What is Life Insurance?
Life Insurance policies will pay out on the death of an individual which may or may not happen during a particular time period. The sum paid out may be fixed or may reduce over the time of the policy. Life Assurance provides ‘whole of life’ cover and will pay out to the beneficiary on the death of an individual. Ted outlines the different types of life insurance policies, for example, universal life coverage and endowment life policies.
Overview
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?
Summary
Expert
Ted Wainman
Ted Wainman trained and qualified as an Associate Chartered Accountant (ACA) with Ernst & Young before joining JPMorgan on the Investment Management side of the business. He since has over 17 years of experience in designing, developing and delivering financial & business skills training workshops for over 275 clients in more than 35 countries.
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