Premiums and Benefits – Understanding Illustrations

  • Ask your insurance agent, financial advisor, or an insurance company representative for an illustration showing future values and benefits. (p5)

2018 – NAIC Life Insurance Buyer’s Guide – 8p

  • He <Birny Birnbaum> disagreed with Mr. Lovendusky <ACLI>  that an accompanying illustration would reduce the complexity of products for consumers.
    • He said illustrations add to the complexity.

2017 1116 – LIIIWG CC, Richard Wicka, Chair, 2017-3, NAIC Proceedings

  • In my experience very smart people don’t really know what all the components mean.  
  • It does lead to confusion. 

So, I think … if you can refer to the eventual illustration and just show the cash value.

—  Teresa Winer (GA)

2019 0917, NAIC (LIIIWG) Life Insurance Illustrations Working Group,  – <Bonk>