Equote - David Livingston

In essence, life assurance is actually a life insurance policy and consequently the two terms are often used interchangeably. Both these policies assure us of a peaceful and secured life even in case where the main breadwinner of the family dies before he has been able to meet all his liabilities. However, if you go into the technicalities, you will see that life assurance is applicable only to those policies, which promise assured return; not every policy does that. Before we go any further, allow me to name a few popular life policies:

Term Life Insurance 

Whole Life Insurance

Universal Life Insurance

Variable Universal Life Insurance

Limited Pay Policies

Endowment Policies

Of all these, term life is an absolute insurance policy, which is meant and taken only for its death benefit. It is a certain number of years and return is guaranteed only if the insured dies with the set period. Thus, this kind of policy cannot be called as assurance policy. On the other hand, all the other type of policies invests a portion of the premium to develop their cash value and hence they provide returns regardless whether the insured is alive of dead after the term. Thus, all other types can be called as assurance policies except term life.

However, these technological differences do not matter of great importance in the United States. They are termed, called and used interchangeably by all major carriers and they are sold under the same name instead of them being sold as assurance and insurance. Thus, when you are in the process of selecting your type of life insurance quote, please mention the type that is suitable for you and the type that are you are willing and wanting to purchase for your needs, else, it will create an issue at a later stage in the policy life cycle.

The type of policy you are willing to purchase in entirely depends on your needs. If you are looking for a larger benefit at a competitive rate, term life is the best option. They are offered at a discounted rate for two specific causes. First, it is a short term policy and rarely people die at young age; thus, the policy generally expires with no pay out made to the subscriber. Second, the reason why people buy this type of policy is to get major death benefit and hence they are offered at a lower rate than others.

One must know that when they get such a policy, they should have financial stability to place some of the amount in an investment fund at a regular interval, else, during a crisis or emergency situation you will not have any investment to get you the fund needed. Assurance policies however will have subsequent set up that will help you get the money you want either as cash or you can take loan from the funds saved. Cash value gets accrued based on the premium paid, they are offered at a higher price.

Instant life insurance quotes are also available on the web. Of course, all carriers especially the major ones have gone big on the web and hence you can easily obtain quotes for the number of plans and thus compare them next to each other. You must know that quotes are nothing but an estimate and not the actual amount on the policy. Thus, there is no other way in which you can be sure to know the amount you will be charged is going to be within your budget or not.

Its not the price of a policy that often drives the consumer to buy a policy. A life insurance no exam is another example for this statement as they are bit on the costly side. They are unique in two main reasons. First, they are not similar to our convention policies. There is no mandatory exam that you have to take to get coverage. Also, your family gets the coverage from the next day of taking the tests. Normally, underwriters evaluate the risk profile of the consumer for close to 4 to 6 weeks and then issue the policy. 

These policies are for you if you hate needle pricks; but no sensible person should buy such an extremely expensive policy just to avoid that. This is more for those who need instant coverage or have some peculiar health or lifestyle problem that keeps them insurable, but increases the rates manifold. In such a case, you can get the coverage in a hassle free way without having to pay anything extra. Moreover, if you want, you can go for guaranteed issue no medical policies such as a graded life insurance policy. These are extremely expensive, but as the name implies, your coverage is guaranteed. However, if the insured dies within the first two years, only the paid premium plus the interest accrued is paid. Think twice before you buy them.