2006-07-04 00:50:53 · 5 answers · asked by gin_clear 2 in Business & Finance ➔ Insurance
Hi there
Quite often you will find people talking or writing about life insurance when what they actually mean is life assurance. Although many journalists, IFAs (independent financial advisers) and even product providers now use the terms assurance and insurance almost interchangeably there is a difference between the two.
Assurance means you are insuring for an event that will definitely happen one day - death or retirement. So when you buy "life assurance", you are simply arranging for a sum of money to be paid out on your death.
Insurance covers events that may happen but, equally, may not happen, such as illness, accident, etc. A type of "Life Insurance" would be a policy that pays out for critical illness, known as a "critical illness policy".
I hope this helps
2006-07-04 02:14:01 · answer #1 · answered by Anonymous · 16⤊ 1⤋
Life Assurance is a policy that pays out WHEN you die. Live Insurance pays out IF you die.
Just think of it like a car, you take out "Insurance" so that they pay out IF you have a crash.
2006-07-04 07:57:29 · answer #2 · answered by richieinswindon 1 · 6⤊ 0⤋
There is no such thing as life insurance only life assurance which pays out on one condition - which is when you die, people just pronounce it wrongly.
2006-07-04 09:04:15 · answer #3 · answered by MSMORTGAGE 3 · 1⤊ 6⤋
Same thing
2006-07-04 07:52:36 · answer #4 · answered by Anonymous · 0⤊ 5⤋
they are the same thing
2006-07-04 07:54:02 · answer #5 · answered by Ivanhoe Fats 6 · 0⤊ 5⤋