The Zimbabwean Gardener Issue 16 Autumn 2016 Low res | Page 11
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Life Assurance versus Life Insurance
The key difference between the two terms is
that Life Insurance covers you if you die within
the term of the policy, but Life Assurance is
there for when you eventually pass away. But
which one suits you and your family?
Definition of Life Insurance
A Life Insurance policy provides cover for a set period of
time. If the worst were to happen during that time (and there
are no complications), then the insurance company will be
required to pay out the agreed sum to the beneficiary.
Definition of Life Assurance
Life Assurance is different from insurance in that it will
always result in a payment, as death is inevitable. This is
achieved by combining an investment element along with
an insured sum.
Life Assurance
Many people are under the