Frequently Asked Questions and Answers
Compulife is happy to answer any question you may have
about our company or service.
Compulife is a software company which has produced term comparison software for the U.S. market since 1987. Compulife is a fully independent company.
Compulife is not engaged in the sale of life insurance. Neither Compulife, its owners or employees sell life insurance or have any financial interest in the sale of life insurance. Further, no life insurance company, agency or agent has any financial stake in Compulife. This means that Compulife is the most objective and unbiased provider of term life insurance rate comparison software in the market.
We believe it is. Through the years we have acted to avoid potential conflicts of interest or any appearance of conflict of interest. We believe that you are better off dealing with a company that in no way competes with you or your sale of life insurance. Further, Compulife earns no money, directly or indirectly, from your sale of life insurance. You are at liberty to take full advantage of the competitive marketplace to negotiate top commissions for your sales. You do not have to do business with any particular company or agency to purchase and use the Compulife program. Further, when you purchase the Compulife program your level of service is not better or worse because of any alliance you have with any agency or company.
Absolutely. When a change takes place in the term market Compulife responds instantly to make the appropriate product and/or rate changes to our software. Those changes are then posted to our website where Compulife subscribers can automatically download the changes and update their software to the latest version. Agent changes are posted before the same changes are posted to our www.term4sale.com website.
Further, Compulife has an excellent reputation for turning product changes around in a very short time. Through the 25 years we have been in business Compulife has developed the finest rate entry and maintenance tools which permit us to make change fast and easy. No one wants to be quoting yesterday's rates, most of all Compulife.
Compulife's existence rises and falls on the quality of our term comparison software. We don't sell other software or generate revenue from other product lines. The term comparison software business reminds me of dairy farming. Most modern dairy farms do not slop hogs or raise chickens. They are completely devoted to dairy farming because it is a challenging and demanding business requiring constant and complete attention. A dairy farmer does not want to be distracted from his job and Compulife is not distracted by other software product lines or business interests.
Through the years Compulife's best source of information about the market is you, the agent or agency. There is nothing compelling any life insurance company to provide its rates to Compulife. Frequently agents are the quickest to alert us to important changes in product information. Having said that Compulife has developed excellent relationships with many life insurance companies who provide us with rate information in a timely manner. Many life companies have realized that Compulife is independent and objective. Compulife treats all life companies the same. Our dedication to accuracy and timely updates means that we are highly reliable at providing up-to-date and accurate information. Many life companies subscribe to Compulife just to keep up-to-date with their competitors in the market.
No. Compulife's entire focus is direct to making our term comparison software the best in the industry. We have remained in business for over two decades because we stick to our strength and expertise.
Compulife quotes over 100 different life insurance companies.
For the most part Compulife quotes term products. In addition to level term products, Compulife quotes no-lapse U/L plans with guaranteed premiums to at least age 100 and we also quote "Return of Premium" policies.
NOTE: The U/L and Return of Premium policies are not available in our entry level product called "Term4Sale - Agent Edition". ROP and no lapse U/L products are available in our Standard License and Personal Use License versions of the software at NO ADDITIONAL CHARGE.
We can't answer that question for you. Your need for comparisons and what you plan to do with them will determine which version is best to buy. Term4Sale - Agent Edition may be all you need. Click Here to compare the different versions of our software. The good news is that Compulife offers the "Dare to Compare" challenge which will allow you to obtain Compulife for a period of 4 months, AT NO CHARGE.
You don't have to decide which to buy until you have tried Compulife for yourself.
Yes, but the service is intended for consumers. To see what we mean we encourage you to visit our consumer website at www.term4sale.com. However, the volume of information at that website is limited in order to keep it simple for consumers. Consumers are encouraged to call agents (listed at term4sale) who use Compulife in order to obtain additional information which will help them to come to a fully informed decision. If you purchase any of Compulife's comparison programs, you are entitled to at least one free listing at www.term4sale.com. Those purchasing the Personal Use version are entitled to 2 free listings and those purchasing the agency version are entitled to 3 free listings.
Yes. There are two ways to connect Compulife quotes to your Internet website. The least expensive, and most popular method is to go to one of our Internet authorized web providers. For more information on that, Click Here.
Compulife's authorized web providers do not sell or distribute insurance. Further, Compulife does not dispense the names of agencies using our Internet service. This is so we can maintain our independence from the sale and distribution of life insurance.
