Life assurance - Is it different from Life insurance?

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PostPosted: Tue Feb 16, 2010 12:06 pm   Post subject: Life assurance - Is it different from Life insurance?  

While surfing online I just came across the term "life assurance". Is it something different than 'life insurance'? I'd be interested to know more about it.


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Rogermoore
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PostPosted: Tue Feb 16, 2010 12:14 pm   Post subject:   

Hi Rogermoore



There isn't any difference between life insurance and life assurance. Life insurance is often also known as life assurance and pays out a sum of money at the event of death of the policyholder or the insured or as stated in the policy document.



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PostPosted: Tue Feb 16, 2010 1:52 pm   Post subject:   

It's probably someone trying to capitalize on search engine optimization for common misspellings of words that are often searched.



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PostPosted: Tue Feb 16, 2010 4:27 pm   Post subject:   

In the UK, the product is almost always referred to as Life Assurance. Over here, we call it Life Insurance. That might be what you've found.



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PostPosted: Tue Feb 16, 2010 9:08 pm   Post subject:   

Yup, as investigator has pointed out, you've likely stumbled upon a british web sight. They refer to it as such there. Same thing.

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PostPosted: Wed Feb 17, 2010 7:26 am   Post subject:   

I've seen journalists as well as insurance service providers using both of these terms interchangeably. But I guess there's a small difference between these two terms. We call it "assurance" whenever we're covering an event that will surely occur someday.



On the other hand, we'd call it "insurance" whenever we're covering an event that may or may not take place. Events like a car accident or severe illness may or may not happen. Events like retirement and death are bound to take place. Hope, you all get the point!

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PostPosted: Wed Feb 17, 2010 8:07 pm   Post subject:   

Okay, let me get this straight:



We'll call it "Assurance" when we're covering an event that will surely - without question, happen some day.



And, we use the term "Insurance" whenever we're covering an event that may [or may not] take place.



THANK GOD!! My wife and I both have a couple of Life INSURANCE policies (those very words are written right there on the front of 'em). Ya know, I knew this mortality thing was just a big bunch of hogwash. If I don't die, I'll probably (no guarantees) see our national deficit paid in full.



Great post, I feel energized.



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PostPosted: Wed Feb 17, 2010 10:09 pm   Post subject:   

Since retirement is bound to happen, should we assume that term insurance is a waste of money and people shoulldn't buy life insurance until they are old?

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PostPosted: Thu Feb 18, 2010 7:05 am   Post subject:   

Term insurance offers protection to your dear ones against the risk of your death. So the risk is always there.



If you don't die within that period the insurance co. gains. But just think it the other way round- what if you die?



Over here, you're not paying to receive any assured benefit, rather you're paying to get protected from the possibility of your untimely death. So, you can't just overlook the risk factor!

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PostPosted: Thu Feb 18, 2010 3:22 pm   Post subject:   

Quote:
Since retirement is bound to happen, should we assume that term insurance is a waste of money and people shoulldn't buy life insurance until they are old?




Absolutely, that way the premium will be much higher! Laughing





Besides, we know only people dumb enough to listen to Dave Ramsey buy term insurance anyway Wink
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PostPosted: Thu Feb 18, 2010 3:46 pm   Post subject:   

I really need to sit down and invent (or assign) a font that will only be used when you're being sarcastic. Kind of like the way CAPS are used to represent a raised voice or yelling. Wouldn't that be the best?



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PostPosted: Fri Feb 19, 2010 3:24 am   Post subject:   

Hmmmm, lets just randomly pick a color...I choose olive, for no particular reason, perhaps because it seems a tad unusual to me that it would be a color choice.

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PostPosted: Fri Feb 19, 2010 5:50 am   Post subject:   

Life assurance is actually what we popularly know as "Life insurance"

LI has 2 types of policies- on one hand you have Term policies which offer the death benefit (only) upon the death of the policy holder, on the other hand you have policies that offer an investment benefit.

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PostPosted: Fri Feb 19, 2010 6:46 am   Post subject:   

Well, that certainly clears things up, thanks for the post.


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PostPosted: Tue Feb 23, 2010 6:16 am   Post subject:   

These Life assurance providers need to be registered with the FSA.

The investment-linked LA policies that you're talking about would comprise of the WL policies and endowment policies.

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