Jul 29
What is a life insurance policy illustration?
A life insurance policy illustration is not part of the life insurance policy and is NOT a legal document. Legal obligations are spelled out in the policy contract. A policy illustration is ONLY a tool to help you understand how a policy works.
Basically, a policy illustration is designed to show the financial projections for each year you own the policy. This includes, but isn’t limited to:
- Premium amounts owed
- Cash valued
- Death benefits
Your actual costs and benefits could be higher or lower than the illustration. Why? Because they depend on the financial future of the insurance company. If the figures are guaranteed, the insurance company will honor them. Ask your agent which are guaranteed and which are not.
(No Ratings Yet)
Loading ...
Print This Post
