This questionnaires focus is on the nonguaranteed elements of the policy and how these nonguaranteed elements compare with the companys current experience.

What is included in a life insurance policy illustration. For term insurance a policy illustration usually shows at least three things. To create a life insurance illustration the agent plugs many different variables into a software program developed by the insurer. This material includes details that are relevant to an applicants age gender underwriting rate class level of risk and likely premiums.

Some illustrations will include a net cash value on whole life policies where the dividend option is used to reduce premiums. Current and maximum premiums for each year. What is typically included in a life insurance policy illustration.

Some of these variables will include your age health rating. Life insurance illustration refers to the document that contains comprehensive information about a life insurance policy. Basic illustration means a ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and non-guaranteed elements.

Agents name Generic name of policy Insured Age Sex. The Supplemental Ledger which goes by a few different names depending on the company and the product is the part of a life insurance illustration that seeks to show some of the versatility of life insurance products. Total premiums paid up to that year.

The illustration is not to be confused with the actual policy itself. All life insurance benefit illustrations broadly show details of an insured person life insurance product features such as policy term the sum assured premiums to be paid - policy term mode of payment etc investment options and policy riders if any on the top of the benefit illustration guide. Information includes the coverage benefits and the payment scheme.

This ledger is where youll find projections for things like. Whole life universal life variable life and indexed life insurance. Illustration means a presentation or depiction that includes non-guaranteed elements of a policy of life insurance over a period of years and that is one of the three 3 types defined below.