Life Insurance

Life Insurance & Life Assurance

The terms life insurance and life assurance are often interchangeable and both often known simply as ‘life cover’. People often ask what the difference is, so here’s how it works:

Life insurance is cover you take out for a set number of years. You agree the term of the policy at the outset, usually between 10 and 25 years. That’s why you’ll often find this type of policy referred to as term insurance.

Most people tailor their policy to ensure that their financial commitments would be met in the event of their death, so policies are often aligned with the term of a mortgage or other loan.

Families often opt for life insurance to cover them whilst the children are growing up, taking a policy that will end when they become financially independent. With life insurance, you aren’t guaranteed to receive a payout as you could outlive the term of the policy. However, what you do get is the continuing peace of mind and the guarantees that protection policies give you and your family.

Life assurance, by contrast, is designed to provide cover until you pass away. It can be more expensive than life insurance as it covers you for a longer term and pays a lump sum in the event of death, whenever that occurs.* You may have heard the phrase ‘whole life’ or ‘whole of life’ used in relation to this type of policy.

*Subject to premiums being maintained.

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* Tenet means Tenet Group Limited, Tenet Limited, TenetConnect Limited, Tenet Connect Services Limited, TenetLime Limited, its associated companies.

How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

£
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This should be the approximate amount currently outstanding on your mortgage.

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Debts do not ordinarily die with you so ensuring there is enough capital to repay any additional borrowing in the event of your passing will prevent your loved ones being pursued for your debts.

£
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If you wish to leave a lump sum inheritance to a loved one place it here.

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According to Dignity, the average cost of a funeral in the UK today is almost £5,000 but may be more depending on your requirements.

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The Child Poverty Action Group estimates the cost for a couple to bring up a child from birth to age 18 at £160,692 in 2021.

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Add up any existing life insurance plus any cover you may hold with your employer plus any savings as this will reduce your overall life cover requirement.

Your total cover estimate

£ 0

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Our Protection Products

Enduralife is determined to always give access to products from a selection of market leading providers, in plain English, to people who want to ensure they make the right financial decisions at the right times and at the right cost. It's simple!

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