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Face Amount of Life Insurance

Face Amount of Life Insurance

The face amount of life insurance is a very important component within a policy because it can help provide support to family members. We recommend doing your research and looking at your family’s spending habits and expenses to settle on the face value that is right for you. This number may be influenced by your income, family size, location, and financial goals. Read on to learn how the face amount of life insurance works, how to calculate it, and what yours should be.

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What is the Face Amount of Life Insurance?

Most life insurance policies intend to help provide financial protection for loved ones after you pass. 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 paid to the beneficiary when the policy expires.

How the Face Value of Life Insurance Works

The first step in figuring out the face value of your plan is visiting your benefits schedule. Here you should see the death benefit and any additional riders you added to your plan.1 However, if you don’t yet have an active policy, Aflac offers whole and term life insurance designed to help meet your unique preferences.

The face value of the life insurance plan you decide on typically determines what your premium payments will look like too. In some cases, you may be able to change the face amount throughout the life of the policy. This depends on the insurance company and policy you choose.

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Face Value vs. Cash Value

Although they sound similar, the cash value and face value within a life insurance plan are very different. The cash value functions like a savings account that the policyholder may be able to borrow from in a loan. This account is tax-deferred so it tends to grow at a steady rate.2

Cash value isn’t accessible in all Aflac life insurance plans, but there are still other benefits to be considered to help support a child and spouse.

On the other hand, the face value represents the monetary value of the death benefit plus the value of any additional riders you may choose to add to your policy.1 If you don’t add on any additional benefits, then the face value may equate to the death benefit amount alone.

What Should the Face Amount of My Life Insurance Policy Be?

The face value of life insurance is influenced by the usual suspects. Medical history, age, number of dependents, income, and financial goals all contribute to the face amount of a policy. Any outstanding debt may have a role to play in the final number you select as well. Chatting with an Aflac agent one-on-one can help you determine what face value amount would be best for you.

How to Calculate the Face Amount of Life Insurance

There are a handful of ways to calculate the face amount of a life insurance policy. At Aflac, you can use our life insurance calculator to help determine the face value of an Aflac® Life Solutions – Term Life or Whole Life plan that may be best for you.

Depending on the route you choose, there may be different ways to calculate the face amount of your plan. We recommend speaking with an agent to be sure.

Get a Quote for Aflac Life Insurance Today

Depending on your unique situation, you can choose between term and whole life insurance at Aflac. In both types of plans, you can chat with an agent about the life insurance face amount that makes the most sense for you and your family.

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Disclaimer

1 Investopedia. What Is the Face Value of a Life Insurance Policy? Updated September 6, 2023. Accessed March 19, 2025. https://www.investopedia.com/ask/answers/013015/how-do-i-determine-face-value-life-insurance-policy.asp.

2 Investopedia. Life Insurance: What It Is, How It Works, and How To Buy a Policy. Updated February 28, 2025. Accessed March 19, 2025. https://www.investopedia.com/terms/l/lifeinsurance.asp.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.

Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.

Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.

Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).

In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.

Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.

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Except in New York, individual insurance and group dental and vision insurance is offered by American Family Life Assurance Company of Columbus. In NY both group and individual coverage is offered by American Family Life Assurance Company of New York. Group policies are offered by Continental American Insurance Company (CAIC). CAIC is not licensed to solicit business in New York, Guam, Puerto Rico or the Virgin Islands. In CA, CAIC does business as Continental American Life Insurance Company (CAIC NAIC 71730) For Dental and Vision plans, administrative services are provided by Aflac Benefit Solutions, Inc. and SKYGEN USA, LLC. Aflac Worldwide Headquarters | Columbus, GA Continental American Insurance Company (Aflac Group) | Columbia, SC American Family Life Assurance Company of New York | Albany, NY Aflac Group Life, Absence and Disability Services are available in all states, except Puerto Rico, Guam or the Virgin Islands, and are offered by Continental American Insurance Company (CAIC). Self-funded plans and absence services are administered by CAIC in all states but NY. In NY, self-funded plans and absence services are administered by and insurance is offered by American Family Life Assurance Company of NY. Administrative services are not insurance and are not considered legal advice. Products may not be available in all states and may vary depending on state law. Direct to Consumer Business is underwritten by Tier One Insurance Company, doing business as Tier One Life Insurance Company in California (Tier One NAIC 92908)

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