It is just terminology, there is no real difference. Some companies like to use the word assurance because they feel it promotes a better image of the product. It all falls under the umbrella of insurance, they pay at the death of the insured and may build cash value. Don't get confused with marketing terminology.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Life Assurance is a term more commonly used in the United Kingdom, but it describes the same basic contract that is known as life insurance in the United States and elsewhere. Life insurance is a contract where a company and a policyholder agree that in exchange for a specified amount of money, the insurance company will provide a specified death benefit if death occurs during a specfied period of time.
In Canada, you will see both Life Insurance companies and Life Insurance companies. As mentioned Assurance is UK English and Insurance is American English. Generally you the older Canadian companies tend to use the UK English and the newer use both.
If you have further questions, please do not hesitate to contact me.
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If you have further questions, please do not hesitate to contact me.