1. Define the job
Write down whether the money is intended for protection, accumulation, income now, income later, or a beneficiary goal. A contract that does not solve the intended job is not a useful comparison.
2. Separate guarantees from illustrations
Mark every value as guaranteed, current, indexed, projected, or dependent on an optional rider. Ask which terms the insurer can change after issue.
3. Compare access to money
Place the surrender schedules, free-withdrawal provisions, market value adjustments, and effects of withdrawals side by side.
4. List every cost and economic limit
Include rider charges, administrative or investment expenses where applicable, spreads, caps, participation rates, and the licensed professional's compensation.
5. Identify the issuing insurer
Confirm the legal name of the company that issues the contract and review current financial-strength evidence for that entity.
6. Review income definitions
Cash value, surrender value, income benefit base, and death benefit can be different numbers. Ask which value is accessible and which exists only to calculate a benefit.
7. Include replacement consequences
If an existing contract may be replaced, compare lost benefits, new surrender terms, tax implications, and any fresh waiting periods.
Bring the contracts or illustrations to a licensed professional and ask for this comparison in writing. The goal is not to do more homework—it is to make the explanation easier to verify.