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What is an illustration in life insurance


Issue: One of the disclosures available to life insurance consumers is the life insurance illustration. An illustration is a presentation or depiction provided to prospective or new policy owners that shows how the policy should perform under specific circumstances set out in the illustration.

What does the phrase the illustration is the policy mean?

A policy illustration shows how the policy's value is expected to change over time and what assumptions those values are based on.

What is the main purpose of the regulation of life insurance policy illustrations?

The purpose of this regulation is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education.

Are all policies required to have illustrations?

Not all life insurance policies require inforce illustrations. Term life policies have premiums that are set for a specified amount of years. In other words, if an individual purchases a 20 year life policy, the premium and death benefit will typically remain the same for those twenty years.

What is an illustration for benefit?

The benefit illustration basically shows how your (policyholders') insurance policy fund/money invested will perform over a period of time. It includes financial projections for every year until the maturity, throughout the policy term.




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[PDF] Policy Benefit Illustration Guide for Universal Life Products - HSBC HK

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[PDF] The Story Behind The Numbers - A guide to reading your Whole Life

The Story Behind The Numbers - A guide to reading your Whole Life massmutual weebly com/uploads/1/4/0/6/1406137/howtoreadillustration_final pdf Illustrations demonstrate how a life insurance policy works and how policy values (premiums divi- dends cash value and death benefit) would be realized



[PDF] LAC020 - Life Illustration Certification and Notification Checklist

LAC020 - Life Illustration Certification and Notification Checklist www tdi texas gov/forms/lhlifehealth/lac020 pdf Regulation on Life Insurance Illustrations promulgated by the Actuarial Standards Board and that the illustrated scales used in insurer-authorized

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[PDF] Educational Note: Insurance and Annuity Illustrations (9750)

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