What life assurance means?
What is life assurance? Like life insurance, life assurance pays out a tax-free sum to whoever you choose when you die. However, life assurance usually covers the policyholder for their entire life – so it's also known as 'whole of life' cover.
What are the 3 types of life assurance?
Life insurance is a contract between the insurance company and an insured in which the company promises that at the death of the insured, the company will pay a certain amount of money to a person the insured designates in the contract if that person survives the insured.
What is a life insurance contract?
Life insurance, which can also be known as life cover or life assurance, is a type of policy that protects your loved ones with financial support if you die. It can help minimise the financial impact that your death could have on your family and offer peace of mind to those you care about most.