The average person on the street assumes life insurance and life insurance are terms for the same type of insurance. How wrong they were! But do not lower your head in shame, many financial commentators are confused too!
Life insurance and life insurance play different financial roles and differ in terms of cost – this is where finding the right product helps. To know more about assurance, you can simply visit https://parkerrussell.co.uk/.
Life insurance provides you with coverage for a specific period of time (which is called a "policy term"). If you later die while the policy is in effect, the insurance company pays the tax-free amount.
Life insurance is different. It is a hybrid combination of investment and insurance. A life insurance policy pays an amount equal to an amount greater than the minimum guaranteed amount insured under the terms of the policy's insurance or its investment rating. The value of the investment component then depends on the insurance company's investment performance and the duration of premium payments.
There are also practical differences for Internet users. Although you can buy life insurance online, the Financial Services Authority considers life insurance an important investment product. As such, they believe that it is best sold by a financial advisor whose advice is based on the advisor's full understanding of your personal information. Therefore, you cannot buy life insurance online. However, you can use the internet to find a suitable financial advisor to meet and discuss your needs.