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Why is it assurance not insurance?

If you are wondering why it is life ‘assurance’ not ‘insurance’, that’s because assurance is for something that is certain to happen, insurance is where there is only a risk of it happening….. and death is assured. Though some do call this ‘insurance’ too as there’s no guarantee you’ll die within the term.

Life insurance is one of the best things you can do to take care of your family financially in the event that one day you’re not around to do so. If there are people who can’t afford to lose you, you can’t afford to be without life insurance.

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual’s or individuals’ death or other event, such as terminal illness or critical illness insurance. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.

Level Term Assurance
Where the sum assured (the amount you are insured for) remains the same through the term (length of time) of your policy. With some term insurance policies you can add on additional options, like critical illness cover. If you do add on critical illness cover, the plan will pay out once on diagnosis of a qualifying critical illness or if you die during the term of the policy.

Decreasing Term Assurance
Sometimes known as Mortgage Term Assurance or Mortgage Protection, where the sum assured reduces over time. This type of policy is often chosen as cover for repayment mortgages as the amount owed on your mortgage also reduces over time, also as the sum assured reduces so does the risk to the insurance company and so a Decreasing Term Assurance is usually cheaper than level term assurance.

Check your medical disclosures are correct
When you request your life insurance quote or life insurance online quotation always make sure the information is correct as this forms part of your contract. Check that you have completed all the questions as thoroughly as possible, don’t be concerned about disclosing too much information as the underwriters will decide what is important.

If you fail to inform the insurance provider something about you, when you come to make a claim the contract is void due to non-disclosure, any premiums that have been paid will not be returned and unfortunately you will lose out. You may even discover that the whole policy is null and void, not just the part you have not fully disclosed.

For more information on the best life insurance policies for you and your family contact us today 01202 512340 or enter your details in the form below to request a call back at a more suitable time.

You will notice that our call back form is short but sweet; there are a number of reasons for this.

Firstly the information you provide can be of a personal nature which you do not want circling the internet and for this we respect your privacy.

Secondly we do not sell your details to insurance brokers or other intermediaries, we are insurance brokers.