What is the difference in premium cost and face value?

Premium cost and face value are terms used relating to a life insurance policy.

The premium cost is the amount you pay for your life insurance policy. The premium is the amount the insured is charged , reflecting his or her expectation of risk. The life insurance company assumes the risk of the insured's length of life in exchange for a premium payment.

The face value is the amount of life insurance death benefit provided by the life insurance policy.

Here's a glossary of life insurance terms explaining other terms related to how a life insurance policy works.