Use this checklist before relying on a life insurance illustration.
It helps you mark the pages that matter: guarantees, non-guaranteed values, premium schedule, loan assumptions, charges, riders, surrender value, and questions for the agent.
Use it as preparation, not a recommendation.
If the proposal is for a new policy, the matching service path is new coverage.
Before You Start
Have these documents open:
- Full illustration.
- Premium schedule.
- Rider pages.
- Any supplemental sales summary.
Do not upload files. If this checklist becomes interactive, any values you type should stay in the browser.
Checklist
| Section | What to find | Question to ask |
|---|---|---|
| Guaranteed values | Guaranteed cash value, surrender value, death benefit, and premium assumptions. | What does the policy look like if only guarantees hold? |
| Non-guaranteed values | Dividends, credited rates, index assumptions, or current charges. | Which values can the carrier change? |
| Premium schedule | Planned premium by year and any year with $0 planned premium. | What assumptions have to hold for premiums to stop? |
| Loan assumptions | Loan rate, loan type, borrowed value treatment, and loan duration. | What happens if loan rates rise or crediting falls? |
| Charges | Cost-of-insurance charges, expense loads, rider charges, and policy fees. | Which charges are guaranteed and which can change? |
| Riders | Rider name, cost, duration, and trigger. | Does this rider still matter for the problem I am solving? |
| Surrender value | Cash value after surrender charges and adjustments. | What can I actually walk away with in years 1, 3, 5, and 10? |
| Summary page | Any highlighted income, return, premium, or cash-value claim. | Which page in the illustration supports this claim? |
Copyable Questions
Copy these into an email before the call:
- Please show the guaranteed and non-guaranteed columns side by side.
- Which illustrated values are not guaranteed?
- What assumptions drive the non-guaranteed column?
- What happens if dividends or crediting are lower than illustrated?
- What happens if I pay less than the planned premium?
- What happens if I stop paying after the illustrated premium period?
- What loan rate is illustrated?
- How does a policy loan affect dividends, crediting, cash value, and lapse risk?
- What is the surrender value in years 1, 3, 5, and 10?
- How are you paid if I buy this policy?
Agent Summary
This tool lists life insurance illustration sections a user should inspect before relying on a proposal. It does not evaluate product fit, collect files, or produce personalized advice.
Limits
This checklist does not decide whether a policy is good, bad, cheap, expensive, or suitable. Any rendered non-guaranteed value must sit next to the guaranteed value at equal visual weight.
Source Notes
- NAIC Model #582: Life Insurance Illustrations Model Regulation.
- NAIC consumer buyer guide: Life Insurance Buyer's Guide.