What Does Face Amount Mean On Life Insurance?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaThe face amount of a life insurance policy is the death benefit the beneficiaries will receive upon the demise of the policy insured. The death benefit can also increase depending on the type of permanent life insurance policy you purchase.Answered on July 14, 2013+01+1 this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.The face amount means the amount of money that will be paid to the beneficiary when the insured person passes away, or when the policy matures. In term life insurance, the face amount is the amount of life insurance that was purchased.Answered on July 20, 2013flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482The "face amount" of a life insurance policy is the original specified death benefit that you purchased at the time you applied for the coverage. This is the amount that will be paid to your beneficiary at the time of your death. If you have some form of permanent Life Insurance (Whole Life, Universal Life, Variable Universal or the like) and have borrowed from the accumulated cash value of the policy, then any outstanding loan balance would be subtracted from the face amount and the balance then paid to your beneficiary.Answered on April 23, 2014flag this answer
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