Life insurance and life assurance are often confused and the terms are used interchangeably but there are key differences between them. Both types of life cover provide your loved ones with financial protection after you pass away but life insurance only covers you for a certain term while life assurance covers you for the rest of your life. What is life insurance? With life insurance, a tax-free lump sum is paid out to your loved ones if you die within the policy term. If you die when the term has ended, they won’t receive anything. There are different types of life insurance to choose from — level term, increasing term and decreasing term. Level term means the amount to be paid out is...
Continue reading...
Life Assurance vs Life Insurance: What’s the Difference? Life assurance is cover that lasts your whole lifetime, while life insurance usually lasts for a specific period of time. Here’s why that difference matters if you’re thinking of putting that protection in place. Life insurance jargon can be off-putting, and when different types of cover sound pretty similar it probably doesn’t help. In a 2022 NerdWallet survey, 4% of people we asked wouldn’t consider getting life insurance because they thought it was too complicated, with 20% only shopping for it after seeking financial advice. When it comes to life insurance and life assurance, the main difference is simply how long the cover lasts...
Continue reading...
It is a common misconception that Life Insurance and Life Assurance are the same thing. From the perspective of the insurance industry and a wide spectrum of differing financial institutions in Ireland, these two types of policies are not to be confused. While there are certainly overlaps and close similarities, there remains subtle and slight differences between the two. It is essential to identify these differences, in order to sufficiently select the correct policy for your own financial and personal situation. In this latest blog from FitzGerald Flynn, we will provide a clear definition as to what Life Assurance and Life Insurance mean, with the intention to subsequently identify and...
Continue reading...
Business Life Assurance and Business Life Insurance are forever being used interchangeably in the health and employee benefits market, but is there a difference between the two that everyone keeps missing? The answer is: no! Business Life Assurance is not a product or an actual benefit. A lot of our clients and insurers in the industry use it to refer to different life insurance products, such as Death in Service or Key Person Insurance. An umbrella term if you will! We explain what we, the Hooray team, mean by Business Life Assurance, providing details on the different products under its umbrella and how important these products can be for the success of your company. Looking for one-to-...
Continue reading...
Industrial life assurance policy definition Related to Industrial life assurance policy Life Insurance Policy ’ means any arrangement under which a person, in return for provision being made for the rendering of a premium to that person, undertakes to meet insurance obligations— Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11. Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued...
Continue reading...
There is, however, a crucial difference between the pair. Here’s how life assurance works and how it differs from other forms of cover. The first thing to understand about life assurance is that it’s a type of cover that has some subtle, but important, differences compared with other life insurance products. Life insurance and life assurance plans both pay out a tax-free lump sum on the death of the policyholder. However, in the case of life assurance, providing you keep paying the premiums and for as long as the policy remains in force, a payout is guaranteed whenever you die. Life assurance is also known as a ‘whole of life’ policy. By contrast, life insurance policies only run for a...
Continue reading...
Mention life assurance and people tend to think about life insurance policies benefiting a family in the event of the death of – usually – the main breadwinners. With such policies, the premiums have been paid out of general household income – significantly, income upon which they’ve already had to pay tax and national insurance. For business owners though, there is an option available which provides the same benefits of cover – but with the premiums paid by their company. A relevant life policy, also known as relevant life cover, is therefore a tax efficient way of putting life cover in place for company owners or directors. Life assurance: what is relevant life insurance? Relevant life...
Continue reading...
Fitch assigns 'A-' Insurer Financial Strength rating with stable outlook to the operating insurance subsidiaries of Ohio National Financial Services Fitch views Ohio National’s risk-adjusted capitalization as strong Stable outlook reflects Fitch’s view the company is well positioned in a challenging external environment CINCINNATI, July 29, 2020 (GLOBE NEWSWIRE) -- Ohio National Financial Services announced today that Fitch Ratings has assigned ratings for the financial strength of The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation at ‘A-‘ with stable outlook. The ‘A-’ rating is Fitch’s seventh-highest rating on a 21-part scale. According to Fitch,...
Continue reading...
Kenya Life Insurance: Key trends and Opportunities to 2023 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The influencing Factors of growth and regulations with respect to the usage of the information, availability of highly reliable products in the market, and increase in operational efficiency of Kenya Life Insurance: Key trends and Opportunities to 2023 study provides information on market trends and development, drivers, capacities, technologies, and on the changing dynamics of Kenya Life Insurance: Key trends and Opportunities to 2023 Market . As per...
Continue reading...
Apollo Announces Further Expansion of its Insurance Asset Management Business Athene and other transactions along with internal growth to add nearly $80B in pro-forma insurance assets NEW YORK, June 18, 2020 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced expansion of its insurance asset management business, as Athene Holding Ltd. (NYSE: ATH) (“Athene”) has entered into a fixed annuity block reinsurance transaction with Jackson National Life Insurance Company (“Jackson”), a subsidiary of Prudential plc (LSE: PRU), with the support of Athene Co-Invest Reinsurance Affiliate (“ACRA”). Under...
Continue reading...
