| The Policy Review Date is the date on which the carrier reviews the guaranteed level of cover in effect at that point in time. When this date is reached the entire policy goes through a series of checks called a "policy review" to see whether, based on the policy reserves, the cover can be sustained in the future at the current level of premium. If it cannot, then the client is given two options. If they want to retain the cover on the policy, a higher premium has to be paid, or, if they want to continue paying the current premium, the carrier reduces the cover accordingly. This date is only applicable to Whole Life policies. |