One of the many protections and disclosures available to life insurance consumers is the life insurance illustration. The illustration is a ledger that provides information to prospective or new policy owners on how the policy should perform given a specified set of parameters applied to the features of the policy. While the components of illustrations may differ depending on the type and complexity of the policy, there are a great deal of similarities that exist across policy forms. Items common to all life insurance policy illustrations include the benefits to which a policyholder is entitled, the premiums required to maintain the benefit, the expenses related to policy issue and maintenance, and the benefit and premium periods.
Click to run a quote