What is meant by life assurance?
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 is the point of a life assurance policy?
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.
Is there a difference between life insurance and life assurance?
Many people think that life assurance and life insurance are the same thing, yet there is a subtle but key difference between the two: life insurance covers the policyholder for a specific term, while life assurance covers the policyholder for their entire life.
What is the meaning of assurance policy?
What Does the Term "Assurance" Mean? In the insurance sector, the phrase assurance refers to both life and term insurance contracts. In a life insurance policy, the policyholder is guaranteed compensation in the event of a specific occurrence, such as death.