How to review a life insurance illustration
Some of the other points to check when reviewing a life insurance illustration areas are as:
On your illustration, the type of premium that you have will be shown (it will probably be described as a "stepped" or "rate for age" or "level" premium). It's important to know which you have and to understand what this means. Why? The reason is that the type of premium you have will make a huge difference to the long term cost of your life insurance. In short, if you want your life insurance for the long term (for example 10 years or more) which is on scale other of income insurance you would probably want to consider a level premium while if you are looking for shorter term cover then a stepped premium is probably the best option. Because of the difference this can make to the amount you pay long term for the life insurance, the type of premium you have is vital to understand clearly.
A second point to check is whether the life insurance premium you have is guaranteed. Some premiums are while others are not, which means that the insurer can alter them in the future if they wish to. Particularly if you choose to have a level premium it's very important that the insurer guarantees the premium and cannot alter it otherwise you miss out on the long term cost certainty that a level life insurance premium is supposed to provide.
How to review a life insurance illustration
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