Life insurance vs Life assurance

Life Insurance provides coverage for a specified period (the term). If you pass away during this term, your beneficiaries receive a payout. However, if you outlive the policy, no payout is made. This type of insurance is often used to cover short-term financial obligations, like a mortgage or debts.

Life Assurance, on the other hand (also know as whole of life insurance), offers lifelong coverage. It guarantees a payout to your beneficiaries whenever you pass away, regardless of when that happens. Because of this, life assurance typically comes with higher premiums. It’s often used to ensure financial security for your loved ones and can help cover expenses such as funeral costs, debts, or leaving an inheritance.

In summary, if you’re looking for coverage for a specific time frame, life insurance may be suitable. If you want lifelong protection and a guaranteed payout, life assurance is the better choice.

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