Which to Choose Life Assurance or Life Insurance

life assurance

Difference between Life Assurance and Life Insurance?

Life insurance and life assurance are two terms that are often used interchangeably, but they have slightly different meanings and implications.

With this article, we have set out to describe briefly the two different policies. Outlined the differences between the all-important life assurance payout and a Life insurance payment. What is important is that you do have cover which offers monetary protection for loved ones.

Life Assurance vs. Life Insurance

Life Insurance Cover

Life Insurance: A life insurance policy is an agreement between a policyholder and an insurance provider. The insurance firm receives regular premium payments from the policyholder in return for providing a death benefit to the designated beneficiaries in the event that the covered individual passes away during the policy’s term. Term insurance, also referred to as a limited life insurance policy, is frequently obtained. No reimbursement is provided if the policyholder lives the period.

Life Assurance Cover

Life assurance, also known as whole of life insurance, is a type of permanent life insurance. It provides coverage for the entire lifetime of the insured, as long as the premiums are paid. Unlike life insurance, which focuses primarily on the death benefit, life assurance combines the death benefit with an investment cover.

Advantages of Life Insurance Policy

Numerous benefits are provided by life insurance policies. This type of cover includes tax advantages and peace of mind for the insured person and their loved ones.

This type of policy will cover issues such as:

Financial security

Financial security for dependents, replacement of lost income for the insured person’s family. Payment of debts still owing, funding for future expenses. Such as education benefits, benefits for estate planning, business continuity for business owners and financial security for dependents.

Tax Benefits

Life insurance policies often offer tax advantages. The death benefit paid to beneficiaries is typically tax-free.

Peace of Mind for your family

Knowing that you have life insurance coverage provides peace of mind, both for the insured person and their loved ones. It offers reassurance that financial needs will be taken care of in case of an unexpected event, reducing stress and anxiety.

Advantages of Life Assurance Policy

Life assurance policies offer several advantages which we have highlighted below.

  • In the event of your passing, your loved ones will have financial security.
  • Replacement of lost income to maintain your family’s standard of living.
  • Payment of outstanding debts such as mortgages and loans.
  • Enables asset distribution and serves as a tax cover for estate planning.
  • Providing money for buyouts or ownership swaps ensures business continuity.
  • Provides peace of mind, that your family will be financially secure with the amount of cover provided.

Before deciding on which policy offers the best cover for you. Talk with our professional consultants to understand the specifics of a policy & cover that suits your needs.

Competitive Premiums Offered by Global UK Life

Whichever life policy or life cover you choose, you can rest assured we offer all clients competitive premiums. We are not just here to sell you a policy, we are here to offer expert advice and guidance.

Request a Quote for Cover Online

By using our website you can request a quote for life insurance or life assurance online. Just fill in the form with the relevant information, and select which assurance policy is required, whether it be, level, decreasing or whole of life. One of our team will email you back at your earliest convenience with a competitive quote.

If you have further questions regarding a policy or cover we offer, use our contact form to send us a message.