What is life assurance?

If you're thinking about taking out life cover, then that’s a really important question. Our guide will help you make sense of the tricky subject of life insurance.

Life assurance, often known as a whole of life policy, is a type of insurance that continues indefinitely and pays out a lump sum once a policyholder dies (assuming they’ve met their monthly premiums).

Your premium tends to be higher for this type of life insurance because a provider expects to make a pay out at some point.

Life assurance vs life insurance

Once you’ve thought about a plan, it’s time to decide if a life assurance policy is for you. It’s worth being aware that over 50s life insurance can sometimes cover life assurance.

The term ‘assurance’ means that you’re guaranteed to be paid out upon death and typically ‘whole of life’ insurance is the main assurance product.

To help you manage what is a complex subject, our life insurance consultant can help you work out how much life cover you might need at your age.