What is Life Assurance?

August 4, 2020 3:35 pm


What is life assurance? It is nothing more than an agreement between an insurer and insured that an insurer will cover an insured’s beneficiaries at the expense of the insurer if the insured dies. In order for you to qualify for this type of life insurance it must be determined that you are eligible to receive the benefits from the coverage. In addition, the insured has to prove that he/she does not have any other sources of income or assets to secure the claims.

Image credit

Life assurance is an agreement between an insurance company and an insured whereby the insured guarantees to pay a predetermined amount of money on a specified date to the insurance company in exchange for an agreed upon amount of cash. The insurance company will then cover the insured upon his/her death. Life assurance is commonly used to protect children and other family members against the loss of a beloved parent. In most cases, an insurance company will require that the insured have some form of income to pay the premiums. For advice about Life assurance, visit https://www.cavendishonline.co.uk/how-to-apply

Image credit

When considering purchasing life assurance, there are several things to take into account. The main consideration is whether or not the insured will be able to meet the insurance company’s standards of eligibility. The company will want to know the age and health of the insured as well as the amount of income and assets that are owned by the insured. These facts will help the insurance company to determine how much money will be paid by the insured and how many people the insured can cover in the event of his/her death.