Life insurance refers to all insurance that is related to life (or death) of an individual. Life Insurance relates to an event that might happen (such as the death of the individual during a specified period) while Life Assurance relates to an event that will definitely happen (that is, death at some point).
Key learning objectives:
What is the difference between life insurance and life assurance?
Is life insurance short or long tail?
What are the different types of policies available?