A life insurance applicant MUST receive a buyer's guide and policy summary at what point?

The correct answer indicates that a life insurance applicant must receive a buyer's guide and policy summary upon the delivery of the policy. This requirement is set forth to ensure that the applicant has a clear understanding of the insurance product they are purchasing before finalizing the transaction.

Providing the buyer's guide and policy summary at the time of policy delivery allows the applicant to review all pertinent information about the coverage, benefits, and costs associated with the policy after they have had the chance to consider the decision thoroughly. This practice aims to uphold transparency and informed choice in the insurance purchasing process, enabling a better-informed consumer who can make decisions that suit their individual needs.

In contrast, other points in the process, such as during the initial consultation or upon application submission, may not provide the applicant adequate time or context to digest the information relevant to their specific policy. Although having this information is essential early in the process, the regulatory framework specifically ties the distribution of these documents to the policy delivery to ensure that consumers have access to it when they are ready to make a final decision.