asked for any identifying information.
On the other hand, realizing that consumers are best served by
professional consumer oriented financial advisors, consumers are
given the optional facility to use the built-in search engine
to locate consumer minded insurance agents and brokers in their
area.
All LifeGuide subscribers
are eligible for FREE listings at the WinQuote consumer sites.
The web quoting engine,
WinQuote™, is available to all LifeGuide subscribers who
may wish to include web based term quotes on their websites.
In addition to 'term' quotes, whole life, T100 and CI quotes are
also available in web quotes for LifeGuide subscribers.
Since the WinQuote web quoting engines are desinged with the ready
and built-in capabilities for:
- Single Life
- Joint-Life with the
death benefit paid on the first death
- Joint-Life with the
death benefit paid on the second death but premium payments payable
only to the first death
- Joint-Life with the
death benefit paid on the second death and premium payments payabale
to the second death
- Combined Billing Discounts
for two lives with individual coverage on each of the lives but
taking advantage of the affiliated lives premium discounts that
may be offered
- Multi-Life(R) surveys:
These powerful surveys are unique to LifeGuide and therefore also
unique also to WinQuote engine on-line surveys. Surveys
done by Multi-Life(R) are aimed to provide maximum cost optimization
benefits to consumers. To arrive at maximum cost optimizations,
Multi-Life(R) surveys examine all availale Combined Billing Discount
opportunities, along with opportunities that are often available
to reduce costs even further by "matching" coverage
offered though combinations of two different companies (inter-company
considerations). In addition to cost savings opportunities
that are frequently available through inter-company considerations,
such arrangements also accomplish the added benefit of "spreading
the risk".
- Q: In what environments can I install LifeGuide?
A: LifeGuide is designed for use under the various modern Windows
operating system platforms, including the most modern XP versions.
The web engine of LifeGuide is available for Windows and Linux
servers.
- Q: Is LifeGuide network compatible?
A: Yes, of course, LifeGuide is network compatible and is the
first software of this nature to be made network compatible well
over a decade ago.
- Q: How do I know if the surveys that my life insurance
broker shows me are produced with the LifeGuide system?
A: For the consumer's benefit, a disclosure appears on every LifeGuide
survey and quotation. The disclosure, found at the bottom
of the page, identifies that it was produced using LifeGuide.
- Q: How do I find more information about the LifeGuide
Professional Software system?
A: Contact CompuOffice
Software Inc at:
650 Hwy #7 East
Suite 308
Richmond Hill, Ontario, Canada
L4B 2N7
Tel: (905)-886-3314
Fax: (905)-886-0479
e-mail: colg@compuoffice.com
Trademarks
Windows® is a registered
trademark of Microsoft Corporation
OS/2® is a registered trademark of IBM
LifeGuide® is a registered trademark of CompuOffice Software
Inc.
Multi-Select® is a registered trademark of CompuOffice Software
Inc.
Multi-Life® is a registered trademark of CompuOffice Software
Inc.
Across the board® is a registered trademark of CompuOffice
Software Inc.
The Professional Choice®
is a registered trademark of CompuOffice Software Inc.
WinQuote™ is a
trademark of CompuOffice Software Inc.
SmartAccess™ is
a trademark of CompuOffice Software Inc.
Flashette™ is
a trademark of CompuOffice Software Inc.
LTCiScout™ is
a trademark of CompuOffice Software Inc.
Other trademarks that
may be mentioned herein are the property of their respective owners.
