When must an insurer furnish a prospective buyer with a Buyer's Guide and a Policy Summary during the solicitation of a Life policy?

The requirement for an insurer to provide a Buyer's Guide and a Policy Summary to a prospective buyer is rooted in the intention to ensure that consumers have access to crucial information that will allow them to make informed decisions about life insurance products. In New Jersey, these documents must be furnished prior to completing the transaction or at the time of delivering the policy.

By providing these materials at this stage, insurers help to clarify the terms, benefits, and any conditions associated with the life insurance policy, allowing potential buyers to have a clear understanding of what they are purchasing. This timing is critical as it allows prospective buyers to review and consider their options without pressure, which contributes to transparency in the insurance market.

This more consumer-friendly approach is designed to foster trust and encourage informed decision-making. In contrast, providing the guides after payment or only upon request would not effectively arm the consumer with the necessary information upfront, which is why options suggesting those scenarios do not align with the regulatory requirements.