life assurance
Noun: A type of long-term insurance contract that provides a guaranteed payment to named beneficiaries upon the death of the insured person. It is a form of financial protection and savings, often used for estate planning or to provide for dependents.
"Life assurance" is used as a singular, uncountable noun. It refers to the overall concept or a specific policy. - You take out a life assurance policy. - You pay life assurance premiums. - A policy provides life assurance for your family.
- His employer offered a comprehensive benefits package, including life assurance.
- They purchased a joint life assurance policy to secure their children's future.
- The financial advisor explained the difference between term insurance and whole life assurance.
- "With-profits life assurance": A policy where the sum paid out includes bonuses based on the insurance company's investment profits.
- "Whole life assurance": A policy that provides coverage for the entire lifetime of the insured and typically includes a savings or investment component.
- Life insurance (noun): The more common term in American English and increasingly in global business, often used synonymously with "life assurance." In some contexts, "life insurance" can imply temporary coverage (term insurance), while "life assurance" implies permanent coverage.
- Assurance (noun): The broader concept of a guarantee or certainty, from which "life assurance" is derived.
- Assured (noun, formal): The person whose life is insured under a life assurance policy.
- Life cover (noun): A more informal term for life insurance/assurance.
- Death benefit (noun): The specific payout from a life assurance policy.
The term "life assurance" is primarily used in British English. It traditionally emphasized the certainty of the payout (as death is assured), often associated with policies that combine insurance with a savings or investment element. In modern usage, especially in international contexts, it is frequently interchangeable with "life insurance."
- insurance paid to named beneficiaries when the insured person dies
- in England they call life insurance life assurance