Understanding the numbers in a policy.
An illustration can make two policies look similar even when their guarantees differ. Before comparing the largest projected number, identify the protection you need, the premium you can maintain, and which values are actually guaranteed.
- Put the guaranteed and nonguaranteed columns side by side.
- Ask what happens if credited values are lower than illustrated.
- Write down the premium schedule and any planned withdrawals or loans.
Questions to bring to your review.
Are all the values in a policy illustration guaranteed?
No. An illustration may include both guaranteed values and projections based on assumptions. Ask which figures can change and what that would mean for the policy.
Can a policy loan reduce the death benefit?
Unpaid policy loans and interest can reduce the benefit paid to beneficiaries or the amount available on surrender. Ask the insurer to explain the effect before borrowing.
Consumer reference: Ohio Life & Annuity Guide (PDF). These are general policy topics, not state-specific product guarantees.
How we can help in Ohio.
Timmy Thompson is based in Huntington, West Virginia and licensed to help Ohio residents. You can send your questions online or book an online appointment; you do not need to travel to Huntington.
Discuss term life insurance, whole life and final expense coverage, or an existing-policy review. Availability and eligibility depend on the insurer, policy, and your state of residence.
The five-step pre-application helps prepare that conversation. It does not approve coverage or replace the insurer’s application.