If you are interested in seeing some paid up additions whole
life insurance illustrations tailored to your specific goals and objectives, please fill out our contact form for a complimentary advanced markets professional consultation.
To the best of my knowledge life insurance companies are not yet doing these things but I look forward to the day when they provide more detailed information in their whole
life insurance illustrations online.
On a whole
life insurance illustration, there is also a total death benefit guaranteed and total death benefit non-guaranteed shown.
First you'll need to run the numbers using
the life insurance illustration software to generate a general ledger.
In general you'll need to input the EXACT same parameters into both software (
the life insurance illustration software and the Investment Comparator) for the results to have any meaning.
The Life Insurance Illustrations Model Regulation, adopted by the National Association of Insurance Commissioners in 1995, serves as the model for most state regulations.
This is a document that lays out the assumptions made to compute your expected cash value, monthly interest rate and other key components of your policy (see Understand Permanent
Life Insurance Illustrations).
These are all examples of how the same policy can be structured in many different ways, and this is important to keep in your mind when you are looking at a whole
life insurance illustration.
Term
life insurance illustrations and permanent life insurance illustrations differ in content so it is difficult to really assess which company is better if you are comparing two different policy types.
Obtaining
a life insurance illustration is free and easy.
The dividend rate is projected on
the life insurance illustration, but the actual rate is announced each year before it is paid out and is never known for sure.
When looking at a whole
life insurance illustration, take stock of what the minimum guarantees are.
Further cash value growth can (and typically does) occur beyond the guaranteed cash values of a whole
life insurance illustration.
A whole
life insurance illustration can be complicated for people who are not familiar with life insurance.
The term «
life insurance illustration» is a bit misleading because these are not simple charts or pictures.
To create
the life insurance illustration, the agent plugs many different variables into a software program.
To get a sense of how that can grow, see «Understand Permanent
Life Insurance Illustrations.»