Required disclosures in a life‑insurance policy summary
A policy summary for life insurance must clearly present the contract's core features so consumers can compare products. It should list the insurer's name, the policy's type (term, whole, universal, etc.), the coverage amount, the premium schedule, the policy term, any guaranteed cash‑value buildup, and the key exclusions that limit benefits.
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Key elements that must be included
The summary must also explain:
- How and when the death benefit is paid
- Any surrender charges or fees for early termination
- Conditions that could cause the policy to lapse
- Illustrations of how cash value may grow, if applicable
What is *not* required
The only item that does not belong in the mandatory policy summary is a detailed list of the insurer's internal underwriting criteria, such as the specific medical questionnaire or actuarial tables used to set rates. Those details are proprietary and not needed for consumer understanding, so they are excluded from the standard summary.
Why the exclusion matters
Leaving out proprietary underwriting data keeps the summary concise and focused on what a buyer can actually influence—premium costs, coverage limits, and policy features—while still meeting regulatory disclosure standards.