No, getting an in-force illustration is not the same as a policy review. While an in-force illustration can provide important information, a thorough policy review should be completed by an outside, neutral, expert organization (not the broker who sold the insurance). This type of review encompasses whether the policy is performing, an analysis of the strength of the insurance company, whether the type of policy is still appropriate having regard to factors like whether the health of the insured, market conditions or the original goal in purchasing the insurance has changed, comparisons with different options to check if premium amounts/death benefits are competitive in the current environment or whether an exchange should be considered to obtain more attractive/less expensive coverage. Wilmington Trust uses such an outside, third party to review insurance when we act as trustee of life insurance trusts. 

Please feel free to email me for further guidance, tips and best practices for life insurance reviews.