what does endowment assurance, term assurance and whole life assurance mean?
Endowment assurance - this is a type of savings scheme designed to give you a lump sum of money after a number of years. If you die before the term is up, a lump sum is paid to your dependants. You can also cash in the policy before the term is up and receive cash for it.
Whole life assurance - with this policy, the insured pays a regular premium to the insurance company. On the death of the insured a lump sum is paid to his/her dependants.
Not sure about term assurance, hope this helped!
Insurance is protection against a loss we hope will not occur eg illness
Assurance is protection against a loss that Will (dont need this but the loss defintelys will)occur. Eg Death
Term assurance is where you are insured for a specific period of time, e.g. 30 years. If you die during those 30 years a lump sum will be paid out to your family, but if you live past those 30 years no lump sum is paid out. It is sometimes for those who are paying mortgages so that if they die their family can still pay the mortgage. Hope this helps.