Life Insurance Illustration
Definition - What does Life Insurance Illustration mean?
Life insurance illustration refers to the document that contains comprehensive information about a life insurance policy. Information includes the coverage, benefits, and the payment scheme. The illustration is not to be confused with the actual policy itself.
Insuranceopedia explains Life Insurance Illustration
The life insurance illustration works as a guide or a literature for an interested party to study before buying a policy. The monetary figures listed in their timeline are either guaranteed or non-guaranteed. The guaranteed ones are those the insured will certainly pay or receive. The non-guaranteed figures are those dependent on the general economy or the financial standing of the insurance company in the future.
It is advised that aside from understanding the contents of the life insurance illustration, a potential policyholder should also consult a Ratings Agency that evaluates the performances of insurance companies.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.