A Policy Illustration is a document that provides a detailed overview of what to expect from a life insurance policy, including premium amounts, death benefits, and cash value projections. This illustration helps you understand how the policy works over time, including potential growth based on different assumptions. Reviewing a policy illustration is a crucial step before purchasing life insurance, as it outlines the key features and benefits of the policy.
By examining a policy illustration, you can compare different policies side by side and see how they align with your financial goals. This tool enables you to make informed decisions about which life insurance product is best for you.