Jargon Buster - Definition of Life Assurance

Please select your letter of choice below to see the list of terms:

Life Assurance

Life Assurance is a policy that pays out a lump sum in the event of death. Life Assurance used to refer to a policy that retained value such as an endowment or whole of life policy, now however it is more likely to refer to a life or term insurance policy that has no value at the end.

This type of policy should be taken out with guaranteed premiums, ensuring that the cost does not change throughout the term of the policy. You will have to decide however if you want the sum assured to increase, decrease or remain level each year.

For more information on the differences between Life Insurance and Life Assurance please refer to comparative guide: Life Assurance or Life Insurance.

Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

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