Definition - What does Policy Summary mean?
A policy summary is an abbreviated overview of the key aspects of a life insurance policy. This can include the premium amounts, coverage limitations, conditions, and other details.
Insuranceopedia explains Policy Summary
Policy summaries are commonly provided with every single life insurance transaction. This way, there is never any doubt on the part of the policyholder about the details of their policy. This can save insurance companies a lot of time and money in customer service.
Policy summaries are typically much shorter than the actual life insurance policy package. Life insurance policy packages can be dozens of pages long, while policy summaries are a fraction of this length.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.