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Life assurance is a means by which you and I can insure our lives, so that our dependants and other loved ones can be compensated financially when we die.
Should an insured person die within the life of the policy, the insurer will be required to make a pay out.
There are several types of life insurance (sometimes referred to as life assurance).
The main ones are:(i) Term Assurance (ii) Whole life policies(iii) Endowment policies
Last Updated: November 2007 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.