What are the 3 types of life assurance?
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.
What is the point of a life assurance policy?
Definition: Life assured is the person whose life is protected under the contract of insurance policy. The contract of insurance is valid between the insured and the insurance company.
What is the meaning of life assured?
Assurance is something which is 'assured' (or guaranteed) to happen, in this case when you pass away. A life assurance plan therefore pays out 'when' you die, rather than 'if' you die. Insurance is based on something which might happen (again you passing away), during a specific time period (or term).