Which of the following is NOT a requirement for life insurance illustrations?

Life insurance illustrations are important tools that help consumers understand the potential outcomes of their policies. Each of the elements listed serves a specific purpose in ensuring transparency and clarity for customers considering life insurance products.

The statement about illustrations needing to be part of the contract is not accurate. Illustrations are typically meant to accompany policy proposals and provide hypothetical scenarios based on various assumptions, but they do not constitute a legally binding part of the insurance contract. Illustrations are often used to show how the policy could perform under certain conditions, which means they are inherently speculative and meant for educational purposes rather than contractual obligations.

On the other hand, the requirement for illustrations to be clear and unaltered by the agent emphasizes the importance of presenting the data as it is, without any alterations that could mislead potential policyholders. If agents modify illustrations, it could lead to misunderstandings about the policy's performance.

Including guaranteed values is another requirement, as it assures consumers that they will receive specified benefits at minimum, no matter what happens. This aspect adds a layer of security for the policyholder, as they can count on receiving certain assurances.

Lastly, being able to list projected values is significant because it allows agents to present potential future performance based on certain assumptions, helping clients make informed