How do I compare two proposals for replacing or reinstating a life insurance policy without relying on illustrations?

Look at the policy with realistic alternatives, including keeping existing coverage, buying a different type of policy, or self funding part of the risk. When the contract terms are examined, do not surrender existing coverage until the replacement policy is fully issued, accepted, and understood. When a premium has been missed, review the grace period, any automatic premium loan feature, and the insurer's reinstatement requirements immediately. Look first to the policy contract and the latest illustration or benefit summary, and get a licensed professional to identify in writing the guarantees, exclusions, surrender restrictions, and beneficiary terms that apply.