Life assurance, also known as investment life insurance, whole life insurance, or permanent life insurance, is a policy to cover the eventual imminent death of the insured. It is insurance against an event that will happen. Because these policies are not term limited, premiums are often much higher than with term life insurance, but they guarantee payout upon maturity. The policy matures upon financial payout at the time of death.
Due to the fact that premiums are higher than with other types of life insurance, it is very important to compare rates among various insurers.
Life assurance adds a monetary bonus to your own premium payments. Occasionally there are exceptions to payout, thus it is very important that all the details of the policy are understood. Payments can take the form of periodic installments, or as a single lump sum.
Loans can be taken out against the policy's value, in case of need, but these loans reduce the payout to the beneficiary unless paid back. Often these policies can include benefits in case of critical illness or accident.
Cost of coverage depends on many factors, all meant to determine risk. These factors include age, gender, lifestyle, health, and occupation. The amount of coverage you need is dependent upon debts, mortgage, and family needs. By spending just a little time to compare quotes, you can save a lot of money and trouble on premiums.