g. Clarifying “Coverage Period Description”

• The Working Group discussed what information is intended to be included.
• Mr. Yanacheak said this is intended to capture how long a policy’s term is—a term of years or for life.
• Mr. Birnbaum said it is intended to answer the question: If I pay my premium, this policy will cover x amount of time.
•  Mr. Wicka suggested, and the Working Group agreed, to the following revised language to Section 5A(2)(e)(iii): (iii) Indicate whether it is a term or permanent policy.
  • If it is a term policy, indicate the length of the initial term.

2019 0917 - Life Insurance Illustration Issues (A) Working Group Conference Call