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The face value of a whole life insurance policy is the initial death benefit written into the contract.
This amount can be increased over the years if dividends are left to accumulate or purchase more coverage. The amount could decrease if you borrow the guaranteed cash value (or dividends) while you own the policy.
The face value of a Whole Life insurance policy is the amount of coverage that was purchased. It differs from the cash value, which is the amount of cash that has built up inside the policy. If the policy is surrendered, the cash value (minus any fees) would be collected. If death occurred, the face amount (adjusted by loans, fees, dividends, etc) would be collected.
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This amount can be increased over the years if dividends are left to accumulate or purchase more coverage. The amount could decrease if you borrow the guaranteed cash value (or dividends) while you own the policy.