Description: The NAIC's 'Life Insurance Illustrations Model Regulation,' which goes into effect on January 1, 1997, is largely a response to the perceived misrepresentations in life insurance illustrations, of which vanishing premiums is a notorious example. From an actuarial perspective, this state of affairs presents an interesting challenge. Rather than disallowing illustrations of risky contracts, why not develop an illustration for potential policyholders which adequately conveys the essence of these contracts and their probabilistic nature. The purpose of this paper is to discuss some preliminary observations related to the development of such illustrations.