What are the differences What is life assurance.
What are the differences between Life Assurance and Life Insurance?
The short answer is, there are no differences between them. The correct term is Life Assurance, as the policy insures a person and not an item.
The other terms used are, Life Insurance, Life Cover and in some cases people use Death Cover, which is also correct as the policy pays out on the death of the insured person.
No matter the term a life insurance policy will pay on the death of the person insured.
The most important thing is to understand which cover you have in place or what cover you need to put in place, no matter what you call it.
There are few different types of policies (structures) to provide life cover (or another name if you prefer), it is vital that you get advice on the correct type or structure for you.
Things to know
Does the cover reduce over the term or not?
Does the cover increase over the term or not?
What happens after the term of the policy is up?
Get independent advice, the cost of cover can vary greatly, so make sure your advisor can deal with and provide quotes for all providers. There are lots of variables which need to be looked at to make sure you put in pace the correct structure that suits your individual needs.
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The above if for information purposes only and does not constitute financial advice in any, we recommend that you speck with us before making any financial decisions. We recommend a holistic approach to financial planning and we can help you put your plans in place.
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