What is the minimum required content for a comprehensive life insurance policy illustration in Virginia?

A comprehensive life insurance policy illustration in Virginia must include assumptions, guaranteed amounts, and non-guaranteed amounts. This requirement ensures that potential policyholders have a clear and complete understanding of how the policy will perform under various scenarios.

The inclusion of assumptions provides insight into the conditions that are expected to affect the policy's performance, such as interest rates or mortality rates. Guaranteed amounts show what the policyholder can expect at a minimum, offering a level of security. Meanwhile, non-guaranteed amounts inform the policyholder about additional potential benefits based on favorable performance, giving a more comprehensive view of what the policy could yield.

By requiring all these elements, Virginia law promotes transparency and helps consumers make informed decisions about their life insurance options. Understanding both guaranteed and non-guaranteed elements is crucial for policyholders, as it enables them to plan more effectively for their financial futures.