Essentially the difference between Life Insurance and Life Assurance is quite simple: you “insure” against something that may happen, for example you may crash your car, may get burgled etc. You “assure” against something that will happen – you will die. Speak to us for details or please read on.
Life Assurance For Families
There are two types of Assurance: Term Assurance or Whole of Life.
Term Assurance: you specify a term over which you wish to cover yourself, for example the term of your mortgage or until your children reach an independent age. If you die during the term the sum assured is paid to your dependents. This type of policy has no cash in value, and if you reach the end of the term there is no cash value.
Whole of Life: you specify a sum assured and that amount will be payable whenever you die (providing premiums have been paid to date). This type of policy tends to cost about 3 times as much as a term assurance policy. It may acquire a cash in value , but if the policy is cashed in the sum assured would be lost.
Terminal Illness Cover: most insurers offer this at no extra cost, this means that the sum assured is payable on diagnosis of a terminal illness with a life expectancy of less than 12 months (this should not be confused with Critical Illness Cover).
Critical Illness Cover: this pays a lump sum if you are diagnosed with a critical illness. If you recover from the illness there is no obligation to repay the sum assured. Typical illnesses covered are Cancer, Blindness, Heart attack, Deafness, Kidney failure, Liver Failure , Multiple Sclerosis, Paralysis of limbs, Parkinsons, Stroke, Major organ transplant, Respiratory failure etc. Check with us to find out exactly which other illnesses are covered.
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