When must a life insurance applicant receive a Buyer's Guide and Policy Summary?

The correct timing for providing a Buyer's Guide and Policy Summary is upon policy delivery. This requirement is in place to ensure that the applicant has a thorough understanding of the policy they are purchasing, including its terms, conditions, and any pertinent benefits. By giving these documents at the time the policy is delivered, the applicant can review them alongside the actual policy, which can enhance their comprehension and allow them to make an informed decision about their coverage.

Providing the Buyer's Guide and Policy Summary at this stage is critical because it ensures that the applicant has had the opportunity to read and understand the details of the insurance contract right before they finalize their commitment by accepting the policy. This approach supports good consumer practices and helps the applicant clearly understand what they are agreeing to, including any limitations or exclusions.

Timing these documents to other points, such as at the time of application or during the underwriting process, would not ensure that the applicant has the full context of the policy as they are not yet receiving the actual terms of the insurance contract. Providing them before the policy is issued might also lead to confusion or misunderstanding, as the applicant still has not had the full experience of receiving and reviewing their individualized policy document.