What is Life Assurance?

Life assurance is the same thing as life insurance. This type of insurance has two reasons to exist one might be to insure an income to deceased family and also to gain better tax treatment. Usually how this works is that the one who applies for the insurance has to meet certain criteria’s, and according to the contract the insured has to pay or a monthly or a periodic fee. If the insured dies before the insurance time is over then the relatives receive the money what has been predetermined in the contract. But then the ensured has outlived the insurance policy’s timeline then he’s going to be refunded what he has already deposited.