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Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death. The objective is to provide financial support to the loved ones of the insured in the event of their passing.
Yes, the most common types include:
Nature of Contract:
In summary, while both life insurance and life assurance provide a death benefit, life insurance provides coverage for a set term, whereas life assurance covers the entire lifespan of the policyholder and often comes with a savings or investment component.