What Is On a Policy’s Face Page? - LifeQuotes.com

How to Read Your Policy’s Face Page

Once the underwriting process has been completed, you will be provided with a hard copy of your life insurance policy that should be kept in a secure place. Your beneficiaries should also be informed on where your policy will be stored.

While all policies will vary in length, place of provisions and overall organization, the face page of most life insurance contracts are quite similar.

In fact, the face page of a policy should contain some–if not all–of the following information.

As obvious as it may sound, the name of the insurance company should be listed on this page. This is important because over the following years, your insurance company may be sold, bought out, absorbed by another company and change their name. Having the original name of the company is vital as it could save your beneficiaries time when they are trying to claim it.

Following the insurance company name, the face page should include specific details of the policy. This should include the following information: the name of the insured and the name of the policyholder, the face amount of the policy, the policy number and the policy date.

Perhaps the most important aspect of the face page is the insurer’s promise to pay if and when the policyholder dies, as this is the heart of any life insurance policy. The face page should also include a basic description of the type of life insurance policy that the policyholder is purchasing.

Below is an example of a traditional whole life policy description:

“Whole Life – Level Face Amount Plan. Insurance payable upon death. Premiums payable for life. Policy participates in dividends. Dividends, dividend credits and policy loans may be used to help pay premiums,” as quoted in McGill’s Life Insurance 8th edition.

A statement about the policy’s free look provision – period of time where the policyholder can return the policy after acceptance – should also be included on the face page. Typically, this provision is ten days.

Lastly, signatures of the officers – usually the president and the secretary – of the company should be listed on the face page. Having their signature binds the company to the terms of the contract.

Want to learn more about life insurance? Read our article The Most Frequently Asked Life Insurance Questions.