If you are reviewing product material online or in the supermarket aisles, you need never confuse the issue. Just know that when you see a cover heading that reads ‘life assurance’, it means the same as ‘life insurance’. In the insurance offices, and especially those of the actuaries, the underwriters, actuarial clerks and all their desk assistants, regularly distinguish between the two. The term insurance is usually applied to so-called short term insurance. Short-term insurance is that business that covers your assets, tangible or otherwise, the roof over your head, your car, and so on and so forth.
And as you see, here you clearly get the picture. Next, assurance talks about the life covers. And so on to one or two reassuring thoughts about life insurance in general. For laymen and women around the country, the confusion and concern remains. There are just so many different products and covers on the market these days, and many of them have so many different names. Yes, it can be quite confusing, but if there is one full definition (more or less) that you can give serious consideration to it is that of guaranteed acceptance term life insurance. And just what part of the word ‘guaranteed’ do you not understand?
See, easy, no? It says exactly what it means, and it does remain a matter of concern as to just how many people out there seem to take this definition so lightly. They start skipping one or two of their monthly premium payments and they wonder where their ‘guaranteed’ covers went. Underwriters don’t express this loudly and clearly enough because let’s face it, they don’t mind ‘not paying’ you out. This is a phenomenon known as risk aversion. All you really need to do is make sure you keep your payments up to date.