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11/20/08 at 03:01:31
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Illustration form (Read 502 times)
Roxy Girl
Ex Member



Illustration form
02/01/08 at 10:43:36
 
Hello. I was asked to fill out an illustration form for my term life insurance policy. What is an illustration? Since I apparently didn't view an illustration, why do I need to sign a form regarding it?
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gabby one
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Re: Illustration form
Reply #1 - 02/01/08 at 10:49:32
 
Illustration forms are required by most insurance companies just to insure that you didn't view an illustration for a term life insurance policy. Term policies don't require an illustration to be viewed by the client because term premiums do not change over the course of the policy like a variable life could. Most insurance companies sell more than just term life policies and therefore have to acknowledge the illustration to ensure consistency with all the other products that they offer. Don't stress over the form. It's standard for insurance companies who have other types of life insurance. You aren't signing away your life or anything.
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norcalgal
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Re: Illustration form
Reply #2 - 02/20/08 at 16:07:56
 
Illustrations don't really apply to term life insurance policies because the premiums stay the same throughout the term of your policy.
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alphie
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Re: Illustration form
Reply #3 - 02/25/08 at 14:29:41
 
Well, what if I want to get an illustration for the term policy I am interested in purchasing? Is that something I can request from my producer?
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5kiddies
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Re: Illustration form
Reply #4 - 03/07/08 at 15:33:30
 
Alphie- Don't request one! This will hold up the underwriting process and for what? All you will receive is a form that has two columns. The first column will have the term you are applying for (example 1-10 years) and the second column will have what the premium will be for that year. If you are applying for a term policy, the premium does not change so that second column will have your quoted premium listed 15 times. Pointless.
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