Difference between Life Assurance and Life Insurance

Many people take life insurance and life assurance as the same thing. However, both are two completely different topics. Although their theme is same about having a protection for financial future in your life, the difference comes in the concept.

Life insurance comes in the context of making provisions against something that is going to happening. Like you can go with a life insurance, for a ship sinking that you own etc. This can be the same, with your house, or your life as well.

On the other hand, the life assurance policy is something that you buy on the surety that something will for sure, happen. For example, the whole life assurance policy is for your family to be supported in the future, as you know it is for sure that you will have to die one day. There will be no one left after you to care for your family so that is how both the concepts work. However, most finance companies take assurances as insurance. Other than that, life insurance will be paid IF you die. It will not be paid is you live across the time that has been conducted for the life insurance policy to go live. On the other hand, the life assurance will be paid WHEN you die. This means it will be paid one way or the other.

The life insurance/assurance policies are many and based on the kind of circumstances that you face; they can be signed in to your same. You have to access all your financial conditions and the risks on your life to make sure you go for the right policy. Some of the policies that are named in such category are as follows:

1)      Whole life coverage

2)      Term life insurance

3)      Universal life coverage

4)      Limited-pay insurance

5)      Endowment insurance etc

You can get hold of the policy that suits your risks in life and needs. All you need is to get consult ancy over the conditions before you go for one policy.