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| Life Insurance Statement Analysis |
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This Life Insurance Monitor Report focuses on account statements available both online and in print offered by a sampling of the firms. We do not provide grades in this report, as only six of the coverage firms are included. Further, the majority of policies reviewed are term policies, and statement information varies based on the specific product. We considered the online availability, appearance, layout and contract information of each statement. Ultimately, this report serves as a snapshot of what a select group of firms provide in terms of accessing online statements, and what those statements provide in terms of policy details. The life insurance statements we reviewed in this report do not offer an extensive amount of policy values, limited to personal contact information of both the insured and the life insurance agent assigned to the account. Basic death benefit information, duration of coverage, and premium payment mode and amount are the standard for displayed information. In addition, some firms include a thorough glossary of statements, or explanation of the information found in the policy. Offering a statement center on the private site is the best way to provide clients with easy access to their annual statements. The virtual delivery of policy information to a centralized location on the private site allows clients to store information that can be used to review their coverage needs. All six firms provide a centralized location on their private site from which clients can access PDF versions of their account statements. Overall, the Life Insurance Monitor firms we reviewed offer concise navigation to statement centers on the private site; however, the policy statements themselves contain minimal information and lack the design characteristics that can be found on other financial documents. Additional key findings include:
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