I seem to recall that assurance is cover for events that will happen while insurance is cover for events that might happen. In terms of life cover, since death is inevitable - although not necessarily within the term covered by a policy - I think that they are the same thing. But I could be wrong.Jeanne said:I wonder could someone explain what the difference is between Life Assurance and Life Insurance? Or are they the same?
In general owner occupier purchasers required mortgage protection life assurance which will pay off the outstanding mortgage in the event of their death before the mortgage is cleared.I am applying for a mortgage and the lender is asking for a copy of Life AssuranceI don't have one but I guess will have to get one.
Is it always necessary to have Life Assurance when getting a mortgage?
It depends on many factors including the amount of the cover (usually the amount borrowed on the mortgage), the length of the mortgage term, whether level/decreasing/convertible term cover is required, the age of the borrower, whether or not they smoke, other health issues etc. Shop around for this cover after reading the thread linked above.How do you calculate cost of Life Assurance? Does it depend on age and value of property?
Jeanne said:I didn't realise that mortgage protection and Life Assurance were one and the same?
ClubMan said:I seem to recall that assurance is cover for events that will happen while insurance is cover for events that might happen. In terms of life cover, since death is inevitable - although not necessarily within the term covered by a policy - I think that they are the same thing. But I could be wrong.
Jeanne said:Is it always necessary to have Life Assurance when getting a mortgage?
Jeanne said:I didn't realise that mortgage protection and Life Assurance were one and the same?
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