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When I studied for my insurance qualifications many moons ago, the correct term was "life assurance" and life cover for a specified term was then often known as "term life assurance".
I'd say that life assurance is still the correct term technically-speaking, but "life insurance" is no doubt more commonly used not just outside the insurance industry but also by people working in it.
So few people working in insurance study the subject these days, or receive more than the regulatory minimum technical training required, that few would know the correct term anyway! (It's all about sales & call centres staffed by low paid workers who are very often based offshore anyway!).
When I studied for my insurance qualifications many moons ago, the correct term was "life assurance" and life cover for a specified term was then often known as "term life assurance".
Correct. Life assurance is life assurance and never insurance irrespective of term or whole of life.
I think the articles should use the correct wording in level term assurance and mortgage decreasing term assurance and not try to create more confusion by attempting to be different.
I am an Independent Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
Hi while i agree with you to an extent over 'correct' usage... sadly when people search on the site - they search for life insurance not assurance so using the 'correct term' would actually be an issue! (hence why the article uses both and explains it)
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Surely if you 'assure' an event that is inevitable - such as death (as per original nerdy note) then shouldn't it more accurately be called 'death assurance' - especially since the life 'event' is already underway?
Isn't the only thing that life assurance assures is that, for the average person, you pay more than your family gets back?
For 4 out of 5 people that is correct. However for the 1 in 5 that will die before retirement, the benefits to the family outweight what is for most people a very small cost.
You just have to look at the consequences of not having life assurance if you have a family and/or mortgage.
I am an Independent Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
Nerdy Note: Assurance and Insurance
Nerdy Life assurance/insurance question
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