When a life insurance application is completed, a Policy Summary must be given to the applicant. The Policy Summary must include?

The Policy Summary serves as a crucial document that provides the applicant with essential information about the life insurance policy they are applying for. Including the premiums cost for basic coverage applied for is vital because it ensures transparency in the financial commitment the applicant will be making if they proceed with the policy. This information helps applicants understand what they will be paying in terms of premiums, facilitating informed decision-making regarding their insurance options.

A comprehensive Policy Summary outlines not only the premium costs but also the benefits and features of the policy. By presenting this information upfront, insurers enable applicants to compare different policies and understand the financial impact of their choices. Therefore, the presence of premium cost details in the Policy Summary is critical for fostering clarity and trust between the insurer and the applicant.