If purchasing a permanent policy, consumers need to pay careful attention to their life insurance illustration, says McLellan.
"Another question (consumers should) ask is 'What are the guarantees associated with this product?'" he says.
While life insurance illustrations frequently provide several projections on how your policy could pay out down the road, McLellan says the numbers that really count are the "guaranteed" figures, which show how much you'll make regardless of fluctuations in the market or fiscal problems the insurance provider may encounter in years to come.