What is the “Cost Disclosure” of a Life Insurance Contract?

The Department of Insurance requires the insurance companies to provide a cost disclosure form with the life insurance contract.

This is the form that outlines all of the costs and fees that the consumer will be paying for the policy. It is meant to give a standardized measure of the insurance coverage.

Once the disclosure is provided to the client prior to executing the contract, the client has the ability to compare the actual cost of the policy with other insurance companies and other life insurance plans.