Both life insurance and life assurance are forms of life cover. They could provide a payout to your loved ones when you pass away. The key difference is that most life insurance policies provide cover for a specific period of time. However, a life assurance policy will provide cover for the length of your life.
Life insurance
Life insurance, sometimes known as term life insurance, is designed to pay out a tax-free sum of money to your loved ones if you die within the policy dates. You pay a monthly premium for the length of your policy. However, if you pass away outside of your policy dates, there will be no payout given.
There are different kinds of life insurance coverage. The one that is best for you will depend on your individual and family circumstances. If you want your premiums and payout amount to stay fixed, then a policy with level cover could be the best choice for you. With an increasing life insurance policy, your premiums and payout amount will increase to account for inflation. Whereas a decreasing life insurance policy goes down as time goes on and you pay more off your mortgage.
Life assurance
Life assurance, sometimes known as whole-of-life insurance, does not usually include a specified term and could cover you for your whole life. These policies are designed to guarantee a tax-free payout to your loved ones when you pass away. This kind of cover often involves higher premiums as there is a much higher likelihood of your beneficiaries receiving a pay-out from the policy.
The policy that is right for you depends on your personal circumstances. At MyLifeInsurance.Online our aim is to help you find the right life insurance policy to suit you and your family’s needs. We have the ability to quote multiple providers which saves you time.
Our experts are on hand to help you choose the right life insurance product from a panel of some of the largest insurers in the country.
You can access your tailored quote by filling in the simple form on our website today.
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