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

The assertion that an illustration must be part of the contract is inaccurate because life insurance illustrations are typically a separate document designed to help potential policyholders understand the features, benefits, and projected performance of a life insurance policy.

An illustration serves as an educational tool that presents detailed information about how a policy may perform under various parameters, including premium payments, interest rates, and cash value accumulation. It is not a contract itself, but rather supplementary information that guides the purchaser in making an informed decision.

In contrast, written documentation is essential for life insurance illustrations to ensure clarity and provide a formal record. Including a legal disclaimer is also a requirement to inform potential policyholders that the projections are based on certain assumptions and may not predict actual results. Furthermore, the illustrations must be based on accurate projections of policy performance to present truthful and realistic expectations. Thus, the separation of illustrations from the actual contract reinforces the understanding that they are illustrative rather than contractual commitments.