Life Insurance/Assurance - Whats the Point?

CurryKing_2

I've never really been taught/told what the point of the above is (or the difference between assurance and insurance).

I dont have a mortgage or many debts for that matter.

Its also not something that you become 'aware' of at a young age (unlike mortgages credit crads etc...)

So whats the benefit of the above???
Will it help me make any money???

Thanks in advance

Neil

dunstonh

If someone is going to be financially worse off in the event of your death, then life assurance is desirable. Whether it is desirable to you or someone else depends on the circumstances.

If you have no-one that is going to be finanancially worse off in the event of your death, you dont need it.

It isnt there to be profited from. Its to cover a defined need. You will never profit from life cover on your own life. You would be dead.

CurryKing_2

Thaks for the response DD

So when my wife and I buy a property (hopefully next march) and we have a mortgage its would be desirable for both of us to have life insurance because of the mortgage repayments etc.....???

Neil

dunstonh

Yes basically, assuming that you or your wife would be financially worse off in the event of one of you dying.