Alternatively you can purchase Compulife's Internet comparison engine for $995 per year (the internet engine is $500 to agencies who buy more than 15 additional copies of Compulife). For more information call Bob Barney at (888) 798-3488. Those who buy Compulife's Internet engine are able to sub-let their copy of that engine to other agents who are Compulife subscribers.
Compulife does not provide its agent/agency versions of our comparison software on the Internet for the simple reason that the Internet is not as dependable as using our software on your local computer. Experience has taught us that agents who use Compulife depend on it heavily. Should a communication or website failure occur, you are still able to do immediate quotes with Compulife because it is on your computer. Even agents facing power failures can do quotes providing Compulife is on their battery powered laptop.
Compulife is purchased on a subscription basis. The program resides independently on your computer, and is updated through the Internet.
IMPORTANT: You do not need to be connected to the Internet in order to quote. You only require the Internet to obtain updates to rates and/or improvements to the software.
Prices for Compulife vary depending on how you plan to use the software.
If you are an individual agent and will be using Compulife for selling insurance to your own clients, and agree to not give comparisons and quotes to other agents, you can purchase Compulife's "Term4Sale - Agent Edition" product for $69 per year.
The Personal Use version of the full Compulife program costs an agent $199 per year.
Insurance agencies pay more for Compulife. The cost for a "Standard License" is $299 per year. An agency is permitted to provide printed quotes to as many different agents as it likes. However, that agency may not further distribute the Compulife program to others unless it purchases sub-licenses for those agents.
Yes. An agency can purchase additional copies of Compulife. The discounted price for an additional agency version drops from $299 to $199. If the agency wants to purchase copies of Compulife for individual agents, the price drops from $199 to $139. If the agency purchases a minimum of 10 copies, the price for an agent version drops from $199 to $99 and the price for additional copies of the agency version drops from $299 to $149.
No, however; Compulife interfaces with a client database system from GBS, Inc. If you purchase their system you will have the ability to enter your client's information and then pass the info to the Compulife Software. After you finish the quote, the GBS, Inc. system will attach the quote to your client's record in your contact database. Compulife is designed to run quotes for one or two clients at a time and most agents already have some sort of contact database where they keep track of their clients. If you do not have a contact database GBS, Inc. is a great solution for keeping track of your clients.
No. Compulife provides a wide array of comparison options. You can compare premiums on an Accumulated cost basis, for as many years as you like. You can compare based upon the current premiums or the guaranteed premiums. Having said that, Compulife is the first to underline that accumulated cost comparisons are a weak form of measuring future policy costs. That's why we provide you with two additional future cost comparison methods. There is the PVAC option, which stands for Present Value Accumulated Cost. Future premiums are discounted and accumulated at any interest rate you specify. Alternately, you can use the Interest Adjusted Cost (Payment) Index and compare based upon any time period for either current or guaranteed premiums.
Compulife's program give you renewal premiums for the life of each term product. You will be able to quickly determine how long initial premiums are guaranteed. You have the option of restricting your comparisons to only those products with full guaranteed premiums during the initial level premium period.
No, you specify which companies you want included in your comparisons.
Yes. Compulife provides the Pick 12 Policy Analysis which allows the creation of customized spreadsheet proposals with up to 12 products, side-by-side. Mix and match any group of products you like. Placing products into the spreadsheet is fast and easy.
Yes, Compulife is a licensed provider of A.M. Best ratings. These are updated as they change and can be included in your product quotations and comparisons.
Yes, there are four analysis tools that come built into the program at NO additional CHARGE. The first is called Interest Adjusted Cost Analysis which allows the side by side comparison of any two products, on a year by year basis, with the difference in cost accumulated with interest less tax. Compare two products from within the program, or enter product information manually.
Compulife also provides the Income From Capital Analysis which allows the calculation of the lump sum money needed to provide an income for any period of time. This is an extremely useful tool for demonstrating to insurance prospects, or those planning retirement, how lump sum money is used to pay out income over a period of time. You determine the inflation and interest assumptions used in the calculation.
Retirement Investment Analysis allows you to determine how much an individual needs to invest in order to achieve their retirement saving objective.
Return of Premium Analysis allows you to compare a "Return of Premium" product with a similar product that does not offer return of premium, in order to computer the effective rate of return which would be realized on the difference in cost.
For those with laptop computers, these are powerful "point of sale" needs and product analysis tools.
Compulife would be happy to answer any question you may have about our company or service. If we believe your question may be of interest to others, it will be posted here. You can contact Compulife at:
Compulife Software, Inc.
|Copyright © 1982 - 2013 COMPULIFE Software, Inc. | All rights reserved|