Assurance Insurance And Automotive Insurance

            Difference Between Assurance Insurance and Other Insurance Policies



Almost everybody is farmiliar with automotive insurance or vehicle insurance quotes, but not with assurance insurance. The former is about auto, while the later is about life. Some people are not too keen on getting life insurance because they know that even if they pay all the premiums, they might not end up getting a payout in the future. There are all sorts of circumstances in which life insurance policies will not pay out. Some types of death (such as suicide) are not generally covered, for example. Also, many people sign up for term life policies, and if the person doesn’t pass away within the term there is no payout. You get the benefit of knowing that if something does happen to you during the term, your beneficiary will get the insurance payout, but that is it. However, if you sign up with an assurance insurance program, you know that you will definitely get a payout either when you pass away or when you reach the age of 65. This is a better option for the type of person that definitely wants to see some return on their investment.


In general, with an assurance insurance program you are guaranteed a payment. A portion of your premiums each month are invested for you by the program, and then when you reach 65 (or should you pass away sooner) the money made through these investments is paid out to you (or you beneficiary). It is even possible to pull out this investment portion of your payments early, although there are usually large fees for doing this so you don’t want to do it unless it is absolutely necessary.






Should you pass away, your beneficiary under your assurance insurance policy would get the higher value of either the investment portion or the guaranteed minimum that is given for your policy. Over time the value of the investment portion will increase since there are investment bonuses added every year. Of course you have no control over how the assurance company invests the money, so it is up to you rather you would prefer to get a regular life insurance policy and invest money on your own, or get this type of assurance insurance policy. Many people like the fact that they will definitely end up getting something out of this type of policy.


However, if you think that you are simply confusing between life insurance and assurance insurance, here are some points of difference by means of which you would be easily able to distinguish which of them is the correct option for you.


– Assurance insurance is actually a hybrid combination of investment and insurance whereas in case of life insurance you would get an assured sum of money after death.


– In case of assurance insurance, you can expect to get higher than mentioned in the insurance clause.


– The insurance company every year gives an additional bonus to the total premium of guaranteed value. At the same time, there is also a terminal bonus at the end of every term. This in turn naturally increases the total amount. This is however, not the case of life insurance.


– The greatest benefit of the assurance insurance is that if you die during the continuation of the term of the policy, the company would pay higher amount than the amount guaranteed. You would not get such a facility with the life insurance policies.


The premium rates that you would have to pay are also quite low as a result of which even if your budget is limited, you can afford to invest on the premiums to be paid. Though you do not have control over the assurance company and the exact way by means of which it invests the money, yet you can be assured that you would never be deceived.


When you make investment in such a program, your personal information would always be kept secret. It would never be revealed to a third party until and unless there is any requirement for it in legal terms.


These policies do not change much but even if they change, you can expect that you would be informed immediately about the changes. You must always look out for a reliable company to provide you the assurance insurance policy so that you get the best benefit from it. You would end up getting huge returns in future.


Now that you have known the benefits of assurance insurance, it is largely up to you to select the kind of policy that you want to go for. You are always suggested to go for the one which suits your requirement the most. Therefore do not delay. Find out the best and go for it. We suggest you go for the assurance insurance because that can prove to be the ultimate turning point in your life.


Advertisements