Hypothetical spreadsheets, financial software and mathematical projections can be an important part of any life insurance presentation. When used properly, they add perspective and allow for more effective planning. Of course, representations of any kind must be fair, manage expectations, and conform to NAIC as well as state guidelines. And some insurance companies even have their own policies. But generally, they all dictate the following:
Always accompany any projected values with the source illustration from the insurance company that contains critical information about the insured, assumptions used for projections, guarantees if any, disclosures and disclaimers.
Do not state or imply that projected values represent anything other than a life insurance policy.
Do not use numbers or assume crediting rates that depict policy performance greater than the illustrated scale of the insurer.
Never make misleading statements or imply benefits or features the policy does not offer.
Whenever possible, have prospective buyers sign a written disclosure acknowledging the above, so it is clear these matters were properly discussed and accepted.
The purpose of Repredict is to provide fast and accurate insurance predictions to efficiently explore multiple, real-life scenarios. It is critical that clients understand all aspects of these long-term products and strategies before committing to them. Repredict is unique in that it can demonstrate and stress-test potential real world scenarios efficiently - in seconds even.
At the same time, Repredict is committed to rules and requirements that protect consumers against inflated numbers and hype. For example, crediting rates are capped and cannot exceed the AG49A maximum illustrated rates. You may show less crediting, but not more. Repredict also offers a “Make Compliant” button. This automatically provides all the data and assumptions needed to convert any prediction into a closely matching, yet fully compliant illustration.
The "Make Compliant" button automatically sends the predicted data to your illustration team. It is also recommended that you attach the original source ledger that contains the input instructions. This will make it much easier to match the prediction.
