When is the face amount of a whole life policy paid

The face value of life insurance is the dollar amount equated to the worth of your policy. It can also be referred to as the death benefit or the face amount of life insurance. In all cases, life insurance face value is the amount of money given to the beneficiary when the policy expires.

At what point does a whole life policy pay the face amount quizlet?

When is the face amount of a Whole Life policy paid? The face amount of a Whole Life policy will be paid when the insured dies or on maturity of the policy, whichever occurs first.

What happens to the face amount of a whole life policy?

The face value of a life insurance policy is the initial death benefit it will pay out if the insured passes away. For a term policy, this will remain the same over its life. For a permanent policy, the actual death benefit may grow or decrease as the cash value portion of the policy changes.

How do I find out the face value of my life insurance policy?

Face value is calculated by adding the death benefit with any rider benefits, and subtracting any loans you've taken on the policy.

Is face amount the same as cash value?

A permanent life insurance policy including whole life insurance and universal life insurance has a face value and a cash value, which are two distinct values. The face value is the death benefit. The policy owner's beneficiaries will receive this amount when he or she dies.