Life assurance what is it

Life Insurance vs Life Assurance -

What is the Difference between Life Insurance and Life Assurance? The terms ‘insurance’ and ‘assurance’ are so easily interchangeable that it seems that the correct usage for each term has been slightly blurred. To clarify any confusion, here are the clear definitions of the two terms: Insurance – Covers you, your belongings, your home or your car etc. in the event that something might happen. This could mean anything from a fire, theft, criminal damage or what insurers like to call ‘Acts of God’, such as floods, hurricanes and other natural disasters. The term insurance is sometimes used to describe a scenario where financial losses are assessed after an event and only then is the amount...

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Elect by Mercer Marsh Benefits

Q: WHAT IS GROUP LIFE ASSURANCE? A: "Group Life Assurance (GLA) is a valuable employee benefit, which can pay a tax free lump sum and/or a longer term income, to an employee's family and dependants if they should die in service. GLA is sometimes referred to as Group Life Insurance, though the industry prefers to use the term Assurance rather than Insurance. They are the same product." Q: WHAT ARE THE BENEFITS OF OFFERING GROUP LIFE INSURANCE? A: Offering life assurance to an employee demonstrates a paternal approach as this benefit will help the member’s family/dependants financially if the member should die whilst in service. Q: WHY CHOOSE ELECT TO PROVIDE LIFE INSURANCE FOR YOUR EMPLOYEES...

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Life Assurance Policies - Life Insurance for Investment,

Life Assurance: Traditional Life Insurance and Investment Linked Life Insurance Policies Traditional life assurance policies in Australia The Australian Life Insurance Industry was once largely made up of traditional permanent plan life assurance policies. While these options may still prove popular for certain business insurance options, Whole of Life plans are no longer offered as personal insurance and have been replaced by Term Life Insurance. There are two main types of traditional policies that were widely used in previous years: Whole of Life Policies: Provide a lump-sum payment upon the insured's death. The policy applicant does not elect the term of cover in comparison to modern...

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Life Assurance Glasgow

Life Assurance, Glasgow We regard arranging life assurance in Glasgow as our most important service. Although some life assurance products can seem quite simple, professional advice is essential – to give you the peace of mind which comes from knowing that you definitely have the cover you need. There is a wide range of policies available to our customers in Glasgow, and we can advise on what is best for you and your family. Life assurance is frequently overpriced, especially by large financial institutions. By consulting a Riverpark Independent adviser, you will ensure that you receive fair value for money. We carefully research the market in order to obtain the most competitive premiums...

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Great British Finance, Life Assurance

A Term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term. With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy. This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the...

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What Is Whole of Life Assurance?, McKnight Financial

The value of investments and income from them may go down. You may not get back the original amount invested. Inheritance tax planning and trusts are not regulated by the Financial Conduct Authority. Whole of Life insurance guarantees to pay out in the event of death, whenever it occurs. For a given premium, cover is provided for your whole life. The premium you pay can either be purely for cover in which case it is guaranteed or it could also include an investment element which could provide a cash-in value should the cover no longer be needed in future. How the Insurance Benefits are Paid For A premium is charged based on the cost of providing the cover, the client's age and health...

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Archers Financial Services Ltd, Life Assurance

A term life insurance plan is the most basic form of life insurance and is usually the cheapest way to insure your life. It covers you for a fixed period and pays out a one off lump sum if you die during the policy term. With some term insurance policies you can add additional options, for instance critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy. This type of plan is designed for those who want to leave a lump sum in the event of their death within a specified time period whilst keeping the cost to a minimum. Term assurance can protect your family from the...

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Seer Green, Do I need Whole of Life Assurance?

How the insurance benefits are paid for? A premium is charged based on the cost of providing the cover, the clients age and health situation. There are various types of whole of life insurance: Whole of life with profits The premium includes an investment element which participates in the insurer’s with profits fund. The investment element helps the policy to keep pace with inflation, and whilst the bonus rate cannot be guaranteed, once added to the plan the bonus cannot be removed. The cover is suitable for those who wish to provide a tax free lump sum on death, or those who have a potential inheritance tax liability. The cost of the cover is set based on the client’s age and health, and...

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Life Insurance vs. Life Assurance: What's the difference?

Life Insurance vs. Life Assurance: What's the difference? Life Insurance, Life Assurance – isn’t it just like saying “to-may-to” or “to-mah-to”, “po-tay-to” or “po-tah-to”? Actually, people have been using both terms interchangeably so that there doesn’t seem to be a difference between the two. But there are actually some important differences, the main ones being the financial roles these two products play, as well as their price (or premium costs). Life insurance provides a lump sum payment if the insured dies within the coverage period. Sometimes, the policy may also pay upon maturity. If the policy has already expired and...

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